final report product management new products metacool body cooling spray

Therefore, there is a need for a product that can meet theimmediate cooling needs of the people.. Seizing this opportunity, Unilever Vietnam haslaunched a product based on the research a

BỘ GIÁO DỤC VÀ ĐÀO TẠO

TRƯỜNG ĐẠI HỌC KINH TẾ - TÀI CHÍNH TP.HCM

FINAL REPORT

PRODUCT MANAGEMENT

NEW PRODUCTS

METACOOL BODY COOLING SPRAY

Instructor: Nguyễn Tiến HuyStudent: Phạm Khánh VyID: 205083169

Class: A01E

Date: 24/10/2022

EXECUTIVE SUMMARY 4

I.THEORETICAL BASIS: 4

A.PRODUCT RESEARCH GOALS: 4

1 AUDIENCE AND SCOPE FOR THE PRODUCT: 4

2 PRODUCT RESEARCH METHODS: 4

3 RESEARCH AND DEVELOPMENT OF NEW PRODUCTS: 6

4 REASONS TO RESEARCH NEW PRODUCTS: 6

B.NEW PRODUCT RESEARCH METHODS: 7

17 BRAND IDENTITY SYSTEM 16

18 DETAILED PRODUCT DESCRIPTION: 18

19 THE BENEFITS OF THE PRODUCT TO THE USER 20

20 TODAY'S COSMETIC PRODUCTION STANDARDS 20

21 AUDIENCE FOR THE PRODUCT/CUSTOMER PORTRAIT FOR THE PRODUCT 21

F.MARKET COMPETITORS: 22

22 DIRECT COMPETITOR: 22

23 ANALYSIS OF POP, POD: 23

G.PRODUCT LAUNCH PLAN ON THE MARKET 24

29 COMMUNICATION: TVC, OOH, POSM 28

30 DIGITAL: SOCIAL, WEBSITE, FACEBOOK, VIRAL CLIPS, TIKTOK, YOUTUBE, 28

EXECUTIVE SUMMARY

According to the latest report just released by the Intergovernmental Panel on ClimateChange (IPCC) on August 9, climate change is common, increasing and strong, so someThis move is now irreversible, at least for the time being According to the IPCC,anthropogenic climate change has been affecting many extreme weather and climateevents in all regions of the world.

In Vietnam, according to Assoc Prof Dr Ngo Duc Thanh, a climate expert, climatechange has obvious effects on life and economic development in Vietnam Specifically,according to our latest calculation results, when the global temperature rises to 1.5ºC and2ºC, it will affect human activities Share with Ms Ngoc Khanh, Th.S Le Thi Xuan Lan, ameteorologist, said: In the current period, it is the peak of the hot season in the South; Thetemperature in the meteorological tent in the western provinces is about 33 - 34 degreesCelsius, in the east 35 - 36 degrees Celsius However, the outdoor temperature, especiallyin the area of Ho Chi Minh City, people can feel the sun heat up to 39 - 40 degreesCelsius, even, in some places to 41 degrees Celsius The hot weather lasts almost all day,from about 8-9 hours to 17 hours.

Key words: METACOOL, Unilever, hot weather, cooling spray, product,

Like TP Ho Chi Minh City's dynamic population along with industrial emissions andmeans of transport will seriously affect human health There have been cases whenparticipating in traffic or outdoor activities, causing people to suffer from heat stroke, heat

stroke due to overheating Therefore, there is a need for a product that can meet theimmediate cooling needs of the people Seizing this opportunity, Unilever Vietnam haslaunched a product based on the research and analysis of the geographical location.management, living and working life of the people That's why the META COOL coolingspray was born.

I THEORETICAL BASIS:

A PRODUCT RESEARCH GOALS:

Products are created based on instantaneous cooling at the present time for customers,which will help reduce health risks due to sudden changes in weather Collecting issuesabout the market that is in demand for such a product and realizing that creating a productis extremely necessary at the moment and in the future, so from there, I came up with anidea about METACOOL products of parent group Unilever.

1 Audience and scope for the product:

Audience: The product is intended for all audiences, mainly people who move around inthe hot outdoors, people who work outdoors or people who travel.

Scope: In big cities such as Ho Chi Minh City, Hanoi, Can Tho, Da Nang, Nha Trang, Areas that often have hot weather.

2 Product research methods:

 Define:

Product research is reinforcement research that provides information about the desiredcharacteristics of a product or service Product research is not simply a single activity, buta series of activities to find new features out of old ones The research department isresponsible for finding out the details for the product and the details in creating the productand ensuring the success of the product.

 Benefit:

Conducting product research: helps companies understand what customers really want, sothat products can be tailored to fit customer needs In addition, product research is also away to test and improve business ideas before proceeding with production and businessactivities meet the company can deploy and is the advantage to overcome the competition.

 Nature :

Product research is a very important activity while developing new products (completelynew products/services or improvements to existing ones) – which can be conducted atseveral stages of development new product development.

3 Research and development of new products:

Essential for almost any business This will be a step to help adapt to the changes of themarket as well as continuously expand the customer file.

Initial product research will help the company evaluate your idea for a new product orservice and see if there is a need and what your potential customers are looking for.

If a company's product or service already exists, product research will provide informationrelated to current customers' needs and expectations, desired features, and other productfeatures.

4 Reasons to research new products:

a) Consumer needs are always changing:

Consumers NEED and WANT new things They always expect brands to listen to theseneeds through their products and services If not responded in a timely manner, oftencustomers will likely switch to another competitor's product.

 No product is perfect:

If your product is having low sales and it is time for a change New product developmentinevitably fails to meet customer needs and fails From that failure, businesses must comeup with strategies and research products most carefully.

B NEW PRODUCT RESEARCH METHODS:

5 Online survey:

Online surveys often yield unpredictable response rates and unreliable results, because youcan't control the responses However, this is a simple and inexpensive market survey

6 Methods of market research by Observation:

By observing customers' actions by recording when they are in the store, at work or office,and outdoors, businesses can observe how they buy and use products This will help painta reliable picture of customers' shopping behavior and usage habits The development oftechnology allows businesses to easily observe customer behavior thanks to cameras,sensors, even via wifi, thereby observing customer behavior better, such as knowing theinterest their location, stop time at each location, draw a heat map, the last stop beforeshopping for a service…

7 Field trials

Bringing new products METACOOL heat-reducing sprays into select stores or high-trafficoutlets or outdoor outlets to test customer reactions under real-world selling conditions canhelp you improve the product, adjust the price or improve the quality Businesses shouldtry to build relationships with local retail store owners and shopping sites so they can testtheir products in the market.

8 Monitor behavior of using Internet, social networks, wifi, Big Data:

This is a new method of market research that is increasingly dominant due to its ability tostudy the detailed behavior, habits, and preferences of the majority of customers on theInternet or through technology With the support of Big Data and increasinglysophisticated tracking tools, almost all consumer behaviors are revealed on the Internet orthe social networks they participate in Collecting data from these sources helps businessesunderstand the current needs that customers want Based on keywords such as: "avoidheat"' "reduce heat"' "quick cooling", Will help to reach potential customers quickly.Promote Unilever's SEO.

Other methods: such as synthesis, analysis, deduction, logic, etc.Methods of analysis and summarization of experiments.

Professional solution.9 Theme meaning

This topic is very important because creating new products brings a lot of value tobusinesses and society in the future By the way, this topic will help faculty members tohave an objective and positive view of the creative thinking of UEF students in ProductManagement This topic will be a foundation of high knowledge value, a driving force for

me to develop and launch new products, demonstrating success in imparting knowledge tostudents.

For businesses: Unilever launches METACOOL heat-reducing spray that will helpbusinesses solve customer needs Meeting current needs will help customers have apositive view of the business Mark an important place in the customer's mind Bringrevenue to businesses, help businesses solve economic problems for businesses.

For society: The introduction of METACOOL products will help society solve healthproblems for each individual in society More than that, it is an effective solution to theglobal warming situation that humanity has to adapt itself to The product brings manybenefits to society and it can be confirmed that the product will be accepted by consumersin the future.

 Mission:

At the time of the founding of the company, the founders of that time set out Unilever's

mission as "To add vitality to life" this destiny The meaning of this mission is that

Unilever wants to bring a better life to people through its products.

 Vision:

Unilever's vision will vary from country to country but it is built on the common Unileverglobal vision Regarding Unilever's global vision, it is to make sustainable living popularor more specifically, to develop in parallel between business and social activities onreducing harm to the environment.

 Unilever Vietnam Joint Venture Company specializing in personal care products andfamily (OMO washing powder, Comfort fabric softener, Viso, Lux soap and shower gel,Lifebuoy, Dove, Sunsilk shampoo, Clear, Lifebuoy, Vim household cleaning products,Sunlight dishwashing liquid, Pond's facial cleanser and lotion, Hazeline )

 Unilever Vietnam Co., Ltd specializes in food products, tea and tea-based beverages,oral hygiene care products (yellow label Lipton tea) , Lipton Ice Tea, Knorr fish sauce andseasoning powder.)

 Achievement:

On average, Unilever Vietnam's sales and profits have increased by about 3035% per yearsince the company's projects came into operation stably and profitably If in 1995 thecompany's sales were 20 million USD, in 96 the company's sales were 40 million USD, by1998 the company's sales were 85 million USD and by the end of 2002, the company'ssales is about $240 million

The group's products include 3 main lines and also 3 main business divisions of thecompany:

 Beauty & Personal Care: accounted for about 42% of revenue (2020) Food & Refreshment: accounted for about 38% of revenue (2020) Home Care: accounted for about 20% of revenue (2020)

Unilever owns more than 400 brands with 2020 sales of 51 billion euros with 13brands with sales of more than 1 billion euros: Ax/Lynx, Dove, Omo/Persil,Heartbrand/Wall's, Hellmann's, Knorr, Lipton, Lux, Magnum, Rexona/ Degree,Lifebuoy, Sunsilk and Sunlight.

11 Macro environment:

a) Government - Law:

Vietnam has become an attractive market for cosmetic manufacturers and distributors dueto the increasing demand for Vietnamese people Cosmetic manufacturing and tradingenterprises have been facilitated by the Government through the issuance of Decree No.93/2016/ND-CP stipulating conditions for cosmetic production on July 1, 2016.

b) Economy:

 In the world:

As of September 2022, the global economy in 2022 was adjusted down compared toprevious forecasts The World Bank forecasts that global growth in 2022 will decreasesignificantly, from 4.1% in the forecast at the beginning of 2022 to 2.8% in the forecast forAugust 2022 Fitch Ratings has cut its forecast for world GDP growth in 2022 to just2.4%, down 0.5 percentage points from its forecast for June 2022 The InternationalMonetary Fund's World Economic Outlook report for July 2022 stated that global growthin 2022 will reach 3.2%, 0.4 percentage points lower than the forecast in April 2022 TheOrganization for Economic Cooperation and Development forecasts world growth in 2022to reach 3%, unchanged from the forecast made in June 2022.

 In Viet Nam:

In the August 2022 Review Report, the World Bank said that the Vietnamese economy isrecovering after two years of trauma, but faces domestic challenges as well as anunfavorable global economic environment in the short and medium term.

The World Bank forecasts Vietnam's GDP growth to reach 7.2% in 2022 and 6.7% in 2023.Along with the lifting of travel restrictions, international tourists gradually return, theregion The service sector is recovering strongly Export growth of processed andmanufactured industrial products is forecast to slow down in the short term as globaldemand weakens However, stronger-than-expected domestic consumption offset sluggishexternal demand.

c) Industry potential:

The UQ VIA Institute has ranked Vietnam in the group of Pharmerging Markets - thegroup of 17 countries with the highest growth in the pharmaceutical industry in the world.Pharmaceutical revenue is expected to reach $7.51 billion by 2025, accounting for 1.78%

of GDP and 32.2% of healthcare spending at a CAGR of CAGR between 2020-2025 is8%.

The growth potential of the pharmaceutical industry is highly appreciated because people'sincome is higher, the population is entering the aging stage, making awareness more andmore focused on health issues Therefore, spending on health needs also increases.

d) Sociocultural:

Director of Commercial Leasing, Savills Vietnam, shared: “In 2019, Vietnam's healthcarespending reached 6.6% of GDP This index is expected to achieve a compound growth rateof 10.7% by 2022 In which, the leading in terms of revenue is skin care products This isbecause Vietnamese people are tending to take more care of their skin, especially frommen Besides, with the nature of daily consumption, the volume of product consumptionwill increase commensurate with the needs of customers."

e) Population:

The current population of Vietnam is 99,178,521 people as of October 19, 2022 accordingto the latest figures from the United Nations Vietnam's population currently accounts for1.24% of the world's population Vietnam is ranked 15th in the world in the ranking of thepopulation of countries and territories The population density of Vietnam is 320people/km2 With a total land area of 310,060 square kilometers 38.05% of the populationlives in urban areas (37,198,539 people in 2019) The average age in Vietnam is 33.3 yearsold.

(Source: https://danso.org/viet-nam/)

f) Nature:

According to the RCP4.5 scenario, the average annual temperature increases by 1.9÷2.4oCin the North and 1.7÷1.9oC in the South According to the RCP8.5 scenario, the increase is3.3÷4.0oC in the North and 3.0÷3.5oC in the South Extreme temperatures tend to increasemarkedly.

g) Consumer trends:

Because of COVID-19, the digital behavior of customers and the digital solutions of thecompetitive environment has changed forever and will never return to the way it wasbefore the pandemic (Covid-19 pushes digital behavior as fast as 5-7 years, ie We areliving in the year 2027-2028.

12 Micro Environment:

Units and divisions that create high-quality products will bring in great revenue Therefore,safety standards are becoming more and more stringent for businesses with long-term andsustainable development METACOOL products after production must go throughinspection steps Only after being certified with accompanying documents can it beannounced to the market.

a) System of factories and workshops:

There are specific regulations on the factory system according to the standard model ofUnilever Vietnam The construction of the factory is to ensure the working environmentfor employees as well as the safety of METACOOL products The scale of productionshould correspond to the assurance of a safe and hygienic environment of the Vietnamesestate There are measures to prevent fire, fire fighting promptly or aseptically beforecarrying out production.

b) Personnel conditions:

Employees working in the factory of the exclusive brand must ensure proper discipline.Strictly follow the given regulations For employees in the factory, it is necessary to wearprotective clothing and ensure hygiene before entering the production area Fully complywith regulations on ensuring factory safety.

c) Raw materials used in production:

The source of raw materials used in production needs to be proven of origin and safety.Before being put into production, the source of raw materials should be tested to ensurethat no impurities are mixed Another special point to note is that no harmful ingredients orbanned substances are used Or can easily cause skin irritation.

d) Machinery meets cosmetic production technology:

Modern production lines, equipment and machinery Workshops need to be maintained,cleaned and disinfected regularly Periodic inspection to ensure that the machine does nothave any damage that affects the quality of cosmetics.

e) The production process and technology of cosmetic production meet CGMPstandards:

A production line meeting CGMP standards will be a closed process From raw materialsto finished products are packaged and shipped to the customer's warehouse All must beclosely monitored, tested before being put on the market At the same time, the warehouse

of the factory and the company must also be cleaned and disinfected The environmentensures that there is no growth of bacteria and mold.

C DEFINITION OF THE PRODUCT CONCEPT:

13 Product concept.

A product is anything that can be offered to a market for attention, acquisition, use, orconsumption in order to satisfy a need or want It can be objects, services, people, places,organizations or an idea A product is a set of benefits that a consumer is looking for Aproduct is a collection of tangible and intangible things assembled into perceptible forms.When talking about a product, people often refer to it as a specific form of physicalexistence Things that we can see, touch In marketing, a product is anything that can beoffered to a market that can satisfy a want or need In retail, products are referred to ascommodities In manufacturing, products are purchased as raw materials and sold asfinished products.

14 New product concept

It is a new product for both businesses and the whole market The enterprise is like a"pioneer" at the forefront of the production of this product This product is introduced toconsumers for the first time This is a relatively complicated and difficult process (both inthe production and sales stages) The costs for research, design, trial production and markettesting are often very high So whether a product is considered new depends on how thetarget market perceives it If a buyer considers a product to be significantly different fromcompetitors' products in some way (appearance or quality), then the product will beconsidered a new product.

15 A brief overview of FMCGWhat is FMCG?

FMCG is an abbreviation consisting of the first letters of the English phrase - Fast MovingConsumer Goods, also known as the fast moving consumer goods industry FMCGproducts include a wide range of products from food and drink to functional foods Theircommon feature is their popularity and reasonable price with the average income ofVietnamese people.

The leading FMCG companies in the country such as Unilever, P&G, Nestle, Coca-Cola,etc., are familiar names to us.

16 Product development stages:

The 8-step process of researching and developing new products: Step 1: Come up with an idea

In this step, We need to search for ideas for our new product systematically and inaccordance with the current time New ideas can be generated from the following twosources:

Internal: R&D department or other employees.

External: From Customers, distributors, suppliers or competitors The most importantsource is still customers, because the research and development process for new productsshould focus on creating value for customers.

 Step 2: Screening ideas:

We'll sift through the ideas in step 1 to pick some of the most viable The ideas presentedare a breakthrough product that quickly reduces heat to help reduce customer discomfortdue to the weather It's important to weed out ideas that aren't good enough, because thecost of product development will increase a lot in the later stages The research departmentpointed out that the introduction of some chemical ingredients into METACOOL willcause skin irritation, this does not affect much but creates apprehension for customers.Therefore, it is necessary to remove these components or find an effective alternativemethod.

There are many filtering methods, but the most practical and easy to use are some of thefollowing methods:

 Market size: Search financial statements of large companies that buy IMS data to getsales of both the market and the competitors that are holding a large share of the market Competitors: Use Google to check if there is a competitor for METACOOL products,how are the prices of those products, the website where that business used to promote theproduct, how the communication activities deployed and evaluated by customers about thequality of competitor products.

 Budget estimates and competitor activity charts via similarweb: Read the competitor'sestimated traffic index in a similarweb, compare it with ours, thereby inferring thecompetitor's budget correlation with ours (more, less, equivalent, …) Follow us look at theactivity chart on the left It will tell us the movement of the competitor's traffic in the last 6months.

 Filter by selection matrix according to the following criteria:

 Differences in ingredients

 Breakthrough in technology, usage form Emotional value, brand story

 Profit, investment costs

 Match the capacity and strengths of the company and personnel. Step 3: Develop and test the concept

Concept is considered as a more detailed description version of the ideas above, the ideasare given as follows: Using the main color for the product is blue and white, the image ofice and snowflakes will encourage customers to buy

 Concept development: After careful selection, the business has come up with an idea forthe product Based on that, there will be appropriate activities for the product.

 Concept test: Need to test the selected concept with target consumer groups throughsurveys or interviews.

 Step 4: Develop a Marketing Strategy:

A full marketing strategy should include 3 parts:

 Describe target market: propose value solutions and target revenue, market share andprofit in the first few years.

 Outline pricing and distribution channel plans as well as marketing budgets Long-term sales plan, profit target, and Marketing Mix strategy (4Ps) Step 5: Analyze your financial plan

Assess the attractiveness and business viability of the new product, such as the assessmentof sales, costs, profit forecasts to analyze whether these factors are satisfied with thecompany's goals or not.

 Step 6: Product development

The product needs to be physically developed to ensure that the idea is actually viable inthe market The R&D department will directly develop and test one or more physicalversions of product concepts Products often undergo tests to ensure safety andeffectiveness.

 Step 7: Test within limits

During this phase, the product and marketing plan will be tested in simulated markets.Businesses will have the opportunity to test all factors before deciding on a fullinvestment.

 Step 8: Commercialization

After the 7 steps mentioned above, the company was able to decide whether to launch anew product or not If there is a final step is to launch that new product to the market Twofactors to consider in this step are time and place.

D STRATEGY OVERVIEW

 New product ideas:

Products with ideas rooted in the most practical cause When participating in outdooractivities such as: riding, walking, taking pictures, playing, working, etc on hot weather inHo Chi Minh City area The product is highly useful in use as well as can be used regularlyand smoothly The product is highly convenient and easy to move and hold The use of theproduct brings many ideas for businesses when it has both a cooling effect and ensurescomfort for the user, not only smells but also has nutrients to protect and nourish the skin.

GENERAL PRODUCT INFORMATION:

E SETTING UP AND POSITIONING THE METACOOLBRAND:

Is a new brand of Unilever group Based on the core elements of the parent corporation'smission, vision and development goals The brand brings the element of building andcontributing to a growing, happy and peaceful society towards a peaceful world.

17 Brand identity system

When the Brand is perceived by reason and emotion The tangible identities of the Brandare directly affected by people's emotions, creating the clearest and most understandablevisualization of the Brand This is considered the "shortest, fastest, most effective" way forcommunication strategies.

 Brand name: METACOOL. Logo design for the brand

The logo is easy to remember and is user-friendly The logo shows the advantages of theproduct with a cool blue tone that gives people a "cool" look when they see it.

The main image of the product with an image of ice adding a blue ice background to createa feeling of coolness solves the problem of cooling down on hot days.