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MKTG 1092 Product Innovation Management

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MKTG 1092 Product Innovation Management

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Course Code: MKTG 1092
University: Royal Melbourne Institute Of Technology

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Country: Australia

Question:
Describe the Product Innovation Management For Promotional Content.
 
Answer:
Introduction
The Brand DNA is launching its new all in one make-up package in the Australian market. The thing which the brand has done is the introduction of anti-ageing components in products like face powder and so on. The report contains the detailed description of the factors affecting successful launch, strategies for calculation of market demand, innovations by the brand along with the recommendations for the further growth by the brand.  
Discussion
Factors for successful product launch in Australia
For successful product launch in Australia, the only factor which is to be considered is the endorsement of the product perfectly with the help of vloggers and beauty bloggers in the internet, which is now a days the right arm of all the people. As per the study of Harding and Kohl (2016), other factors are not important because the cosmetic industry in Australia is continuously growing despite of economic growth and fall.
Strategies for technical forecasting
ATAR Forecasting Model
ATAR model stands for Awareness, Trial, Availability and Repeat. In this model, firstly people are made aware of the product and then when they will to try the product, they end up buying the product and the company limits the amount of product to see the demand and repeats the same to again see the demand before the final launch. In the case, the company will make use of beauty bloggers to endorse the product in the market. By the blogger, the consumers will search the product in the market and they will end up buying the product. With the limited amount of the stock provided by the company, Loh (2016), opines that the company will note the number of demands and enquiries made after the limited amount being sold off. In this way, they will be able to forecast the market demand of their product and the rate of growing demand in the market, they are currently expanding.  
Core product designs and marketing innovations
The product design in the company are made by the world class product designers and the thing that will definitely increase the sale of the product is the compactness of the product, which will ease the owner to carry it anywhere. The main thing which is given importance by the company is the compactness and quantity, the product is not only compact but the quality of the product compared to the standard product in the market is high. For instance the face powder included in the all in one makeup package includes 250 gm. of powder at a competitive price of AUD $14.99 compared to other brands starting at a price of AUD $ 16.99 for 200gm (Ramli 2015). Another thing that will help the company to grow is the integration of Anti-ageing components in the face powder and the beauty benefits cream provided in the package along with a guarantee of 24 hrs. Smudge free black colour with the use of Mascara provided in the package.
Strategies for protecting IP of a business firm
The introduction of Anti- Ageing cream in the face powder and the Beauty benefits cream is the one of the thing which is introduced by the company before anyone in the Australian market and as it is the intellectual property of the company, the company patented the formula and the management of the company also decided to make use of copyrighting to protect their ideas and concepts in the market, which will result in the protection of the intellectual property of the company and income of money when the other company will try to use their formulas.
RecommendationsImplications for the product launch
The most important thing related to product launch is the discount and offers. The company should provide 10% discount to all of their customers in the first month. Another great move that the company should follow is the introduction of invite system. In this invite system, the customers have to visit the website of the company and share the product link with the friends, relatives and so on, the people clicking on the specific link would be counted on the website and when the counting will cross 100 click, the customer who shared the link would be provided with 30% discount on the all in on makeup package. This will not only increase the customer base but also help the product to get more and more popularity in the market.
Implications for marketing communication campaigns
Heightened Appreciation Model
According to the model, the brand have to point out the most important attribute of the product and use that for the marketing and convince people to buy the product. By going with the model the recommendation will be, the brand should highlight the use of anti-ageing cream in the products like face powder and Beauty benefits cream and use this attribute for marketing. This will not only attract the customers, but only differentiate the brand from other brands in the market.
Conclusion
The brand DNA is going to introduce an all in one makeup package in the Australian market. The first thing the brand is doing the market survey to observe the demand of their product in the market. The unique thing the brand has done is the integration of anti-ageing components in the products like face powder and so.
Social media spending budget

Budget Categories

Total Budget

Year To Date Spend

Budget Remaining

% Remaining

Development of raw content

$80,000

$58,000

$22,000

28%

Management of web content

$30,000

$18,000

$12,000

40%

Preparation of licensed promotional content

$14,000

$2,140

$11,860

85%

HRM cost

$60,000

$47,000

$13,000

22%

Advertising and promotional cost

$36,000

$34,150

$1,850

5%

Promotions and Agency service fees

$28,000

$22,000

$6,000

21%

Computer set up

$2,40,000

$2,32,000

$8,000

3%

Software Licenses

$35,000

$17,500

$17,500

50%

Graphic layout desgning

$17,000

$15,200

$1,800

11%

Production of promotional video

$25,000

$21,000

$4,000

16%

Totals

$5,65,000

$4,66,990

$98,010

17%

 

Budget Categories

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Development of raw content

$15,000

$15,000

$12,000

$15,000

 

 

 

 

 

 

$1,000

 

Management of web content

$500

$20,000

 

$100

$50

$20

 

$30

$50

$75

 

 

Preparation of licensed promotional content

$300

 

$600

$200

 

 

$40

 

 

 

 

 

HRM cost

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$4,570

$5,000

$1,450

Advertising and promotional cost

$500

$30,000

 

$650

 

$1,500

 

$1,000

 

$500

 

 

Promotions and Agency service fees

$20,000

$39,000

 

 

 

 

$1,000

 

 

 

$500

 

Computer set up

$20,000

$20,000

$20,000

$20,000

$16,200

$18,400

$18,000

$20,000

$20,000

$20,000

$20,000

$19,400

Software Licenses

$12,000

 

$2,000

 

$300

 

 

 

 

 

$1,000

 

Graphic layout desgning

$50

$340

$3,000

$400

$200

$50

$200

 

$20

$15

 

 

Production of promotional video

$0

$10,000

$5,000

$1,000

 

 

 

$10,000

 

 

 

 

Totals

$73,350

$1,39,340

$47,600

$42,350

$21,750

$24,970

$24,240

$36,030

$25,070

$25,160

$27,500

$20,850

 

$73,350

$2,12,690

$2,60,290

$3,02,640

$3,24,390

$3,49,360

$3,73,600

$4,09,630

$4,34,700

$4,59,860

$4,87,360

$5,08,210

Reference List
Harding, C. and Kohl, U., 2016. Human rights in the market place: the exploitation of rights protection by economic actors. Routledge.
Loh, X.J. ed., 2016. Polymers for Personal Care Products and Cosmetics. Royal Society of Chemistry.
Munsie, M., Lysaght, T., Hendl, T., Tan, H.Y.L., Kerridge, I. and Stewart, C., 2017. Open for business: a comparative study of websites selling autologous stem cells in Australia and Japan. Regenerative medicine, 12(7), pp.777-790.
Raj, R.K. and Chandrul, K.K., 2016. Regulatory Requirements for Cosmetics in Relation with Regulatory Authorities in India against US, Europe, Australia and Asean Countries. Int J Pharma Res Health Sci, 4(5), pp.1332-1341.
Ramli, N.S., 2015. Immigrant entrepreneurs on the world’s successful global brands in the cosmetic industry. Procedia-Social and Behavioral Sciences, 195, pp.113-122.
Roos, G. and Cheshire, A., 2018. Conclusions for South Australia From the Analysis. Harnessing Marine Macroalgae for Industrial Purposes in an Australian Context: Emerging Research and Opportunities: Emerging Research and Opportunities, p.171.

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