1.New product, goals and objectives (New product being developed)
Briefly describe your new product, clear aim, and policies outlining the different product(s) and/or service(s) you offer:
Food and beverage industry is a complex, global collective of diverse businesses that supplies most of the food consumed by the world population. Present study will be base on Unilever company which is a British Dutch transnational consumer goods company. Recently they will plan to introduce new product in the market that that is based on herbal products. Unilever introduce new herbal drink that is made up from herbal ingredients. For that, it will be presenting some new aspect and better target marketing goals. Besides, it gives new better objective goals that helps to achieve it in proper implementing manner. Overall, study presents aims, objectives and new product policies (Borràs and et.al., 2015). Further, it will present overall, financial projections and budget that helps to control better objective and goals.
Aim:To present the new Herbal Juices that helps consumer to maintain healthy body.
- To identify the financial resources and growth.
- To identify the approach for product pricing.
- To identify the target group of customers.
- To analyse the potential factors that affect new product status.
- To identify the new training and development for the staff members.
Business plan is the formal statement of business goals, reasons they are attainable, and plans for reaching them. For meeting all needs and goals. It is required for the company to take some advance funds (Bragg and et.al., 2017). Overall, In order to meet the needs of present business plan for new product, Unilever needs to acquire strategic planning and implementing process.
Each organisations and industry assure following points before considering new product policy.
Product Planning and Development.
- Product Line.
- Product Branding
- Product Positioning
- Product Packaging
Product planning and development should always be done on the basis of customer preference according to their needs and wants. It is defined as the act of making out supervising the search, screening, development and commercialisation of new product. Those are very essential for making planning for new product (Castleman, 2014). For product developing or planning, company adopt techniques such as Gap analysis, Attribute Listing, Brain storming, Need/Problem Identification etc. besides, product line is the another essential element of making product Policy. Besides, Product Mix, it is the another essential component of Product pricing. Get Thesis Writing Service at the lowest price with the assistance of experts.
Objectives for your new product being developed:
Short term (current year):
Medium term (next 1 – 2 years):
- Increase Sales
- Target New customers
- Build Product awareness
Long term (3 years and beyond):
- Grow Market Share
- Enhance Customer relationship
- Increase Profit revenue
- Product Line Expansion
Brief introduction of organisation where your new product will be sold in (optional)
Describe your organisation include clear aim, and policies outlining the different product(s) and/or service(s) the organisation offer:
Unilever is the big transnational consumer goods company that is based on Food and Beverages industry. Unilever having 400 hundred brands with turnover profit of 50 billion euros in 2016. It is one of the oldest multinational company that selling its product and services in around 190 countries. They launching their new product services that is based on Herbal ingredients. It is basically a fruit juice product that helps to keep the human body safe and secure from negative effects (Chriqui, Pickel and Story, 2014). Unilever main aim is to keep the product quality high in order to satisfy the demand of consumers. Unilever provides desserts, syrup, soup, salt, flour, ice cream, tea, milk etc.
Company vision is simple to make different variety of services or products for potential customers. It gives better effective services and growth in order to full fill growth and opportunity. It deals with a million of product and services in order to implement the productive growth and services in order to meet the product goals. Marketing goals and target market goals that make sure and gives better opportunity and goals. Most important thing is that to keep the target goals.
Objectives for your new product being developed:
Short term (current year):
- Customer enhancement
- Share market growth
Long term (3 years and beyond):
- Product line expansion
- Achieve target goals and company growth services.
2.Probable Financial outcome
Briefly describe predict the probable outcomes of actions involving critical analysis of data include and income and expenditure statement.
Planning for the future is one of the key aspects of organizational management and is critical to the success all kind of businesses. It gives better opportunity and growth level. Apart from that, that is called forecasting. Financial forecast is the most essential and complicated way of doing things and better opportunity and growth (Davis and et.al., 2018). Better opportunity and growth level. Moreover, it brings new great opportunity for the companies. Moreover, it brings new level of growth and target marketing opportunity. It also includes income and expenditure statement in order to evaluate better service growth. Basically, income and statement or profit or loss account includes company profit revenue, revenue statement, statement of financial performance, earning statement. Besides, it brings better opportunity and growth in order to keep the planning goals and better objective level. More apart, it grows better performance level for getting output done clearly. Besides, it is the overall planning and growth process that makes better services and growth (Fardet and Boirie, 2014). Food and beverage company generally having high competition under which they facing high competition and fear of substitute goods.
Overall, Probable financial outcomes shows the effectiveness of better services. Besides, it also gives new services and growth. Apart from that, it matters because of rise of big data, increasing competition, cutting edge technologies for big data and machine learning. Financial outcomes are based on company revenue, expenditure.
Product pricing is the most essential decision making approach, that makes better connectivity and goal making performance. Besides, before introducing the product and services. It gives better task making performance that helps to protect better growth and target market performance (Fardet and Boirie, 2014). Pricing factor decides weather product grow in the market or not. Company should measure the prices on the basis of market competition. That helps to make the better services and growth. According to herbal juices that itself is the productive product through which customers attracts easily. In present times, demand of organic products has been increased in rapid manner. Apart from that, there are explaining some pricing approaches for the company could adopt :
Pricing at a Premium: With Premium pricing company can set their product prices higher in case of low competition level. It is often effective in early stage of product in the market. In case with Herbal Juices. Unilever should not adopt this pricing approach because of high completion level.
Pricing for Market Penetration: Penetration strategies is the strategy that focus on the buyers lower prices. Generally, this approach adopted by new organisations just to stable their position and to attract buyers attraction (Grekova and et.al., 2016). Besides, in the context of Unilever for grabbing the buyers' attraction they can adopt this pricing approach for its new developing product.
Economy Pricing: This is the another pricing approach that is attempted for wide range of businesses including generic food suppliers and discount retailers. Economy pricing aims to attract the price conscious of consumers. This strategy is generally suitable for big organisations. This makes sure about the overall services and opportunity goals and effective services.
Price skimming: This pricing will help Unilever to maximize the sales of new product. This strategy or approach will benefit for the company.
On the basis of market size and actual estimate market, company will estimate their profit and targeted profit for the year. Sizing the market is necessary to make the better environmentalism growth and approachable task making performance. Apart from that, it makes better services in the target market (Gressier and et.al., 2017). Overall, it brings new opportunity and growth in order to full fill the market growth. Analyse the actual condition of the market will very much helpful for the company to for planning and budgeting for all start-ups. On that basis company estimate profit and loss. This helps in decision making in product development, Partnering and distribution and organisational design and critical employee skills. Overall, it brings new opportunity and threats for the company. In during the initial stage of product selling, company needs to invest better amount on promotional activities through buyers get attract towards the Herbal Juice. It gives strength and opportunity to brings new better changing and growth.
Define the target customers: For Herbal juice, the main target customers are all of kind of human being that attach better services and growth. Besides, it gives better target goals that helps to grab customer attraction. Number of buyers that helps to give the great approach to company structure
Estimate number of target buyers: Number of customers shows the market sharing of company (Jeong, Moon, Ha and Jung, 2016). It shows that how much product effect the consumer products.
3.Production and service system of the new product.
Design and critically assess a new food production and service systems for the new product
New food production is the new way of profit making and attract customer attraction. Overall, it makes better target opportunity for the company to present better target market goals. According to launching new product company make sure about the system process according to nature of growth (Lee-Kwan and et.al., 2017). It gives better chance to proves better task oriented goals. Besides, it gives new influential services or new working growth for the company betterment. Food and beverage company has to performed according to best set goals. More apart, it also presents the better opportunity and growth.
Your operational plans for new product
Operational plan defines the company status and actual working internal environment. It makes better image in front of the target group of customers. Operational plan includes the supply chain management, it includes suppliers, facilities, equipment, personnel. That helps to supply Herbal juice from company to end consumers (Maré, 2017). Besides, production process is the another factor includes in operational plan. Under which how long it will take to produce a single unit.
Equality, service and quality are the major factors that should be stable and productive for the company. It makes better opportunity and growth in terms of making things reliable. It helps company to implement better opportunity and profit making target.
Legislation is necessary for the organisation in order to promote ethical working environment in organisation. Proper following the work ethics will help company to get better customer feedback and giving good market value in front of other competitor. For example In January 2014 customer satisfaction Index suggested that customer satisfaction enables to build healthy and strong bond between customers and company. Besides, other legislation might affect company structure (Poti, Dunford and Popkin, 2017). For that, they need to protect working environment by applying all legislation such as Employment law, Consumer rights and competitive law.
Briefly describe necessary training and staffing requirement
Employees are the major key factors for the company success that brings new scope and opportunity for the organisation. It brings positive working environment in the company. Apart from that, Employees training is most important for gaining new skills and knowledge. There are usually seven types of training sets orientation, in-House, mentorship and external training. For enhancing the product growth (Sadeghirad and et.al., 2016). It makes good things and better objective and goals. Apart from that, staffing requirement is also necessary to make more realistic and working environment in the organisation. That makes productive nature of growth. Various training could be adopted by the organisation such as technical or technology training, quality training, skills training. Staffing requirement in the company defines the work availability. It makes the process easier and generating new productive environment. Overall, this helps Unilever to promote product at wide range.
4.Your market and competition for your new product
Briefly describe customer trends, need or problem does your product(s) and/or service(s) address?
In order to stable the product position in the market, company might be facing some issues and challenges in the context of customers. Like Customer satisfaction, substitute products of Juice such as cold drinks and other beverages. Besides, current needs and wants also affect product services (Sanchez-Vaznaugh and et.al., 2015). Overall, due to high competition in beverages company needs to make strategic strategies and planning to meet all challenges.
Briefly describe your unique selling point
Unilever unique selling approach of offering new kind of herbal juice to customers to keep them healthy and positive. They advertise the products in order to make aware the importance of healthy herbal ingredients (Lee-Kwan, and et.al., 2017). Through which customer get attract towards the product.
Who is your target customer?
Give a description of who they are and their demography
Target customer for Herbal Juice is all age group customers. It is basically a healthy drink that is benefited for the consumers (Gressier and et.al., 201). Besides, target customers of the product are all age group people who really needs to increase healthy body.
What research have you conducted to understand your market, including your industry, regions, customers, competitors?
According to conduct market, regions, customers and competitors. Study will take primary as well as secondary research in order to identify the actual market situation.
How do you or will you promote your business?
Include your key promotional activities and describe how they currently (or will) help you meet your business objectives:
In order to promote product, company will apply the best approachable advertisement marketing activity to promote herbal juice product.
Where does or will your business operate from?
Business operate from just small scale but now it has become the worlds the best food and beverage company.
Your organisations SWOT
- The Best Quality
- Wide range of growth
- Broad product mix
- Imitable products
- Limited business diversification
Organisations current or future opportunities:
Organisations current or future threats:
- Business diversification
- Market development
- Product imitation
Details of the organisations Competitor 1:
Name, location, website:
Company name :Procter & Gamble (P&G)
Main aim of the organisation is to stable the customer satisfaction by offering best services.
- Strong Consumer goods Brands
- Economies of scale
- Limited use of Online services
- Imitable products
Details of the organisations Competitor 2
Name, location, website
Name:Colgate – Palmolive
The main aim of the organisation is that to promote healthy growth of people
- Effective product line
- Efficient supply chain
- Cost control
- Include any reference that have been used in this business plan
- Borràs, E. and et.al., 2015. Data fusion methodologies for food and beverage authentication and quality assessment–A review.Analytica chimica acta.891.pp.1-14.
- Bragg, M. A. and et.al., 2017. Content analysis of targeted food and beverage advertisements in a Chinese-American neighbourhood.Public health nutrition.20(12). pp.2208-2214.
- Castleman, T., 2014. Food and Beverage.Network Journal.21(4). p.20.
- Chriqui, J. F., Pickel, M. and Story, M., 2014. Influence of school competitive food and beverage policies on obesity, consumption, and availability: a systematic review.JAMA pediatrics.168(3). pp.279-286.
- Davis, B. and et.al., 2018.Food and beverage management. Routledge.