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A New Car As A Product For Honda Marketing Essay

Content
  1. Introduction
  2. Task - 1 (a)
  3. New Product Development (NPD) -
  4. Need for developing the product -
  1. Objectives -
  2. Features -
  3. Features of Honda S-FIT car -
  4. Task -1 (b)
  5. Market structure analysis -
  6. Tools -
  7. Bargaining electricity of potential buyers -
  8. Bargaining vitality of suppliers -
  9. Threats of new entrants -
  10. [Body-1. b: Porter's 5 causes model]
  11. Threats of swap products -
  12. Competitive industry rivalry -
  13. Task -1 (c)
  14. Project Life Circuit -
  15. [Amount 1. 1: Typical four level Project Life Pattern (Max's, 2000)]
  16. Project Implementation (Gantt graph) -
  17. S. No.
  18. Milestones
  19. Time
  20. Week
  21. 1
  22. 2
  23. 3
  24. 4
  25. 5
  26. 6
  27. 7
  28. 8
  29. 9
  30. 10
  31. 11
  32. 12
  33. 13
  34. 14
  35. [Body 1. 2: Gantt graph with milestones and time period]
  36. Task -1 (d)
  37. Methods for growing NPD
  38. [1] Offensive Method -
  39. [2] Defensive Method -
  40. [3] Imitative Method -
  41. Idea Era -
  42. Idea Screening -
  43. Idea Selection -
  44. Product Design -
  45. Product development/prototype -
  46. Product Examining -
  47. Market Tests -
  48. Test Marketing -
  49. Commercialization -
  50. Task - 2 (a)
  51. Market Research -
  52. Research Strategy -
  53. Types of Research -
  54. [1] Qualitative Research -
  55. [2] Quantitative Research -
  56. Types of Data -
  57. [1] Principal Data -
  58. [2] Secondary Data -
  59. Data examination techniques -
  60. Statistical Data Examination -
  61. Task -2 (b)
  62. Resources -
  63. Financial Resources -
  64. Human Resources -
  65. Physical Resources -
  66. Technology -
  67. Material -
  68. Task - 2 (c)
  69. Possible sources of resource -
  70. Source for Recruiting -
  71. Source for Money -
  72. Sources for Technology -
  73. Source for Physical resources -
  74. Source for Materials -
  75. Source for Information -
  76. Task - 3 (a)
  77. Marketing Strategy -
  78. Marketing Combination -
  79. [4 P's OF Marketing Mix]
  80. Ansoff's Matrix -
  81. [Number 3. 1: Ansoff's Matrix]
  82. Market Penetration -
  83. Product Development -
  84. Market Development -
  85. Diversification -
  86. Task - 3 (b)
  87. Balance Score Credit card -
  88. Benchmarking -
  89. Task - 3 (c)
  90. Findings -
  91. Task - 3 (d)
  92. Recommendations -
More...

In today's competitive world the topper is definitely doing different things from others or may be the same thing in a much more different way. Precisely the same logic applies to the business world too where the new competitors via everywhere and then your field of business, the company positioning should be strong enough to maintain its position in business.

In this project, I am releasing a new car as a product for Honda Firm Japan in four South East Parts of asia such as Malaysia, Thailand, Philippines and Indonesia. A new product is developing with the preparation of job life cycle which is covered the needs, purpose, goals and top features of this car that can fulfill the customers of this market. Porter's five causes model is reviewed as a marketing evaluation tools so you can get the market information and competitive factors which would be done with the aid of qualitative and quantitative research.

Primary and extra data is accumulated from different options to learn the people's targets about the merchandise. The mandatory resources and their possible sources is also important part to go over for developing the product on the market. Based on marketing tools and techniques, conclusions and recommendations receive for future project and benefits associated with the product.

Introduction

Honda Motor Company Ltd. Japan is the world's biggest manufactures of cars and motor bike products. This company was proven in 1948 and the head office is positioned in Tokyo, Japan with 176, 815 consolidated numbers of employees. Honda's is involved in motorcycles, cars and power products as its key products with the turnover of 8, 579, 174 million yens in the year of 2010.

Honda is a respected market player of wide variety cars products that is regularly creating new value, offering reasonable and highest quality products worldwide for satisfying the customers. (Honda, 2010)

The second era FIT 1. 3G Smart Selection

I am introducing a fresh car for Honda Electric motor Co. Ltd. Japan in South East Asian market which covers four countries like Indonesia, Malaysia, Thailand and Philippines. The name of Honda's new car is S-FIT (small) that is produced as per the street conditions, weather and framework of the marketplace. This car can be and create need for the customers of this market. Folks of these countries can make a position their selves in the world and came into in the style of vehicle products.

The purpose of introducing this car is to provide a reasonable and quality car to gratify the middle school customers also to build a competitive environment in the South East Asian market. This car will generate a new trend in the small auto industry in the forex market.

Task - 1 (a)

New Product Development (NPD) -

In an enterprise, NPD is the process to add or launch a fresh product and services in the market. This process is designed to test, develop and consider the feasibility of products that are new in market to ensure the development and lifestyle for the business.

The NPD process is very crucial within the business. The development of new product/service can be totally new on the market, can be changed with a preexisting products and old product can be again presented, packaged & promoted in a different way.

Need for developing the product -

Honda Corporation's new product is S-FIT car to be introducing in 4 countries of SE-Asian market for acquiring the consumers of middle & lower class section because these countries are on growing stage and most of the consumers of middle & lower sections used only motorcycles. In India, Tata Motors launched and create a trend by Nano a tiny car which captured the middle & lower category people and also to compete with other small size car brands in the market.

The need to develop a fresh product is depend on the customer's needs, requirements and their other requirements. The primary purpose and need of launching this car is to explore the new environment in the auto mobile sector where consumers can buy this car at affordable price and get satisfy. The type of market, environment and street conditions are not perfectly in these four countries like other countries of Japan, UK, USA, Germany etc. The nature of the market is highly diverse which focused on the inside & external surfaces design, fuel ingestion, engine current economic climate and the maintenance of car.

Objectives -

Every organization arranged the objectives first before launching a fresh product in the market and research of the market structure to become the development and success of new product. According to my opinion there may be various aims for Honda to release a fresh S-FIT car in the forex market where I would like to list down some of them.

To addition of new product into company's product portfolio

To receive the benefits of new solutions and systems

To receive the competitive advantages in the market

To increase the sales, success & market talk about of the company

To contend with the other competitors

To build the money cows and personalities for future

To fill up the difference of small car portion in the market

To provide the highest quality product at affordable price

To meet the expectations of the customers and make sure they are satisfy

To have the long-term benefits for the company

To get moved into of new and also to wthhold the existing customers in the market (teacher2u, 2010)

Features -

Honda is creative in auto-making that making autos for each and every lifestyle. I am focusing on designing this car as B-Segment in exterior and C-Segment in interior which is particularly suits to the SE-Asian market people. Below are the features selected by me for small FIT car that will be surely fit/suit to the clients, street conditions and climate of SE-Asian countries.

Features of Honda S-FIT car -

Engine -

2 cylinder backside engine

36 BHP

935cc

1. 3-litre i-DSI Diesel engines to reduce the CO2 emissions and improved fuel efficiency

Gears - 5 rate manual gears

4 seating and 4 doors

Tubeless tyres

Air bags for front seats

Manual assisted glass windows and steering

Brakes - Disc in the front and drums in rear

Fuel capacity - Gross is 36 litre where 6 litre is reserved

Fuel market - 22 km per litre and up to 25 kilometres/-litre on highway

Dimension -

Length - 3. 3m

Height - 1. 5m

Width - 1. 6m

Speed - Top acceleration 110 kmph

No Compact disc/FM radio, Washboard abs brakes, central locking, air-con, remote locks, ability steering, power windows

3 years guarantee (Honda, 2010)

Task -1 (b)

Market structure analysis -

"Market structure evaluation can be detailed with regards to different characteristics of market, including its size and value, the amount of providers and their market share, consumer and business purchasing behavior, and progress forecasts. The information also includes a demographic and local break down of providers and customers and an evaluation of pricing set ups. " (BNET, 2010)

Tools -

There are several different tools open to analysis the marketplace structure. Market composition of a business can be analysing with the help of using Porter's 5 Makes Model. Porter's model could very well be among the finest appropriate tools using in business strategies. THEREFORE I would like to illustrate about the 5 forces model of Michael Porter.

"Porter's five makes analysis should uncover major distinctions within overly broad companies that will indicate the need to adjust industry restrictions or strategies". (Porter, 2008)

Bargaining electricity of potential buyers -

Customers/buyers contain the strong capacity to bargain with the companies. Customers are able to negotiate with product's prices decrease and reduce the income of companies. They are able to force the companies to provide better product & service at affordable prices because different companies & product already can be found in the market and customers has different alternatives to choose the products in the market. Buyers can switch to others product who provides them quality products at sensible prices.

Bargaining vitality of suppliers -

The strong electricity of suppliers is also challenging for the organization because suppliers conclude the conditions & conditions available. Suppliers will be the backbone of business that delivers the raw materials and component as an type. The cost of raw materials should be low to get more profit available. This is very difficult to switch the suppliers on the market because the alternative option may be costly and can't provide the best inputs to the business.

Threats of new entrants -

There are so many obstacles exist in the market which impacts the benefits of new product and services. The access of services is very hard whenever there are so many companies exist with the existing products in the market. High cost & investment is necessary for marketing of the new products and to get entered in the market. The existing firms have good understanding and commercial experience to provide the high level of devotion to its customers.

[Body-1. b: Porter's 5 causes model]

Threats of swap products -

This threat gauge the switching vitality of buyers in one product to another product. This threat depends on the cost and alternatives or similar products which satisfied the relatively needs & demand of the client. Any new product can be easily moved into on the market with the similar features and potential buyers can easily move to alternatives. This risk can create high competition or rivalry between the organizations and within the industry.

Competitive industry rivalry -

This considers your competition between current/existing organizations. The high amount of competition creates the down sides for existing companies to gain the more earnings. The rivalry will be high when the large numbers of companies/companies opposing and providing same products and services to the customers. In the automobile industry, there are various competitors for Honda like - Mercedes, BMW, Maruti, Skoda, Toyota, Tata and Strolls Wagon etc. who are making challenging competition in the market.

However, Porter's model take action a major role to examine, evaluation and understand the competitive market environment and strategies for introducing or introducing of new product in the market.

Task -1 (c)

"Defining a project is an activity of selection and reduction of the ideas and perspectives of these involved into a couple of clearly defined goals, key success requirements and evaluated dangers. The definition should include a statement of the business enterprise need that the project seeks to address and the information of the merchandise, service or deliverable business goals that'll be its output. " (Spottydog, 2010)

This study of this project is to build up a new product of Honda S-FIT car in the SE-Asian market. I need to do a market survey and research from where I could understand the theory and concept to build up the product with the prior resources. After implementation & construction of the task/product I'll handover it to the management or business.

Project Life Circuit -

This is the first first stage of a job life cycle where the idea and idea would create and designate the success of the task. This level considers on four initial important phases to develop the product.

Idea Generation

Idea Screening

Idea Selection

Cost & Profit Analysis

The main purpose of this stage is to study and estimate the marketplace opportunities about the projected product.

This second stage is explained about the first designing of the proposed product and after that development of the product according the plan of the project. The designed product goes for the product and market trials following the development. This level combines some different phases which help to create, develop and examining of the merchandise.

Product Design

Prototype/ Product Development

Product Testing

Market Testing

http://www. maxwideman. com/papers/managing/F1_PLC-4BasicPh. gif

[Amount 1. 1: Typical four level Project Life Pattern (Max's, 2000)]

The third stage of a task life cycle evaluated the execution of the designed product by doing test marketing and getting responses of first wave from the marketplace. The feedback from market provides chance to analysis the unacceptable varying and taking action to make the product according the needs of the customers. This level includes two phases like-

Test Marketing

Feedback from Market

The last stage of task life cycle defines that the proposed product has completed, developed and ready to launch in the market. So the new product must be handover to the marketing & functions department of the company to commercialization the completed product in the market.

The above number shows the four separated typical phase's task life cycle and lists the possible actions to be achieved in every phase. The separated phases relate with the key details for the decision-making control.

Project Implementation (Gantt graph) -

"NPD is an activity which was created to develop, test and consider the viability of products which are new to this market in order to guarantee the growth or success of the organisation. " (Teacher2u, 2010)

S. No.

Milestones

Time

Week

1

2

3

4

5

6

7

8

9

10

11

12

13

14

1

Initial Discussion

1

2

Idea Generation

2

3

Idea Screening

1

4

Idea Selection

1

5

Product Design

1

6

Prototype

2

7

Product Testing

1

8

Market Testing

1

9

Test Marketing

1

10

Market Feedback

1

11

Commercialization

2

[Body 1. 2: Gantt graph with milestones and time period]

The implementation of the project is will depend on all the activities talked about above in project life pattern four stages. The below chart (body 1. 2) is displaying every activity or milestones of job life pattern with the estimation times (week) where this task will be complete. This chart helps to recognize that how much time would be taking by each activity to complete the project or development of the new product.

Task -1 (d)

Methods for growing NPD

There are four types of methods available for creating a new product.

[1] Offensive Method -

This method is lawfully defined that gives the proper directions towards developing the product. This method is straightforward to use in the organization. This method really helps to develop the R&D process, financial measurement earlier to the product launching. In addition, it serves some strategies for the introduction of new product.

[2] Defensive Method -

In the protective method of NPD process, the merchandise can be develop and launched by doing specific amendment in the market environment. That is a cheaper but high-risk solution to apply in the organization. The strategies found in this method with the changes of market may take place in customer's demand and in technology.

[3] Imitative Method -

As per Imitative method, A product can be develop and kick off by copying to another companies product which is already exist on the market. However, this method can be an against the law and against to the legislation. This is actually the cheap and easy process to develop a new product. Almost companies are employing this strategy without paying any extra costs on different process and saves time & money.

[4] Traditional Method - This is going right through process where companies don't want to make any changes in the prevailing product and consider on the existing product. Company don't make any changes on the product and technology because of customer's perceptions and satisfaction towards product. Because of customer's dynamics, company's sales can be decreased by doing or making any amendments in the product.

The process and action plan of NPD is the step to step method where idea and concept of a fresh product is creating by the management. The procedure is certainly going through different stages for the ultimate completion of the product and reach in the market.

Idea Era -

An idea and invention is the first and essential step to develop a product. The theory can be come through inner source like employee's suggestions and on the other side idea can be taken as an external source like market research, studies, and competitor's product and by firmly taking feedback from the market or customers.

Idea Screening -

Idea verification is the next process of task life circuit and NPD process where the made idea should be implementing or not is considers by the management. The product benefits, creation/implementation cost and organization's future income also recognizes & discussed in this stage.

Idea Selection -

The selection of idea will be studied by the management after consideration of idea verification. This stage includes the features of new product and considers the financial viability of the merchandise for the organization. Company also take into account the brand image of new product and how beneficial it might be for the business.

Product Design -

The product is designed according to the latest trend or fashion because the appeal of product is vital for the customer's perspective and this is the positive point to increase the sale of the merchandise. Product's design must be developing according to the customer's choice and should be like by the clients.

Product development/prototype -

The development of product is complete following the achievement of above stages. The product will be present in the targeted market. The proposed product has to complete the above stages accordingly to develop and go for product assessment by the management.

Idea Generation

Idea Screening

Idea Selection

Product Design

Product Development

Product Testing

Commercialization

Test Marketing

Market Testing

Product Examining -

The product can be tested internally and externally of the business. Product testing is necessary before execution and launching the product. NPD team scrutinizes and checks all the features and activities of the product for the successful development and presentation on the market.

Market Tests -

The new product is sent out to the suppliers and customers to get reviews about the merchandise. Company can get the customers views, suggestions and response to test the product's performance. If customers aren't satisfied and response is negative then your product will go back again for even more process and market testing.

Test Marketing -

The new product will be launched and provided in targeted area for market trials. The marketing mix strategy will be helpful to monitor the product for the reason that particular area or region. After examining the product it might be finalized that the merchandise is ready for final launch or not and if some changes required so can be done prior to the product presenting to the entire market.

Commercialization -

The completed product will be handover to marketing team for the distribution on the market through its suppliers. The merchandise will be commercialized for advertising, marketing and selling on the market. Company will get the competitive benefit after the successful development of the merchandise in to the market.

Task - 2 (a)

Market Research -

"Market Research is a organized, objective collection and analysis of data in regards to a particular marketplace, competition, and/or environment. It always comes with some type of data collection whether it is extra research (also known as table research) or primary research which is accumulated direct from a respondent. " (DJS, 2009)

The purpose of doing market research is to investigate the customer's needs, slice the threat of product and also to forecasting of future development and fashion of the related product.

Research Strategy -

A Research is a organized and diligent analysis or search to look for the facts, ideas, theories, concepts and program etc. of this research. Technique is the procedure of methods that implemented with specific discipline for constitute success.

A proper research methodology provides the precise information of market environment, pattern or fashion and customer's conception about the product. I found that product is necessary to build up to the SE-Asian market people because this type of car wasn't launched by any business so that Honda can create the need of this car in this portion of market.

Types of Research -

Two types of research technique may be used to launch a fresh product on the market are speaking about below -

[1] Qualitative Research -

This kind of method is utilized to investigate the several characteristics, behaviour, frame of mind, nature, life style, culture, dreams and ideals of different people. This method can be an in-depth study to comprehend the human behaviour and seeks that administers such kind of behaviour.

For my product, this technique helped me to comprehend the type and behaviour of this market's people and which kind of car is required in these four countries. As these are the expanding countries so this car is targeting to only medium and low class people. They can manage & buy this car and can maintain a position in their interpersonal life.

[2] Quantitative Research -

This method decides on the examination and collection of data & reports. The interviews, case studies, questionnaire and target communities are less considered in this method. This is totally realistic approach to research based on true demonstration data, statistical furniture, charts, graphs etc.

This method helped me to learn days gone by facts, statistics and status of other vehicle companies in the forex market. In which I simply came to comprehend the competitive prices & profits of other products.

Types of Data -

The data can be gathered in two varieties in a study methodology such as -

[1] Principal Data -

In principal data, customer's reviews should be studied before launching the product. A questionnaire is well prepared in an effective format and style to gather the info by doing interviews. This research can help me to research the customer's views and suggestions concerning this car in this market with the using of some questions such as -

What type of car they people want?

Which kind of facilities they want in this car?

How much money they can spend for this car?

Individual review - Individual survey can be carried out by appointing any individual person from vehicle industry or non-business people for collecting the info regarding this product.

These sorts of questions would help me to give some route and getting people's opinion about their needs and needs by market research.

[2] Secondary Data -

In supplementary data, data is collected through different resources like - internet, multimedia, books, papers and publications etc. This sort of data helped me to know the details of competitor's product and strategies where I possibly could develop my product well effective from my competition.

Online survey - This survey is perfect for online users by uploading a questionnaire on online websites of the business plus some other different links. Score method is well prepared in this review to categorize the different people suggestions.

Mail study - The mail review of research is performed when mails or letters are sending door to door to every type of person to comprehend the opinion of the product.

I discovered that all the studies were effective to provide the feedback, views and suggestions for launching of the product.

Data examination techniques -

Data examination is an operation of changing, inspecting, modelling and cleaning the info with useful views, information, ideas and decision making. Within this research have different methods and techniques in several business domains.

Statistical Data Examination -

There is a method of statistical data research in which the part of research considers as data examination part. This system helps to analyze the hypotheses, research question of this research. The statistical data analysis can be classified in four varieties such as -

Data Inspection

Initial Data Analysis

Main Data Analysis

Final Data Analysis

In this system, firstly the info is inspected and cleansed for the possible correction. Another important level is first data analysis where in fact the quality, measurements and transformations of data is evaluated and checked out. Now the data is presented as main data research for the particular research and lastly the main data is implemented for the further procedure for new product development.

Task -2 (b)

Resources -

"Resources can be described as a person, advantage, materials or capital which is often used to perform an objective. " (InvestorWords, 2010)

Every organization needs various resources to expanding and intro of a new product in the marketplace. I will additionally require several resources to launching S-FIT car for Honda Organization in SE-Asian market for the potential customers. So pursuing are the key resources identifies -

Financial Resources -

Finance is the principal needs of every organization. Money is required as a financial source of information for production and developing the product. Every organization must arrange money to run & operating the business process. Without having proper money business can't be operate, develop, increase and set up.

Human Resources -

Man ability/labour/workers/employees as a individuals resource will be the important part of each organization. Recruiting are necessary for doing every activity in the business and without having man power business can not be run. Folks are required in each office of business like marketing, functions, developing, research & development etc.

Physical Resources -

Physical resources or infrastructure are necessary for establishing the business. It includes building, land, equipment, equipment, logistic, furniture and other tangible resources. Each is the requirements elements for starting/starting an enterprise. Each division has different process and systems which requires different kinds of physical resources to use the business enterprise activities.

Technology -

Today's world has converted into technological edge. Honda is a respected market player in cars and worldwide famous for using new technological products. The product is totally depend on technologies because without needing the new technologies available and this product cannot be succeed in the market and can not be able to make competitive environment.

Material -

Materials will be the essential resources for each business and product. For developing a car I'll have to buy different kind of technological parts from suppliers and also some assembled parts from other companies. Appropriate raw material is necessary for launching a good product on the market. As Honda used finest quality of raw materials because if the grade of raw materials is good then It might be possible to produce a high quality product.

I must do research of the marketplace where I will understand the needs and needs of the clients. The market information, competitor's knowledge and their products is the part to do proper research and development. Everything would be possible by doing market study, making marriage through conferences with clients/customers. The appropriate research of the product and market can help for creating a good product.

So, above will be the essential and necessary resources necessary for the introduction of a fresh product and with these resources I would be able to make and start a fresh car for Honda Company.

Task - 2 (c)

Possible sources of resource -

I have discussed about the mandatory resources for growing the car and today I will have to comprehend that what would be the possible resources to make arrangement of these discussed resources. I'll have to analysis and understand the relevant & required resources of business resources where I can make a fresh car for SE-Asian market's customers.

Source for Recruiting -

Human source of information or people can be set up and utilized by two possible resources in the business as supplying below -

Internal source - Human being source of information can be handled by recruiting people as per the company's recruitment coverage or techniques. People can be hiring by existing employee's sources and by submitting jobs on company's online website. This is actually the cheap source to recruit folks for the business.

External source - This source really helps to manage the people resource by outside recruitment businesses, advertising, outside recommendations, employment magazines. People can be recruiting on momentary or contract basis be based upon the project's duration. Sometimes they could be taken as long term employees in the organization.

Source for Money -

The sources of money can be set up by finance institutions, stakeholders, banks, share, assets, and debentures. I could lend the amount of money from many of these possible sources at any time. These sources can be of two types -

Short term - Short term money can be arranged by shareholders, debentures, maintained profits, personal personal savings and by stakeholders money. This is the good source to protect the day to day expenditures in the business or for the operating activities. None of them or very low interest must pay on short-term set up of finance.

Long term - Bankers and finance institutions are the greatest source that provides the amount of money for permanent. We can acquire the amount of money or can find the loan up-to 25 years or more than period of time, funds can be easily and securely arranged by these two possible sources and we can used this money on purchasing of preset assets for the set up of the organization.

Sources for Technology -

This product is completely depending on systems so on the market so many companies available who supplies the full of quality services to the clients. I could use the solutions from the companies who are solely involved in offering technological services. The correct technology is essential for making the product and this can be done by making good romantic relationships with other market channels.

Source for Physical resources -

Physical resources can be designed by taking land & properties on deal or rent basis. The lease and agreement could be very long time of period where company must pay additional interest on the entire year basis. Administration, NGO's, Co-operative societies can help to develop the structure of the business through lease and deal. However, this technique can take long time for the development of organization's structure according to the business's requirements.

Source for Materials -

Material is the backbone & important way to obtain every business and because of this product. I am going to have to set up each big & small organic material for growing this car like tyres, pipes, screws, magnets, aluminium shields etc. from the suppliers. With the appropriate materials I could develop and unveiling a good high quality car for the customers. Suppliers should be well enough for providing the high quality materials at time and their functions is very important to make any products or services.

Source for Information -

The accurate assortment of information is very helpful part of my product because with no the right information of the marketplace and other products the development of new product is extremely hard. I am going to have to accumulate the information regarding the needs and demands of the customers, what they actually required from the firms. Information can be gather by survey, meetings, advertising, voting and different discussions or ideas from the market and customers. Customer's opinions and suggestions is actually helps to group to make and producing the new product with an increase of changes and additional features.

So, the aforementioned discussed resources and their possible resources would surely help me for starting and creating a new advanced car in auto industries and for fulfilling the needs of SE-Asian market people.

Task - 3 (a)

Marketing Strategy -

"Marketing strategy involves the analysis, strategy development, and implementation activities in creating a vision about the marketplace(s) of interest to the organization, selecting market goal strategies, setting targets, and developing, utilizing, and managing the marketing program placement strategies designed to meet up with the value requirements of the customers in each market focus on. " (MBAknol, 2010)

Marketing strategy tools & techniques are extremely important procedures to develop new product in the market. Honda's new car needs to develop in SE-Asian market and this can be successfully done through the use of tactical tools and techniques. There are various tools & techniques available in the market for developing a new product. In which I'd like to describe about two tools and techniques.

Marketing Combination -

Marketing Blend is a required tool to put into practice in the organization whenever a new service or product is launching in the market. 4 P's such as product, price, place and promotion are being used in this tool to analyse the market environment also to satisfy the clients by targeting the marketplace.

Product - S-FIT car of Honda should be acceptable and feasible for the customers of the market. The look and quality of product must be well developed as relatively to its competitor's product.

Price - The price of this car must be place according to the customer's affordability and also checking with the competitor's product. Prices can be differed in line with the features and facilities of the product.

[4 P's OF Marketing Mix]

Place - A right place or location is important to deliver the product in the market. The distribution channel decides the proper place and located area of the targeted customers to unveiling the product.

Promotion - Advertising must reach the product on the market by doing advert, marketing and presenting some offers or discount rates to the customers. Campaigns help organizations to appeal to the clients about the merchandise.

As this car or product have hardly any competitive products of the same range and features in these four countries so scheduled to less competition will definitely boost the sale and revenue for the business.

Ansoff's Matrix -

"Ansoff's Matrix is an instrument that helps business decides their product and market growth strategy. It's been employed by marketers for quite some time to determine strategic priorities. It offers a logical framework where marketing objectives can be developed under each one of the four main types of the Matrix: Product development, diversification, market development and market penetration. " (TaydeAburto, 2010)

http://taydeaburto. com/wp-content/uploads/2010/02/Ansoff_Matrix. jpg

[Number 3. 1: Ansoff's Matrix]

Market Penetration -

Market penetration occurs when an organization enters with the prevailing products in exiting market. Company can achieve the objectives and be competitive by bringing in of competitor's existing customers and second by bringing in of new/ fresh customers for this product. Advertisements, special offers and special deals can also help attract the clients towards new product.

Product Development -

This stage occurs whenever a new product joined and introduction in the prevailing market. Companies have to build up some marketing strategies to establish the new product in existing market. Advertisements and promotions are essential to build the awareness of new product against its competitor's product.

Market Development -

The market development happens when the business of existing product seeks to market in the new market for the expansion prospects. In this condition, companies will target and draw in to different sections of customers by different costs policies towards the prevailing product.

Diversification -

The situation of diversification occurs when a new product is inserted in new market. That is a high-risk and expensive strategy where companies have no experience about the marketplace. Company have to study and analyse the marketplace environment, fashion and customer's dynamics for purchasing the merchandise.

The above discussed marketing proper tools and techniques are extremely appropriate to develop and create the new product in these four countries.

Task - 3 (b)

Monitoring and evaluating of an task or product is a crucial situation for a business. Monitoring is the reasonable collection and gathering the info that really helps to measure the improvement of the suggested task and product. By far the most essential thing is usually that the collected information should be well designed and planned in dynamics. The compiled information of the task helps to measure the progress.

An evaluation provides benefits to learning, judgement, effectiveness and shows the collected information of the job/product. It also gives the opportunities to make some amendments & improvements about the collected information. Monitoring and evaluation helps to evaluating the problems, measure success, issues and figure out how to improve by any mistakes. Evaluation really helps to investigate about all the past new developed product failures to avoiding the same mistakes made by others.

In my product, I could monitor and evaluate the improvement of my project by creating a process graph.

Monitor if the project is reaching targets & aims

Aims

Objectives

Set CSFs

Define KPIs

If No

If Yes

Evaluation

The above graph is a self-explanatory analysis procedure to keep an eye on and measure the improvement of my product. Relating to this graph, I am going to have to set-up aims and aims of the company in which the main aim of Honda is to enter in South East Asian market with the new small car for the medium & low school portion customers. The critical success factors (CSF) of Honda Corporation will be arranged and build to define the main element performance indicators (KPI) where CSF defines the achievements of critical situation of the organization's improvement.

Monitoring is the next phase where the progress of job will be watched and examined that the proposed project is attaining the companies is designed & goals or not. When the job is not appropriate and developed then your task will re-process again to make some changes/amendments. The CSF will reset again for determining the better KPI's for better progress and upgraded performance. On the other hand if the project is good so that it should be evaluated and carried out for the further procedure of new product development.

Similarly, there are two other methods open to monitor and evaluate the progress of the new product. Monitoring and evaluating is very essential and critical condition to make the competitive advantage using its competitors on the market. Below are the two other technique are speaking about such as -

Balance Score Credit card -

There are four perspectives assessed in this technique like - Financial, Customer, Learning & Progress and Internal Business Expansion of the business. Organization can keep an eye on its CSF's to define the KPI's for the progress and improvement of business businesses.

Benchmarking -

It can be an organized treatment that compares the business enterprise performance with the rivals to help make the new conditions for the improvement of process. The similar companies are compared to measure working characteristics of the business enterprise. A new product can be well developed & supervised after comparing using its competitor's product.

Task - 3 (c)

Findings -

New Product Development is an extremely crucial part for each and every organization. A business needs to made a fresh product and amend additional features or facilities in existing products or services to provide more satisfaction of its customers. Amendment and improvement in the merchandise is the key of development/success for the companies.

Findings are essential to learn and understand about the report in a short. I'd like to discuss some results about my new product article given below -

The name of the car S-FIT should be suit to the customers of SE-Asian market so that this is a little car and must fit in this market.

The features are well designed and suitable on this car as it seems like these are the only requirement of this car.

Task - 3 (d)

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