A new product - fruit squeeze | Final Report Product Management

lOMoAR cPSD| 47206071 FINAL REPORT PRODUCT MANAGEMENT 
PROJECT’S NAME: A NEW PRODUCT – FRUIT SQUEEZE Lecturer: Duong Dinh Quoc Group of students: ID STUDENT 1 2173141 Trần Quốc Thống 2 2199026 Nguyễn Thị Hương Nhài 3 2196271 Trần Minh Hào 4 2193046 Nguyễn Mai Hương 5 2191123 Nguyễn Hồ Thanh Thảo 12/2022 lOMoAR cPSD| 47206071 TABLE OF CONTENTS
TABLE OF CONTENTS...............................................................................................................2
PICTURES CATALOG..................................................................................................................4
TABLES CATALOG......................................................................................................................5
COMMITMENT.............................................................................................................................6
ABSTRACT.....................................................................................................................................7
PREFACE.......................................................................................................................................8
INTRODUCTIONS........................................................................................................................9
PART 1: NEW PRODUCT CREATION........................................................................................9 I.
IDEAS GENERATION:.............................................................................................................9
II. EVALUATING IDEAS:............................................................................................................10
PART 2: PRODUCT INNOVATION CHARTER - PIC.............................................................15 I.
BACKGROUND:......................................................................................................................15
II. FOCUS:......................................................................................................................................15
III. GOALS AND OBJECTIVES....................................................................................................16
IV. GUIDELINES............................................................................................................................16
PART 3: NEW PRODUCT PROCESS........................................................................................17 I.
PHASE 1: OPPORTUNITY IDENTIFICATION AND SELECTION:................................17
II. PHASE 2: CONCEPT GENERATION...................................................................................18
III. PHASE 3: CONCEPT EVALUATION...................................................................................25 IV. PHASE 4:
DEVELOPMENT....................................................................................................27 lOMoAR cPSD| 47206071
V. PHASE 5: LAUNCHING THE PRODUCT............................................................................31
PART 4: MARKETING PLAN....................................................................................................34
I. MARKETING OBJECTIVES:................................................................................................34
II. MARKETING STRATEGY:....................................................................................................34
III. ACTION PROGRAMS:............................................................................................................38
Communication plan (IMC):.............................................................................................................38
IV. BUDGET MEDIA TOOLS:......................................................................................................45
INTELLECTUAL PROPERTY REGISTRATION.....................................................................47
TÀI LIỆU THAM KHẢO:...........................................................................................................48
CONTRIBUTION EVALUATION..............................................................................................49 lOMoAR cPSD| 47206071 PICTURES CATALOG
Picture 1: Product illustration wrapped in foil..................................................................26
Picture 2: Product structure illustration............................................................................27
Picture 3: Product packaging illustration..........................................................................28
Picture 4: Product's logo...................................................................................................29 lOMoAR cPSD| 47206071 TABLES CATALOG
Table 1: VRIN model.........................................................................................................9
Table 2: choosing and ranking factors..............................................................................11
Table 3: Concept generation............................................................................................19
Table 4: choosing factors from research..........................................................................20
Table 5: Comparing factors of concepts & competitor.....................................................21
Table 6: Convert factors to 1 to 4 scale............................................................................22
Table 7: Concept testing...................................................................................................23
Table 8: Scoring Model....................................................................................................24
Table 9: IMC Tools..........................................................................................................31
Table 10: Pre-launching...................................................................................................33
Table 11: Launching........................................................................................................35
Table 12: After launching................................................................................................36
Table 13: Booking article.................................................................................................37
Table 14: The total budget for 3 months..........................................................................39 COMMITMENT
My team has read and understood violations of academic integrity.
My team pledges with personal honor that this work was done by my team and does not violate academic integrity. lOMoAR cPSD| 47206071 ABSTRACT
This end-of-term report is the result of 15 weeks my group studied and worked with Mr.
Duong Dinh Quoc, from September 19, 2022, to December 25, 2022. The main purpose of
this report is to describe the process my team went through to create a product to bring to market.
To complete the report, my team has been constantly learning and gathering information
from lectures, course materials and other sources from the internet. My team has selected
and applied theories from the subjects learned in the process of completing the report, to
ensure quality and professionalism. In addition, my team also search, select, and refer to
academic articles on the Internet with information and knowledge that I still lack. lOMoAR cPSD| 47206071 PREFACE
To write a report on the product development process, my team had to go through a process
of studying and working with Mr. Duong Dinh Quoc through Product Management.
Through this page, my team would like to express our sincere thanks to Mr. Duong Dinh
Quoc for always creating opportunities and conditions for my group to absorb and help my
group during the study process and successfully complete the group's report. lOMoAR cPSD| 47206071 INTRODUCTIONS
Vietnam's economy in particular and the world in general are on a strong development
momentum, so people are also gradually paying attention to their health. Even in the
present era, health problems are gradually becoming popular and people are of great
concern. Because of its convenience, speed, time and cost savings, my team had a plan to
create a product called "Fruit Squeeze" which is extracted from fresh fruits to help
customers. can supplement fiber and vitamins for the body in the fastest way.
PART 1: NEW PRODUCT CREATION I. IDEAS GENERATION:
1. Idea 1: Instant pearls Product: Handy Pearl
Description: Pearl is a topping served with milk tea that is familiar to young people so far.
Pearls are loved for their toughness when eaten with milk tea. A new product will give you
a new look at how to eat pearls. Vacuum-sealed crispy dried pearls ensure brittleness and
longer storage. In addition, it is possible to drop into milk tea and water to eat like ordinary
pearls, the toughness and greasy of pearls will still satisfy you.
2. Idea 2: Fruit core tablets
Product: Nutritious fruit tablets
Description: Fruit is a popular choice of health enthusiasts and beauty lovers because of
the large amount of vitamins and nutrients contained in fruits. However, not everyone has
the time to prepare fresh fruit juices every day or will be concerned about freshness if
stored for days in the refrigerator. Fruit essence tablets are the solution for you, handy in
the form of concentrates from the juice but still ensure the same nutrients as when using fresh fruit juice. lOMoAR cPSD| 47206071 3. Idea 3: Diet cake Product: Diet cake
Description: Snacking for dieters is always something that makes them afraid. Snacks
often do not reach a stable calorie intake. New products with ingredients that add enough
energy to the body and reach the right calories for dieters but still feel the pleasure of snacking.
4. Idea 4: Pine leaf syrup
Product: Syrup preparation of drinks extracted from pine leaves
Description: The growing F&B market creates a need for taste novelty in the hearts of
consumers. But the current drinks only meet the needs of consumers. Pine leaf syrup will
create a new taste for consumers, but still meet the health needs because pine leaves are
used to treat rheumatism, aching joints, itchy head, itchy skin, air charge (edema due to
vitamin B1 deficiency) and blacken hair. 5. Idea 5: Scoby Candy
Product: Candy made from dried Scoby
Description: SCOBY is a symbiotic type of bacteria and yeast that is used a lot in the
preparation of Kombucha teas. Scoby candy helps with antioxidants, improves intestinal
transit, reduces cholesterol and blood glucose absorption. Unlike the popular sweets on the
market that only meet the snacking needs of consumers, if used a lot, it can cause dental diseases or hyperglycemia. II. EVALUATING IDEAS: 1.
Idea information process:
Evaluating ideas based on the VRIN model that stands for Valuable, Rare, Inimitable and Non-Substitutable. lOMoAR cPSD| 47206071 Table 1: VRIN model IDEA
VALUABLE RARE INIMITABLE NON- SUBSTITUTABLE Instant pearls x - - - x x x - Fruit core tablets Diet cake x - - - x x - x Pine leaf syrup Scoby Candy x x - -
*The production technology of fruit tablets is an inimitable product thanks to superior
technology that ensures fresh nutrients despite concentrated processing.
From the VRIN model, there are 2 products: vacuum pearls and diet cakes. 2.
Choosing and ranking factors: Meet demand ( 20%) lOMoAR cPSD| 47206071
The market demand for some industries is developing, our team sees opportunity and
decides to create a product that can meet the customer’s needs. Therefore, demand is the
first factor that we rate 20%. Differences (10%)
This factor must have in a new product because customers can be attracted and decide to
buy this product. Moreover, customers can realize what is different and have better choices. This fator is rated with 10%. Price (10%)
The price of the product will be expressed in quality, level,.. Customers can decide to buy
the product or not and the price might be an important factor that affects customers’
decision. Due to this truth, the price factor will be rated at 10%. Healthy (20%)
Nowaday, people are more concerned about their health. The line of food, healthy care
products is developing strongly. Customers are ready to pay for the product that is really
useful for them. Because of these reasons, we rate this factor at 20%. Satisfied (15%)
To measure how successful a product / service is, we need to know how satisfied after
customers experience our product. So this factor is rated at 15%. Convenience (15%)
Life is getting busier and busier, urbanization is one of the main changes affecting people,
so the time for living in big cities seems to be getting shorter and shorter. In order for
products/services to give consumers priority, the element "Convenience" is indispensable.
This will enable consumers to simplify their lives through an easy to use, fast and easy lOMoAR cPSD| 47206071
product / service. However, there are so many healthy products that can replace our product
( even though its convenience can’t be compared with ours).
Therefore, “Convenience” accounts for 15 %. Lifestyle (5%)
The habit of using candies or snacks for entertainment nowadays is changing. Because of
health problems, humans now are paying attention to how they could improve their health.
Because they don’t want to stop eating sweet candies and snacks as well as protect their
health. These products will adapt to them well. After considering, we rate this factor 5%. Environment (5%)
When producing any product, we need to be concerned about the environment. Most of the
products that we are going to manufacture and launch to the market are organic. Therefore,
the materials are safe for the environment. Moreover, they help people ensure their health. This factor is rated at 5%.
Table 2: choosing and ranking factors Items
Ratio Viên nén cốt trái cây Kẹo Scoby Syrup lá thông Mark Rank
Mark Rank Mark Rank
Meet demand 20% 80 4 80 3 70 3 Differences 10% 40 3 25 2 25 2 lOMoAR cPSD| 47206071 Price 10% 35 3 40 2 30 2
Convenience 15% 50 5 35 2 30 2 Satisfied 15% 50 3 50 4 40 3 Healthy 20% 90 5 90 5 80 5 Lifestyle 5% 30 3 30 2 30 3 Environment 5% 30 3 45 4 30 3 Total 405 395 335 100 %
As we see Fruit Squeeze 405, Pine Needle Syrup is 395 and Scoby candy is 335. From the
result of table Choosing and ranking factors, the product we choose is Fruit Squeeze. 3. Type of new product: lOMoAR cPSD| 47206071 lOMoAR cPSD| 47206071
PART 2: PRODUCT INNOVATION CHARTER - PIC I. BACKGROUND:
Today, there is no denying the popularity of soft drinks including teas, coffees, bottled soft
drinks,... They come in a variety of flavors and are convenient for consumers' quick
refreshment needs. Customers can easily buy them at any convenience store. But if you
use them too much, it is not good for health because it contains too much sugar and
additives. So we decided to develop something new that is extracted from juice, without or
minimized additives, completely natural ingredients and convenient for consumers. It will
help protect health, provide many Vitamin nutrients and support skin beauty. II. FOCUS:
Name of product: Fruit Squeeze
Description: Today's consumers when choosing soft drinks will be less inclined to healthy
fruit beverage products. Bottled drinks with colorants and flavorings are still a hard choice
to change. This makes juice manufacturers realize that problems in the stages of taste,
pricing or convenience cause customers to lose interest in healthy fresh beverage products.
The new product comes in the form of fruit concentrates extremely convenient, delicious
taste and especially new technology to ensure the full retention of nutrients from fresh fruits.
Target market: People always have fun and forget to protect their health, so now we help
them protect their healy so easily with our new product. With a modern lifestyle focused
on health, we believe that we will win in this market.
Target customer: Age 18 to 50. Office staff, students, some vegetarians or dieters, they
love health protection products and natural juices. Salary from 6 million.
POD: Fruit juice concentrate in tablet form is convenient when carried without taking up
too much space, easy to mix with instant drink. Most importantly, each tablet is compacted
into a square block wrapped in foil that makes it easy to store in the best way. The product
supports health and beauty protection, and convenience is integrated into one of our products. III. GOALS AND OBJECTIVES lOMoAR cPSD| 47206071
Goals: To want to be on top in this market, we believe that we will conquest this customer
target. This product is for customers who not only want a squeezable fruit to drink, but also
need a convenient product. Initially, cooperation with the organization, KOL, sale channels
to bring this product to customers broadly.
We choose KOLs who toward health, gym, vegetarian to bring the brand to target
customers. Creating an event to share information from influencer to customer. Market
covery: Ho Chi Minh City is the place with the first store and then Ha Noi.
Market share: 18-50 people live in urban areas. Our new technology will bring
naturaltasting juices and ensure full nutrition for customers. Actually, customers with ages
under 18 can buy and use our products. However, the income of TA (target audience) we
want to clarify is adults who could afford this for daily use. IV. GUIDELINES
Degree of innovativeness: Our team has researched that if given the opportunity and
convenience, people will tend to prefer fruit juice over the popular soft drinks on the
market. We create Fruit Squeeze in the form of tablets that have been concentrated from
fruit juices, consumers only need to mix with plain water to produce a glass of standard
juice, without spending too much time. time to prepare while still ensuring the inherent flavor and nutrients.
Timing: We plan to launch this Fruit Squeeze in the first months of the year, starting from
January 2024, there will be a lot of opportunities to promote the product due to the demand
for Tet gifts. This is the time of the holiday, the demand for Fruit Squeeze from customers will increase sharply.
Copyright protection: This product will be marketed next year when receiving a license
for “Direct Intellectual Property Rights”.
PART 3: NEW PRODUCT PROCESS I.
PHASE 1: OPPORTUNITY IDENTIFICATION AND SELECTION: 1. Healthy issue: lOMoAR cPSD| 47206071
According to The International Diabetes Federation (IDF) “the prevalence of diabetes in
the world is increasing worryingly. As of 2021, there are about 537 million people in the
world who are statistically suffering from diabetes, with 747 thousand people dying from
this type of disease”. (Diabetes around the world in 2021, 2021)
In Viet Nam, "in 2015 there were 3.5 million people with the disease reported by the IDF
Diabetes Atlas, and this number is forecast to increase to 6.1 million by 2040.” (TÌNH
HÌNH ĐÁI THÁO ĐƯỜNG, 2021). In the long run, the health risks associated with
diabetes increase the cost of medical care and are a precursor to diseases of the heart,
nervous system, kidney failure,... Unlike diet sugars that only create sweetness on the tip
of the tongue, soft drinks on the market use table sugar (Sucrose) with two main molecules,
Glucose and Fructose, which, if consumed too much, will harm human health, increasing
the risk of obesity and diabetes by up to 60%. 2. Market overview:
Health issues are not a new story. However, perhaps it has become the focus of people's
attention after the Covid pandemic. Health should not only be focused on the elderly and
elderly, but young people also need to be aware of protecting their own health. We use
drugs to treat diseases and use functional foods to supplement nutrients and vitamins to
improve health and prevent diseases.
“In the near future, Millennials and Gen Z will be potential customers of functional foods
because these two groups will account for 41% of the population by 2025. In addition,
millennial and Gen Z consumers pay great attention to scientific diets and improve
mental and physical health”. (Thị trường thực phẩm chức năng – Sự dịch chuyển trong
nhân khẩu học thúc đẩy tăng trưởng, 2021)
The functional food market is undergoing a huge change, not limited to a certain
demographic. The target group of customers is mostly aged 55 years and older because of
the problem of reduced resistance and increased consequences of underlying diseases. lOMoAR cPSD| 47206071
Baby Boomers is a segment that has been exploited quite well by manufacturers of
nutritional supplements with the old type of product.
To tap into Millennial and Gen Z customers, manufacturers need to redefine product and
technology forms instead of focusing solely on benefits. These two groups of potential
customers focus on convenience and integration and look for common supplements
(fortified supplements that are not yet necessary for them at their current age).
Our new product - fruit tablets, meets the needs of refreshments, health promotion support
and convenience (thanks to new development technology). 3. Create a new trend:
Meet the needs but must be quick and convenient. Quite similar to the story of fast food,
which helps consumers fill their stomachs and recharge to study and work but still
importantly quickly. Fast food is not highly appreciated in terms of health because of its
convenience, so consumers have to make trade-offs. Just like good health care is not
suitable for busy people. What if there was a solution that would help us both have good
health and be handy? With that said, we really create products that meet these desires. II.
PHASE 2: CONCEPT GENERATION 1. Concepts:
C1: Friendly with environment: Teachnology Form Benefit lOMoAR cPSD| 47206071 - We choose a size - Suitable for all - First, we wash
of 2.5cm for each tablet audiences.- The product is very and salt the fruits for with a cubic shape so
easy to use, just dissolve with about 15ph to ensure that consumers can water to be able to use food safety and conveniently store, as
immediately. - Safe for health hygiene, then dry well as take it out or because they have 100% them to drain. - Slice travel. natural ingredients. the fruits of our choice - The product is - The product is to squeeze the juice.
suitable for all locations environmentally friendly: Use - Squeeze the
foil to wrap each tablet, pack and spaces.
the box with carton paper. This juice.- Filter the pulp -
Suitable for many can reduce the amount of out of the resulting
plastic waste that pollutes the holidays, parties, can be juice to obtain the environment. used as gifts for friends purest juice. - Mix or partners. some nutritional - Each tablet can ingredients such as be dissolved with Vitamin A, C, E, B6, 400500ml of water to produce the best glass of B12,... and juice.. Maltodextrin. - Sublimation drying of the juice solution after mixing to obtain a juice powder mixture. - Press, compress the water powder mixture into a mold to form small pellets. - Pack the foil and obtain the final lOMoAR cPSD| 47206071 product. C2: Healthy for everyone: Teachnology Form Benefit Similar to concept 1.
Similar to concept 1. Our Similar to concept 1. Our products are made products are made from from natural juice natural juice ingredients, ingredients, concentrated into powder concentrated into form with sublimation powder form with drying technology. Do not sublimation drying use Maltodextrin, replace technology. Do not use it with a starch that can be Maltodextrin, replace it used for dieters. with a starch that can be used for dieters. C3: Multi-type: Teachnology Form Benefit Similar to concept 2. We Similar to concept 1. can sell with boxes with Similar to concept 1.
Suitable for birthday parties, more pellets to customers
corporate festivals or as gifts who need a lot of or We will create products for your family. In addition, longterm use, naturally with many different families can use it for more affordable. fruits so that customers everyday desserts or as a can freely choose the type of water they like