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Produce a business plan for a new product. I have decided to produce a business plan on a new flavoured Aero chocolate bar.

Extracts from this document...

Introduction

Introduction. For this assignment I have been asked to produce a business plan for a new product. I have decided to produce a business plan on a new flavoured Aero chocolate bar. In my business plan it will contain information on the following areas: Market analysis and marketing planning. Will I use primary/secondary research to find out whether there is a market for my product. What factors will determine the demand for my product. Who my main competitors are for my product. How I will promote my new product. How I will distribute my new product. Who my target consumers are. Demonstrate why they will be prepared to purchase my product to competitors products. The choice of my product and its distinctive features of it. The price of my new product. Production and resource requirements. What quantity of my goods will I provide. What plant, machinery, and equipment will be required. What quality levels will be required and how I will ensure this quality. What the key stages will be in the production of my product and how I will time the production to meet customer needs. What key resources I will need to build into my business plan. I will consider the following kinds: financial, physical, human and time. Financial analysis and planning. Sources of finance are the people and organisations that provide finance for an individual or an organisation. Methods of finance are the form in which the funds are provided. In this section of my business plan I will include: The type of source of finance which I will draw into my product. I will create a budget for my business and include estimates of start-up costs and working capital. Set out a break-even chart for my business. Set out a simple cash flow forecast for my business. I will set out a projected profit and loss account and a start-up balance sheet for my business. ...read more.

Middle

Also merchandising will help persuade the consumer to prefer one brand to another. Direct marketing. My product will also be advertised by direct marketing. This will include leaflets and brochures sent in the post on the product e.g. 10p off the next purchase. The leaflets, brochures and coupons will be sent in the post for consumers all over Yorkshire. By having them sent them sent in the post it will reach my audience and they will be aware of the product. The reason why I have decided to use direct marketing is because it is a greater accuracy in targeting consumers; it provides more opportunities for feedback from customers; messages can be customised to fit the needs of the segment and direct marketing is easier to asses since the outcomes are measured through specific criteria such as request for more information. Personal selling. My product will be advertised through personal selling. This will involve a sales representatives by "knocking on doors" and selling the product. Individual consumers will be given personal attention and it will deliver a "standard message" to the consumers. With personal selling the individual consumers need will be dealt with and the product shaped to meet these needs. The reason why I have decided to use personal selling is because it will create awareness and interest in the product, the company will obtain orders and make deliveries, it will encourage product trials and test marketing and it will provide rapid and detailed feedback from the consumer to the producer via the sales representative. Sales promotion. My product will go through sales promotion. Sales promotion will encourage the consumers to make a purchase. It will be used to increase sales, to help with personal selling, respond to the actions of competitors and it will be an effective alternative to advertising. The reason why I have decided to use sales promotion is because it will gain attention of my product, it will increase sales, it will encourage switching from competitors brands and new technology will allow coupons to be at point of sale to reward loyal shoppers or attack rival brands. ...read more.

Conclusion

My new product will be successful as it will be promoted in various ways: advertising { cinema's, radio, posters, t.v}, direct marketing, merchandising, personal selling and sales promotion. Also, my product will be distributed to various places around the country, therefore it will reach my target audience. When producing my product the equipment/machinery used will be: vacuum equipment, winnowers, roasting and sterilisation machine, grinding machine, blending machine, refiner, tanks, a roller and a packaging machine. My product will go through the following to ensure quality: quality control, quality assurance and total quality management. In order for the product to be produced it will go through 12 production processes. These are storage, cleaning, winnowing, roasting, grinding, blending, cocoa butter and cocoa powder, mixing and kneading, refining, conching, temporary storage and tempering. The key resources I will need are people, finance, good organisational structure and time. Return on capital employed , this figure usually taken as that at the start of the year, as this is the capital that generated the profit in the following year. Return on capital will be measured by using the following formula: ROCHE= Profit before interest and tax. Capital employed. In the start of my business plan I have indicated that my target market is males/females under 20. The total size of my market will be 19%. The breakdown of the confectionery market. Muliple grocers 25% Independent CTN. 15% Symbol & independent grocers. 15% Variety/department stores. 10% Forecourt. 8% Muliple CTNs 6% Co-ops 4% Off- liences. 10% Others. 7% Cadbury 28 Nestle 24 Mars 24 Terry Suchard 3 Others 21 Nestle 19 Cadbury 19 Mars 18 Tresbor Bassett 7 Wigley's 4 Terry's Suchard Others 3 Trebor Bassett 22 Wigley's 14 Nestle 9 Mars 5 Terry's Suchard 2 Others 48 WHOLESALER Retailer 1 Retailer 2 Retailer 3 Retailer 4 Retailer 5 Consumers. The Oraganisation. Political, legal and fiscal Evironment. Social and Cultural Environment. Economic environment. Technological environment. CASH Used to acquire resources. Goods and services sold for cash. ...read more.

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