The paper “ New Product Development, Populace Relation Techniques, Low and High Involvement Models of Consumer Decision, Consumer Decision Making Model" is a potent version of the assignment on marketing. In business, new product development (NDP) refers to the entire process of bringing a new product in the market. New products and services must be beneficial and meet customers’ needs. Therefore, essential to discover what these needs are. NDP can be done easily with the help of competitors. The first step would involve market research through surveys or focus groups to analysis market as well as the competitors.
The information gathered is vital for the development of the new product. This is because the research will determine consumers' preferred commodities that are already available from the competitors. This means other than meeting costumers’ needs, it has to be done in a way that is much better than alternatives offered by the competition. The new product must be having a unique selling proposition or a feature or a property that makes it stand out in the marketplace compared to other similar products. This can only be done by first analyzing competitors and getting to know what should be done in the new product to ensure it penetrates and lasts in the marketplace.
The two main methods involved in NDP include idea generation. This encompasses product design as well as engineering the product details. The other method is market analysis to determine how well the competitors’ products are doing. Thus, by looking at competitors in the market, a company will be able to determine the current customers’ needs, the reason that would make customers choose a company’ s products rather than the rest, both now and the days to come, as well as helping in knowing what risks the NPD will bring.
In view of the above, NDP relying on the competition will drive sales and regulate demand for the product (INFO Entreprenuers 2013). 2.0 Six main populace relation techniques and their use by Victoria University in Australia Melbourne. According to Fleisher, Wright & Allard (2008) views, before any steps are made to market institutions, there must be a strategy to create ideal customers that will be reached through the promotional materials.
This guides in the various techniques to use in order to reach them. Some of these are low cost or no cost at all methods. Specific methods can be used at different stages of the institution cycle or utilize them all once for the inception of new programs Looking at six of these techniques in detail may inform which marketing is for Victoria University in Australia Melbourne. Flyers are cheap advertising targeting an area where most clients can be reached out. The information provided should be brief to the point, highlight the services the university is offering and contact information.
A key still, free appraisal or discount is necessary. Posters, on their part, are important in public spaces Bulletin boards are efficient for announcements and advertisements. The posters have to be visible, and of a different color to follow the most leads. The area which produces the most lead enables targeting the campaign. The use of value additions would be a powerful selling point for the University. They may include discounts, guarantee attachments, and referral rewards.
Value addition should then be highlighted to make it sink.