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MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY FACULTY OF ECONOMICS AND COMMERCE FINAL REPORT SUBJECT: PRODUCT MANAGEMENT NEW PRODUCT DEVELOPMENT “THE ROLLING BENCH” Group: Class: MK 307DE01 – 0100 Lecturer: Mr Phan Minh Tuấn Group members: Ngô Thuận An Nguyễn Hoàng Linh Chi Nguyễn Lê Minh Nguyệt Paul Lacour Lê Trọng Tiến Semester 16.1A December, 2016 MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY FACULTY OF ECONOMICS AND COMMERCE FINAL REPORT SUBJECT: PRODUCT MANAGEMENT NEW PRODUCT DEVELOPMENT “THE ROLLING BENCH” Group: Class: MK 307DE01 – 0100 Lecturer: Mr Phan Minh Tuấn Group members: Ngơ Thuận An Nguyễn Hồng Linh Chi Nguyễn Lê Minh Nguyệt Paul Lacour Lê Trọng Tiến Semester 16.1A December, 2016 Product Management Project CANPAT Co LECTURER’S COMMENT Product Management Project CANPAT Co ACKNOWLEDGEMENT Firstly, we woud like to give a big thank to Mr Phan Minh Tuấn, who is our instructor in Product Management subject He helps and inspires us in understanding all the knowledge and completing this report All of the materials that he gave us, are a great encouragement so that we have to this report as well as possible and responsible Moreover, we hope that all the knowlegde that we have been taught, will support us in our future Besides that, we gradually realize the important role of each member in our group To complete excellently this report, every member has to their best, you guys have done your parts very well and been doing teamwork effectively Finally, we have the speacial thank for the great support: - Ms Nguyễn Lan Phương – Văn Lang University: supporter for creating the product’s model - Mr Nguyễn Đình Nam – Leader’s father: supporter in guiding model making process, choosing material, providing the material’s price Sincere thanks! Product Management Project CANPAT Co ABSTRACT As we all know, life is becoming more and more modern Having a modern life means that people have to live with it, not only energetic but also intelligent Nowadays, people always want to have a healthier life, some people believe that go to the gym is more effective, however, the others think that nothing is better than the natural, so they choose to go to the park for having a better life However, Vietnam’s weather condition is extremely special, which usually rains, almost all year so that all the benches in the park can easily get wet, not able to sit Knowing that disadvantage, CANPAT creates a bench which is very clever and convenient called “The Rolling Bench” The Rolling Bench is a new product that we very proud of to introduce, with a smart design, simple materials, we can make it very flexible and durable Besides that, we lead our product to the higher stage which is not only easy to use but also environment - friendly In addition, we notice about the design to make it more modern, attractive and elegant, so that “The Rolling Bench” is not only suitable for parks, but also for schools, hospitals, private houses, … CANPAT wants to develop a product, which is not only a bench with a special design but also the breakout product that brings the furniture industrial in Vietnam to the new vision Beside that, we give the customer the promise of quality Product Management Project CANPAT Co TASK ASSIGNMENT Name Assignment Overview Survey Segmentation Target customer POD Positioning Percentage Ngô Thuận An - Nguyễn Hoàng Linh Chi - Acknowledgement - Abstract - New product description (benefits and package) - Conduct a survey - Conclusion 100% Nguyễn Lê Minh Nguyệt - PIC - Concept generation - New product description (chunks, detail, materials, and logo) - Price - Channel - Promotion - Intellectual property registration - Timeline - Forecast sales 100% Paul Lacour - Lê Trọng Tiến - Choose & rank the factors evaluating - Idea formation’s process - Opportunity - Concept testing - AR perceptual map - Conduct a survey Ideas from members Type of product Conduct a survey 100% 100% 100% Product Management Project CANPAT Co TABLE OF CONTENT LECTURER’S COMMENT ACKNOWLEDGEMENT .4 ABSTRACT TASK ASSIGNMENT TABLE OF CONTENT TABLE OF PICTURES AND FIGURES .9 A OVERVIEW CANPAT COMPANY 12 Philosophy 12 Company guidelines 12 Value 12 Mission 12 Vision 13 SWOT analysis 13 B CREATE A NEW PRODUCT 14 Ideas from members 14 Idea formation process 15 Choosing and ranking factors in evaluating ideas 16 Type of the new product 18 PIC 19 C NEW PRODUCT PROCESS 25 Opportunity identification 25 Concept generation 26 Concept testing 28 AR Perceptual gap map 31 Product Management Project D NEW PRODUCT DESCRIPTION 37 Benefits 37 Chunks and functions 38 Materials of the rolling bench (for rolling bench) 46 Package 48 The logo and slogan of the company 49 E MARKETING PLAN 52 Phototype Survey 52 Segmentation for new product: 61 Target customer: 62 Differences of product: 62 Positioning 63 Pricing plan 64 Distribution plan 68 Promotion plan 70 F G CANPAT Co INTELLECTUAL PROPERTY REGISTRATION 82 Intellectual property: 82 The rolling bench’s IP kind: 82 The request applications: 82 The fees and place: 83 FORECASTING SALES 86 Using the A-T-A-R Model 86 CONCLUSION 93 REFERENCES 94 Product Management Project CANPAT Co TABLE OF PICTURES AND FIGURES Figure 1: Type of new product 19 Figure 2: Organizational structure 22 Figure 3: stages process timeline 24 Figure 4: Average point 33 Figure 5: Competitor's product 34 Figure 6: AR perceptual Gap Map 36 Figure 7: Product schematic 40 Figure 8: Cluster schematic elements 40 Figure 9: The rolling bench’s materials 48 Figure 10: Questionnaire 55 Figure 11: POD versus POP 63 Figure 12: Positioning Map of “The Rolling Bench” 64 Figure 13: Break-even point analysis 68 Figure 14: Channel management 69 Figure 15: The organization of sales force 70 Figure 16: The quotation of Tiep Thi & Gia Dinh Magazine 72 Figure 17: The quotation of Kien Thuc & Doi Song magazine 73 Figure 18: The quotation of online magazines 74 Figure 19: The quotation of the domain 76 Figure 20: The keyword for Google Adwords 77 Figure 21: Google Adwords report 78 Figure 22: The timeline of the promotion plan 81 Figure 23: The request form 83 Figure 24:The required circular to register IP 85 Figure 25: The ATAR questionnaire 87 Figure 26: The pie chart of the awareness 88 Figure 27: The pie chart of the trial 89 Figure 28: The pie chart of the repeat 90 Figure 29: The pie chart of the availability 90 Figure 30: The bar chart shows the different percentages of ATAR model 91 Product Management Project CANPAT Co Table 1: SWOT analysis 13 Table 2: The Barney’s VRIN framework 16 Table 3: Three best ideas 16 Table 4: Choosing and ranking factors of idea – – 18 Table 5: Internal factors for evaluation matrix 28 Table 6: Fixed cost 29 Table 7: Sales forecast 30 Table 8: Profit forecast 30 Table 9: Net present value (NPV) 30 Table 10: Details survey about 50 samples 32 Table 11: The average result of customer’s perception about benches 35 Table 12: Chunks, illustrates and functions of the rolling bench 39 Table 13: Advantages and Disadvantages of the pricing strategy 65 Table 14: The marginal variable cost per each unit 66 Table 15: The marginal fixed cost for a month per unit 67 Table 16: Dealer incentives for B2B Segmentation 78 Table 17: The budget of the promotion plan 80 Picture 1: The rolling bench 38 Picture 2: Create geometric layout 41 Picture 3: Check interactions 41 Picture 4: The top and the back view of the rolling bench 42 Picture 5: The front view of the rolling bench 43 Picture 6: The front and the site view of the rolling bench 43 Picture 7: The cross section of the rolling bench 44 Picture 8: The longitudinal section of the rolling bench 44 Picture 9: The site section of the rolling bench 44 Picture 10: The rolling bench in 3D model 46 Picture 11: The carton box – the package of the rolling bench 48 Picture 12: The logo of CANPAT Co 49 10 marketing Direct Product Management Project Personal training Sales promotion Digital marketing Creating domain name Maintaining domain name (1 year) CANPAT Co Time 000 000 000 000 Domain 350 000 350 000 Domain 200 000 200 000 10 Google AdWords Month 500 000 500 000 11 Sweepstake form 500 Paper 500 000 500 000 12 Sweepstake prizes 15 000 000 15 000 000 13 Poster 500 Piece 000 500 000 14 Standee Piece 100 000 200 000 Sum Costs incurred (5%) Total 107 050 000 352 500 112 402 500 Table 17: The budget of the promotion plan However, 112.402.500 VND is the total promotion cost from the beginning to after launching the product a month, it’s about 4.5 months Thus, the promotion cost for a month is about 24.978.333 VND ≅ 25 000 000 VND 80 1.4 1.5 1.6 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 WBS 1.1 1.2 1.3 Project Lead: Project Start Date: Display Week: PRE-LAUNCHING Article on Kien truc & Doi song Article on VN Express Gia Dinh (1st) Building a website Design form, poster & standee for sweepstake Training personal sales force Contracting with SCJ LAUNCHING and AFTER Article on VN Express Gia Dinh (2nd) Article on Tiep thi & Gia dinh Personal selling Home shopping Launching website Run Google Adwords Sales promotion Inform sweepstake winners Task [CANPAT Company] Thu 12/22/16 Mon 12/26/16 Wed 12/14/16 Wed 12/28/16 Mon 1/09/17 Tue 1/31/17 Tue 1/31/17 Wed 12/28/16 Thu 1/26/17 Tue 1/31/17 Tue 1/31/17 Wed 12/28/16 Mon 1/09/17 Wed 12/28/16 Wed 1/04/17 Wed 12/28/16 Wed 12/28/16 Wed 12/28/16 Tue 1/31/17 Mon 12/05/16 Mon 12/12/16 Mon 12/19/16 End Tue 12/13/16 Sat 12/17/16 Mon 12/05/16 Mon 12/05/16 Mon 12/12/16 Mon 12/05/16 Start [ Nguyet Nguyen ] 12/5/2016 (Monday) 1 35 28 30 35 10 10 10 1 15 Cal Days [PD] THE ROLLING BENCH PROMOTION SCHEDULE 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1 25 20 22 25 8 1 11 % Work Done Days Week 12 / 12 / 16 Week 12 / 19 / 16 Week 12 / 26 / 16 Week / / 17 Week / / 17 Week / 16 / 17 Week / 23 / 17 Week / 30 / 17 Figure 22: The timeline of the promotion plan M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S Week 12 / / 16 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### Product Management Project CANPAT Co 81 Product Management Project F CANPAT Co INTELLECTUAL PROPERTY REGISTRATION Intellectual property: Intellectual property (IP) mentions about a brand or the invention and design of the new creation that is legal rights and asset of a person or business There are some common kinds of IP such as Copyright, Designs, Patents, Trade marks Before officially launching the rolling bench to the market, CANPAT Co has to register the product patents which will protect new product invention The rolling bench’s IP kind: According to Part – Industrial property rights, Chapter – Requirements for protection of industrial property rights, Law No 50/2005/QH11 on Intellectual Property Law, it is laid down the law that an invention would be able to protect by the Invention Patent if it meets the following requirements: - Having a new function; - Having an inventive step; - Having the ability for industrial usage The rolling bench is the invention that meets 2/3 requirements which are having a new function and can be developed as an industrial product The request applications: Besides, according to the article 100, section 2, chapter – part 3, the generally required applications that we need are: - A request form; 82 Product Management Project CANPAT Co Phụ lục A -Mẫu số: 03-KDCN TỜ KHAI ĐĂNG KÝ KIỂU DÁNG CÔNG NGHIỆP DẤU NHẬN ĐƠN (Dành cho cán nhận đơn) Kính gửi: Cục Sở hữu trí tuệ 386 Nguyễn Trãi, Hà Nội Chủ đơn yêu cầu Cục Sở hữu trí tuệ xem xét đơn cấp Bằng độc quyền kiểu dáng công nghiệp.Ú Kiểu dáng cần bảo hộ tách từ đơn số: nộp ngày: TÊN KIỂU DÁNG CÔNG NGHIỆP Phân loại quốc tế KDCN CHỦ ĐƠN (Tổ chức, cá nhân yêu cầu cấp Bằng độc quyền kiểu dáng công nghiệp) Tên đầy đủ: Địa chỉ: Điện thoại: Fax: E-mail: Chủ đơn đồng thời tác giả kiểu dáng cơng nghiệp Ngồi chủ đơn khai mục cịn có chủ đơn khác khai trang bổ sung ĐẠI DIỆN CỦA CHỦ ĐƠN người đại diện theo pháp luật chủ đơn tổ chức dịch vụ đại diện sở hữu công nghiệp uỷ quyền chủ đơn người khác uỷ quyền chủ đơn Tên đầy đủ: Địa chỉ: Điện thoại: Fax: E-mail: TÁC GIẢ Tên đầy đủ: Quốc tịch: Địa chỉ: Điện thoại: F ax: E -mail: Ngồi tác giả khai mục cịn có tác giả khác khai trang bổ sung s CHỦ ĐƠN/ĐẠI DIỆN CỦA CHỦ ĐƠN KÝ TÊN Ú Figure 23: The request form Chú thích: Trong trang trang sau, chủ đơn/đại diện chủ đơn đánh dấu"x" vào ô vuông ô vuông phù hợp -1- - thông tin ghi sau Documents, information, prototypes of the invention: it must contain a specification, photos, and drawings of the product; - Power of attorneys (if needs); - Some proving documents (if needs); - Receipt of fees and charges The fees and place: To register IP, the register has to pay the fees and charges which are forced at circular No 22/2009/TT-BTC: 83 Product Management Project CANPAT Co 84 Product Management Project CANPAT Co Figure 24: The required circular to register IP The application form will be examined within a month from the registered day and the content will be accessed within months We will have to apply our application in the National Office Of Intellectual Property of Viet Nam (NOIP) which is placed at 384-386 Nguyen Trai Street, Thanh Xuan District, Ha Noi 85 Product Management Project G CANPAT Co FORECASTING SALES Using the A-T-A-R Model A-T-A-R is the model based on the definition Awareness – Trial – Availability – Repeat Before forecasting sales by A-T-A-R, we conducted a survey about these attributes This survey was applied for 95 consumer end-users, experts (furniture designer and carpenter), and employees – who involve in making the prototype 86 Product Management Project CANPAT Co 1.1 The A-T-A-R Questionnaire: Welcome to CANPAT CO survey about the rolling bench! We are a group of students in Marketing major of Faculty of Economics and Commerce –Hoa Sen University We are conducting research on our project which named “The rolling bench” It is a bench which can turn the handle on the side of the bench and the seat will spin to expose the dry side of the seat for you to sit without getting wet after rain It will take you about 10 minutes to this survey For this survey, I’d like to conduct about your awareness and perception about our product – which you’ve been tried Please choose your answer We will not release personally identifying information and your results is only used in a percentage form We appreciate your answer Your response is vital in helping us to improve our product Thank you and have a nice day! Have you ever heard about the rolling bench before and how did you hear? Internet Newspaper Word-of-mouth Others I haven’t known After trying our bench, how likely would you be to try it once more time? Extremely Very likely Moderate likely Slightly likely Not likely at all likely After trying our bench, how likely would you be to consider to purchase one? Extremely Very likely Moderate likely Slightly likely Not likely at all likely If you decided to buy our rolling bench, where would you prefer to buy it? (can choose more than 1) Furniture stores CANPAT’s Online stores showroom Home-shopping channel Others (………………) If you decided to buy our rolling bench, are you willing to purchase one more rolling bench? Yes, I will buy one more No, one is enough I’ll recommend to others ~ THE END ~ Figure 25: The ATAR questionnaire 87 Product Management Project CANPAT Co 1.2 The survey results relating to A-T-A-R Model: a “Have you ever heard about the rolling bench before and how did you hear?” The first question asks about the customer’s awareness 40/100 responses are word–of–mouth, match with 40%; and the total percentage of awareness – who have heard about the product, is 85% Awareness 15% 30% 5% Internet Newspaper Word-of-mouth Others 10% Haven't known 40% Figure 26: The pie chart of the awareness b “After trying our bench, how likely would you be to try it once more time?” The second question asks about the customer’s trial rate 50% are extremely likely and very likely; and the total percentage of consumers who are ready to try using the bench is 68% 88 Product Management Project CANPAT Co Trial 24% 32% Extremely likely Very likely Moderate likely Slightly likely 18% Not at all 16% 10% Figure 27: The pie chart of the trial c If you decided to buy our rolling bench, are you willing to purchase one more rolling bench? Question asks about the customer’s repeat There is only 1/5 customers are willing to purchase again our product, and it is 33/100 consumers will recommend our product to their friends/ colleagues Hence, the total percentage of repeat will be 53%, as the result below: 89 Product Management Project CANPAT Co Repeat 20% 33% Yes No Recommend others 47% Figure 28: The pie chart of the repeat Besides conducting about customer’s perception, we’ve worked on some of retailers (furniture stores, such as: Deco Viet at Binh Thanh District, Hoa Phat at Binh Thanh District, Thanh Dung at Tan Binh District, etc.) to have acceptance on selling the rolling bench The result will be illustrated below: Availability 20% Yes No 20% 60% Consider Figure 29: The pie chart of the availability 90 Product Management Project CANPAT Co 1.3 The A-T-A-R Model forecasting sales: The percentage of attributes of A-T-A-R Model are: 85% awareness, 68% trial, 60% availability, and 53% repeat % A-T-A-R Model 90% 80% 85% 70% 68% 60% 60% 50% 53% 40% 30% 20% 10% 0% Awareness Trial Availability Repeat Figure 30: The bar chart shows the different percentages of ATAR model According to Ministry of Culture, Sports and Tourism, the total number of households in Viet Nam until 2015 is about 21 000 000; and according to Department of Planning and Investment of Ho Chi Minh City, the total companies in Ho Chi Minh City to the 1st quarter of 2016 is around 000 companies Our objective is getting 20% of B2B business and 5% of B2C customers As a result, we can identify: - The target market: 21 000 000 × 5% + 000 × 20% = 051 800 customers - Percent awareness: AW = 85% and percent availability: AV = 60%; - Trial rate: T = 68%; - Percent who repeat purchase the rolling bench and recommend to others: RR = 53%; - Assuming percent who switch to out new product: RS = 50% 91 Product Management Project CANPAT Co RT = RS / (1 + RS - RR) = 50%/ (100% + 50% - 53%) = 51.5% Market share = T × R T × AW × AV = 68% × 51.5% × 85% × 60% = 17.22% Total customer = 17.22% × 100 900 ≈ 361 775 customers 𝑇𝑜𝑡𝑎𝑙 𝑓𝑜𝑟𝑒𝑐𝑎𝑠𝑡𝑖𝑛𝑔 𝑝𝑟𝑜𝑓𝑖𝑡 𝑓𝑜𝑟 𝑠𝑒𝑙𝑙𝑖𝑛𝑔 𝑓𝑜𝑟 𝑎𝑙𝑙 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 𝑏𝑢𝑦𝑒𝑟𝑠 = 181 120 × (757 000 − 696 000) = 11 048 320 000 𝑉𝑁𝐷 92 Product Management Project CANPAT Co CONCLUSION After more than months, based on the knowledge that we was taught in the class finally we completed the report with a lot of effort of each member Our group report is about the new products called “the rolling bench”, the report also achieve these goals which is very useful and helpful for us in the future - Brainstorming for a new ideas of products - Choosing and ranking the best idea, finally we choose “the rolling bench” - Doing PIC analysis - Knowing the process of concept testing - Drawing technical details and function of the product - Designing the logo, the slogan and the package for the product - Pointing out the POD and POP of the product - Positioning the market place for the product - Applying some strategy (pricing strategy, promotion strategy, channel strategy) - Researching for intellectual property registration - Forecasting sales for the rolling bench However, because of the limitation of time and lack of experience, making mistakes is inevitable, we are looking forward to receiving all the contributions and suggestions of the lecturer 93 Product Management Project CANPAT Co REFERENCES George E.Belch & Michael A.Belch, Advertising and promotion, An Integrated Marketing Communications Perspective Sixth Edition http://www.cov.gov.vn/cbqen/index.php?option=com_content&view=article&id=640 &Itemid=75 http://bookingquangcao.com/public/userfiles/files/Tiep-thi-gia-dinh.pdf http://bookingquangcao.com/public/userfiles/bookingquangcao/files/Kien-truc-doisong.pdf http://bookingquangcao.com/public/userfiles/bookingquangcao/files/Kien-truc-doisong.pdf 94 ... UNIVERSITY FACULTY OF ECONOMICS AND COMMERCE FINAL REPORT SUBJECT: PRODUCT MANAGEMENT NEW PRODUCT DEVELOPMENT “THE ROLLING BENCH” Group: Class: MK 307DE01 – 0100 Lecturer: Mr Phan Minh Tuấn Group members:... Easily damaged during the production process - The company's brands uncommon in the market development market Table 1: SWOT analysis 13 Product Management Project B CANPAT Co CREATE A NEW PRODUCT... So we rely on the Barney’s VRIN Framework to evaluate and select some suitable ideas for development VRIN stands for as the following: 2.1 V – Valuable: We need to give some questions for the
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