Product development plan

Description of Assessment

• This is a two part assignment.
• Both parts need to be completed before submission
• The documents need to be of a professional standard.
• Ensure to check your grammar and spelling.
• Copying and pasting are not permitted at any stage.
• If you do copy from a website (you are only permitted 20% of the total project) from a website, please supply the URL> otherwise it will be considered to be plagiarism.
• List of references is required.
• Create a portfolio of documents and upload by Week 9

Each section of the assessment is worth 25% of the total mark. You need to pass all four sections in order to be competent.

Part 1

1. After consultation with your colleagues, analyse current market trends, needs and product and service gaps.
2. Identify a gap in the market which could be an opportunity for something new.
3. Examine the distribution methods in the travel and tourism industry and see which would be the best way for you to distribute your product.
4. Identify and analyse the products preferred by customers in the market including people with special needs.
5. Identify any external factors which could make an impact on the establishment of the product.
6. Assess the destination you have chosen and it’s suitability and accessibility and whether or not it can offer the services necessary for the product to be a success.
7. Do you believe your company can provide the product and if necessary, access additional resources.
8. How long do you think you would have in order to market and successfully sell your product ? Give reasons why.
9. Determine the costs of production, the levels of mark up and or service fees in order to make the product viable.
10. Identify which organisations/distribution specialists you would like to use in the sales and marketing of the product.
11. Prepare a matrix with all your costs, as also the mark up you expect to make for the product. Estimate the expected income and assess profitability and also the yield.
12. Create a second matrix with possible variations in the selling price in order to ensure that we are competitive.
13. Clearly document pricing structures.
14. Describe what consumer protection is.
15. What is meant by environmental protection?

Part 2

1. Create a product development plan which incorporates strategies and actions for marketing. Advise external and internal stakeholders (your presentation partner and your trainer).

2. Describe how you would test the product before it is launched on the market.

3. How would you monitor the development initiatives based on feedback and identify any changes which might be required in a timely manner and according to contractual obligations.

4. Describe how you would communicate changes to the stakeholders.

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