ANSWER SHEET
What do you do to generate potential new product ideas as the first stage of the new product development process? NOTE: you are not required to think of the new products themselves, only HOW you would generate ideas. (Textbook 7th Edition pages 232-234)
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FRANKIE APOTHECARY ANSWER SHEET
Textbook: Principles of Marketing 7edition
Strengths (internal)
• Dry and itchy skin is cleared within a week
• An award-winning brand
• Does shipping worldwide
• Kawakawa shrub has an aromatic scent
• The healing power of the Kawakawa shrub is scientifically proven
• Kawakawa shrub is sustainably grown in the family garden
• Has products in stores throughout New Zealand
• Products can be sold through the company’s official website
• Free shipping within New Zealand for orders worth $85 and above.
Opportunities (external)
• Stores throughout New Zealand sell Michelle’s products including the high-end stores
• Michelle has more orders than the supply
• Has featured in stuff, NZ Women’s Weekly and Britain’s daily mail and more
• New Zealand is the 9th among 60 countries for eczema rates.
• Kawakawa sooths stomach ailments and reduces toothache
Weaknesses (internal)
• Mitchell works for more than 50 hours in a week and mostly late-night and during weekends
• Uses traditional methods for the extraction process
• Has no enough staff and rather employs family members
• Michelle’s background is law and not medicine
Threats (external)
• There are more cases of eczema among maori and Pasifika children that any other ethnicities
• Kawakawa shrub is locally available in bushes throughout New Zealand
What is Frankie Apothecary’s value proposition? (Textbook 7th Edition pages 190-192)
The Frankie Apothecary value proposition is based on the more for less value proposition.The company’s value proposition is; All the customers across New Zealand enjoy free delivery for orders of products worth $85 and above (ALB INT 2020 S01, 2020).
How could Frankie Apothecary use relationship-building techniques to grow their business? (Textbook 7th Edition pages 15-18)
Companies and brands’ growth greatly lies in the relationships they make and maintain in the marketplace. Frankie Apothecary can build relationships from production to the consumers throughout the supply chains. The most important relationship the company can build is with the consumers. The modern consumer is more connected through digital platforms (Armstrong, Adam, Denize, Volkov, & Kotler, 2018) and hence, the company can use satisfied ad delighted consumers to share their experiences on social media and other digital platforms. These relationships can be maintained by the company establishing a digital feedback platform. This can help the customer in understanding belter the customers and designing ways of improving their products and services to maintain high consumer satisfaction level for the overall company’s growth.
Think about the brand name “Frankie Apothecary” and the desirable qualities of a brand name. How well does it rate on the six qualities listed in the textbook? (Textbook 7th Edition pages 220-221)
| The brand and Frankie Apothecary contains the name apothecary which means a person who prepares and sells medicine. The name has a hint of what the product-line is all about. The brand name is a bit long making it not easy to pronounce. This brand name is not so much distinctive as the name Frankie is a common one and could be used by any other brand. On the quality of being extendable, the brand name may be a limiting factor for Michelle to introduce a different line of product that is not medical in nature. The name can be limited to the name of the daughter to Michelle and therefore no translatable to other languages. The brand name is able to be registered as no other brand has been found having the same name. |
Rather than simply selling skincare products individually, imagine that Frankie Apothecary is interested in adding more value for customers and considering putting together complete skincare packages and programmes. They want to identify suitable new products to meet the needs of the growing export market in Australia.
What do you do to generate potential new product ideas as the first stage of the new product development process? NOTE: you are not required to think of the new products themselves, only HOW you would generate ideas. (Textbook 7th Edition pages 232-234)
| To generate a new product idea, I would consider the various internal and external sources of product ideas. For the internal sources, I would gather ideas from the employees while for external sources; I would gather ideas from customers…Read more
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