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A86203.docx - P5 Importance of commercial funnel and...

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P5 Importance of commercial funnel and application of new product developmentThe term commercial funnel is defined as revenue and sale funnel, in simple terms it is thegraphical representation which provide the sales process of a product from its manufacturing stagetill the customer purchase the product is discussed. The initial stage of the contain information aboutthe awareness stage while last and final stage tell about post purchase evaluation about thepurchase decision relate to the product.In context of essence drink- To attain the growth for its chocolate flavour lassi allopportunities are developed and capture market by which management grow the sale for its newproduct. There are so many different ways which help company to attract more customers for its newlassi like they promote products as a nutritional drink in the market.This help Essence drink toexpand the market share through increase the sale of their products.New product development-The NPD is a formative process by which a new product is launchin the market. It is considered as a introductory that help company to develop its market. Severalpoints are mention which show step of NPD in circumstance of Essence drink. This points are relatewith new chocolate flavour lassi of Essence drink.Idea generation- To increase the sale figure for a product a company develop a new idea andinnovative idea to attract potential buyers. Like in this case management introduce the chocolatelassi which include various types of ingredients such as curd, chocolate flavour, sugar etc. to make annew product for the customer.Idea screening-Screening is a process by whichmanagement found the response of theirproducts in terms of sale and profits. It is done to check the feasibility about the idea of a product. Ascompany find that it is possible to make a lassi with flavour of chocolate that is healthy as well astasty also. For this idea marketing team analysis several survey which suggestion and ideas ofdifferent population.Testing concept-The test include role of research and development team in which companyable to know about demand for its new product. Like in case of Essence drink customer demandabout a product which include that they want a

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Term
Spring
Professor
dr bhagat
Tags
new product development, NPD

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