The paper “ New Product Decision-Making Process and Its Application, Target Market, Positioning Strategy, Communication, and Promotion” is a spectacular example of term paper on marketing. New product development has to commence with the identification of needs in the existing markets. When the expectations of the customers are not fully met it provides an opportunity for new product development. The tourism and hospitality industry has a lot of versatility that can lead to new product development. This report proposed the provision of a variety of package-experience for tourists. Travel agencies can provide more than tour guides and travel services.
Mountain excursions and outside camping have been suggested as additional experience-based products that can be provided to tourists. Proposed-based product and theme of the experienceThe product picked for this report is Mount Excursions and outside camping to be offered as an additional package for a travel agency. Most travel agencies only offer transport to tourist destinations and leave other services like accommodation and food to hotels and restaurants. The convenience of having to travel with no worry of mission out on accommodation or food calls for an additional package.
Outside camping and mount excursions can offer an extraordinary experience for tourists who are seeking the adventure of sightseeing as well as participating in outdoor activities. Tourists can travel to remote places where there are no services being offered by top-class hotels. The travel agencies can double up as providers for outside activities like camping and mountain excursions. This means that tourists will not have to travel back to their hotels when they set on a journey for a mountain excursion or outside camping.
It is prudent to organize for catering services to be offered by an additional arm of the traveling agency. The theme of the experience is an extraordinary experience at cushioned costs. The guides have to have full knowledge of the places being visited as well the cultures of the communities around (Huang, 2010). The new product decision-making process and its applicationThe process of new product development comprises of specific steps that have to be accomplished sequentially in order to develop a new product. The first step is the identification of market needs that define the existing shortcomings in the products being offered. Idea generation and evaluation follow the identification of needs.
The other steps include concept development and testing, business analysis, product, and marketing mix development, test marketing, commercialization, monitoring, and evaluation respectively. There are many services and experiences that are being provided in the tourism and hospitality industry. Most of these services are provided independently with each of the players having a role to play. Travel agencies provide transport while hotels and restaurants offer food and accommodations. Tour guides are sometimes offered by travel agencies (Huang, 2010).
New product development has to commence with intense market research and identification of needs that are not offered by the current players in the market. The various players charge their independent fees that make tourists experiences to be highly expensive. Through market research and studying the existing services and products that are being offered, it is only the travel agencies that offer transport and also play as guides to tourists. Mount excursions and outside camping are sometimes organized by the tourists themselves. Consequently, there was a need to provide a product-based experience that offers more than travel and guide services to tourists.
Identification of the existing gap in the market offers a chance to come up with a product that complements what is lacking. Identification of the gaps is the same as the identification of market needs (Kozak, 2003). Analyzing the options available that can translate to new product development is the idea generation and evaluation state in the new product development process. Marketing research is a logical and systematic process of gathering, recording, and analysis of data and information in order to offer solutions for problems emanating from a particular marketing circumstance.
The process consists of the definition of the problem, research objectives identification, research design, data collection, and pilot test, data interpretation, and analysis as well as a presentation of findings respectively. Specific types of researches are used in data gathering and interpretation.