Strategic Marketing-Forecast and Budget Essay Example | Topics and Well Written Essays - 1000 words

Strategic Marketing-Forecast and Budget - Essay Example The portable button will reduce cases of insecurity but the current challenge is to design. Product Development and Testing Hire expertise to develop product 45 Prototype development costs: 140 Labour 240 Materials 130 Subcontracting 210 Special Purpose Equipment 300 Miscellaneous 230 Fees for lab testing 212 Field Trial costs 125 Patent Application Fees 43 Legal Fees re IP 233 Additional marketing research activity 50 Development of technical manuals 65 Development of User training manuals 210 Packaging Design 65 Travel Costs 120 Staffing Costs 230 Update business plan 50 Search for Venture Capital 210 Other related costs: 250 The product marketing and promotion programs are not captured in the product development because they are under the marketing budget. These components are not part of the development process. The development of a gadget connecting security organization with the people demands that the bodies must understand how the system operates. The role of security organ i s to develop the necessary security structure support workability of the product. The success of the whole process depends on the ability to address pertinent issues affecting the product. The trial costs must be monitored because trials are very expensive to address or handle leading to serious challenge for the product development process. ... The product is an IT related programs that must be addressed in issues of communication and the issues of security of the communication practice Market Research & Technical Feasibility costs Product Management Training $100 Other HR training costs $100 Focus Group Costs $100 Brochure Development $145 Costs gathering market intelligence $350 Product mock-up costs $230 Staffing Costs $340 Consulting Costs (idea evaluation, marketing assistance) 210 Technical Review of Product Concept 120 Legal/Professional fees 120 End-user visits 230 Other related costs: 300 New product launch support services New product development and completion do not guarantee success of the product, unless the implementation process is undertaken in a way that will encourage the target market to try out the product. Several launching programs exist, but the company needs to engage in tactical launch of new products. During the process of planning of new product launch, support is required from the top management on the dates of launch, and the facilitation required, in the process to achieve success (Sandhusen, 2000, p. 34). In order to support the tactical and the strategic launch of products, market research must be conducted so as to determine the efficiency of the method chosen for the product launch. Market testing is vital throughout the new product development process. Market testing will allow the organization to finalize the planning process of the product launch. Additionally, the feedback collection process will be efficient if the customers are allowed to give their opinion during the product launch leading to the ease of product improvement in the process