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Product Management - Self-Care and Relaxation

Essay by   •  April 12, 2019  •  Course Note  •  1,497 Words (6 Pages)  •  11 Views

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Ateneo de Naga University

College of Business and Accountancy

Business Management Courses

New Product Process

In partial fulfillment of the requirement in Product Management (MKGM228)

Submitted to

Dr. Debbie Abiog-Adriano

Submitted by:

Botor, Denise Erika Mae

Dumaguing, Pauiline Grace

Gomez, Sheina Mae

Salvacion, Klain Karyln

PHASE I

(Opportunity Identification and Selection)

BACKGROUNF OF THE STUDY

A lot of business products and services are booming and growing in today’s generation. Among all the concepts of the business ideas, self-care and relaxation are in due to high demand of the customers need. Every individuals are doing to work, to school and in everywhere which makes them exhausted over the tasks and jobs they had performed all day long.

Massage is a way of relaxation to lessen the tiredness they feel. In lining with the massage and relaxations way there are a lot of techniques and equipment used. Dealing with the thing, massage oils are ones best used for each individuals or customers.

For centuries, different natural oils have been used. These natural products are still used nowadays, including the essential oils.

Now, the researchers thought the use of Ginger Oil as a good massage oil. Ginger Oil because it is has a pleasant pungent aroma. It has a warm, spicy and energizing feeling which makes you relax and comfortable. Ginger Oil can relieve pain and aches, as well as it promote a good circulation of the blood in the body. It also helps regarding digestive problems.

Ginger Oil addresses many benefits like attribution to anti-inflammatory, diaphoretic, expectorant, antiseptic, carminative, analgesic and stimulating properties. It also helps many various health problems.

TARGET MARKET

Target market consists of various groups of buyers to whom company wants to sell the product; each tends to be similar in needs or characteristics (Kotler 2012). Our product is “Luya Oil” a healing or massage oil made from ginger. Many people nowadays are looking for natural alternatives for health and mental related conditions. Our target market is anyone who are willing to purchase the product and who are seeking for holistic remedy alternatives. Our product is good for anyone because of its healing purposes. Ginger is also quiet popular because of its benefits and uses.

The business will focus on selling the product to mothers because they are the most common market for healing and massage oil due to their exhausting everyday routine. And our second target market is the working professionals, these group of individual are also known in seeking holistic recreations as part of their rewards and stress relieving activities due to stress from their everyday work and tasks. Mothers and working professionals are the perfect target market for our product, as ginger oil is stimulating and relieves depression, exhaustion, restlessness and anxiety.

PHASE II

(Concept Generation)

CONCEPT GENERATION

The researchers come up with the idea of the product to serve the needs of the markets of growing self-care and relaxation demand. Targeting the market with the new product similar with the existing massage oils but with pure organic features. Introducing the ginger massage oil that gives more benefit when it comes to healthier lifestyle. The researchers sees the opportunity in this idea that surely be effective for the different kinds of body pains.

Moreover, the product has also benefits including treats lower back pain;  helps lower blood pressure; reduces anxiety and fatigue; helps regular hormones and controls diabetes; raises immunity; helps with smoking cessation; raises immunity; improves athletic performance and soothe muscle pain.

PHASE III

(Concept/Project Evaluation)

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Product Innovation Charter

Background

The rise of both massage parlors, health consciousness and the demand of healthy alternatives have been rampant the past few years. People are also starting to learn and promote self-care. As a result, people have recently started developing an awareness on the benefits of organic materials both to be eaten and to be used for their body. This opportunity became attractive as it caters to those people who are looking for a healthy material for massage oils to be used by anyone who are into the health-conscious and wellness lifestyle.

Focus

Technology: Utilize the unique healthy components of ginger that would aid those people suffering from different kinds of body pain.

Markets: For the identified market such as young professionals, families and businesses that are starting to invest in self-care and wellness. This segment is characterized by those who value practical solutions to ease body pain and experience relaxation, without compromising its affordability.

Goals & objectives

Massage oil must be affordable, organic and effective. We intend to build a long-term market, so the objective of being a nationwide-known brand in the succeeding 5 years should be attained, thus this objective should outweigh the ROI on this launch.

Guidelines

Use prospective distribution channels and marketing strategies. The massage oil should provide relaxation and ease the body pain for its consumers. Expect to incur large advertising and promotional expenses to build awareness and brand recognition nationwide.

This concept has been tested through a focus group discussion (FGD) conducted last February 21, 2019. Below are the actual results to five (5) questions pertaining to concept viability.

Yes

No

Do you think the product is superior than common commercialized massage oils?

Did the smell of the product provide a more relaxing experience?

Did the product provide a soothing feeling on your skin?

Did the product help you in terms of easing body pains?

For P150.00 per 50 ml bottle, are you willing to purchase the product?

The respondents of this survey were selected based on:

Experiencing body pain

Has tried different commercial massage oils

Young professionals

Based on the results, the researchers conclude that this product concept and its benefits are acceptable to the market at the price point that the researchers deem appropriate.

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