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It is must to keep continually upgrading their product line and bringing the new innovation for any company to gain competitive edge. The innovation of the company can be either modification of the existing product or it can be or in term of product or in service or process. It is important to carry out research for any company before doing innovation. Deep research is very much required to establish your company's product or service successfully. Research gives information about market, sales, custumers ,other products etc......by using this information over the other companies company can have competitive advantage. Automobile market is also part of this. Now a day's people wants branded car. There are many famous brand of car like Hyundai, fiat, Honda, Mercedes etc.......... Here the Honda Corporation. Japan wants to launch new car in south East Asian market according to their climates, structure of marker and road condition. Honda company is very famous n well known for car it was established in September 24, 1948 In Japan by Japanese entrepreneur Soichiro Honda. Honda has launched many car like Honda accord, Honda city, assent but here Honda company wants to launch new car in the south east Asian market.
New product development
Coming to launching a new car my detail of new car is as follows.
A Honda company is launching a new car in the south Asian market. Honda has launched many cars in the western countries like U.S.A, Europe, and Middle East. BT when it comes to the south East Asian market specifications of the company is different. This is due the nature of the market; and South East Asian market is highly diverse in nature in terms of car design, fuel economy & consumption, suspension system and vehicle Utility. Honda Corporation is launching new car names PREGA which is hatchback car.
Construction: HONDA is launching small car, THE PREGA with a new 1.5 liter engine. It is a new fuel V saving power unit. New technologies USED IN this ergo no boost fuel economically designed car that cut weight to boost fuel economy. The engine is four-cylinder engine that features double overhead cam shaft and breathes through 14 valves. PREGA features all top end features sunroof, some class leading safety features like anti-lock braking system (ABS) and dual airbags.
Features of the product: DIMENSION & WEIGHT -Overall Length of the car is 3563 (mm). Overall Width of the car is 1595(mm) Overall Height of the car is 1550(mm) Wheelbase of the car is 2380(mm) Ground Clearance of the car is 165(mm) Front Track of the car is 1400 (mm) Rear Track of the car is 1385(mm) Fuel Tank capacity of the car is 35 (mm) IN ENGINE -No. of cylinders of the car are 4 No. of valves of the car are 14Valve, train of the car is type IS (DOHC) SOHC DOHC Displacement of the car is 1197 (cc)Maximum Power of the car is 80/5000 (ps/rpm) Maximum Torque of the car is 11.4/4000 (Kgm/rpm) SUSPENSIONS -Front Suspension of the car is Mc Pherson Strut with Stabilizer bar AND Rear Suspension of the car is Coupled Torsion Beam Axle with Coil Spring BRAKES - Front Ventilated Disc Rear Drum TYRE of the car Size are155/80 R13 TRANSMISSION of the car in manual type is S and in automatic type is - O. Prega car has special type of engine. In engine there is mithalidihydrothoxi format. This is used as smoothing technology in engine. It is very useful as it reduces strength of engine. It makes engine cool. Prega has also automatic gyres system, automatic speed controller which control speed limits in traffic and also have code locking system in remote of the car.
Advantages of the product to the customers.
Very comfortable in driving.
Average is very good.
Car price is affordable.
Interior is very good n comfortable.
It is only four seater.
It is not for luxury.
It has speed limits.
Not for the status.
As Honda Company wants to launch new car in the south East Asian market is very necessary to know about south East Asian market. South East Asian countries are developing country so people that lives in south Asian east country's earning amount is medium. In south East Asian company transportation service is very limited so they need car for their transportation not as luxury's south East Asian company is developing countries roads of the countries are not so smooth to drive simple type of car so car should be very tough. And price of car must be affordable because people lives in south East Asian country wants car which is at affordable price because they earn less than developed country.
Justification for the chosen product.
As Honda wants to launch new car it must have particular comfort level, and strong points that drags people to buy that car. As Honda wants to launch new car it must have particular comfort level, and strong points that drags people to buy that car. For launch the new car first Honda has to search market strategy of the south East Asian market environment.
Today car is necessary as transport in every country. But need of the peoples for the cars are different. If we see some needs about the most common need is comfort level and good speed of the car with good average.
Objective of the company:
revenue invention: main goal of the Honda company is to invent revenue
Uniqueness: as Honda Company is launching new car it has unique features in it like code looking system in which only person who is using the car can open car's door. It has also unique feature like automatic speed controller.
Decreased enmity: as the car is new innovation of the Honda Company which gives benefit to the company and more competition to the other companies.
Market Analysis Tools:
As we know that Honda is an automobile company there are many competitors in this automobile world. As Honda is launching new car in to the south East Asian market, Honda have to develop car to be success in market. As in south East Asian market people needs car for their transportation not for status they need car at affordable price.
Following tools are in the car of Honda,
engender profit: main goal of Honda is to engender profit.honda has made its project very uniquely so it is helpful to Honda to engender profit Honda has decided vey affordable price of car so as car is affordable many people buy car so it engender profit for Honda.
Uniqueness: as Honda has to be in market Honda has designed unique technical tools in car like, car has speed controller which helps driver to control the speed limits, car has code locking system which is very useful on the time if key are lost by this system owner can open the car. It makes car unique then other car though it looks simple its technical tools are unique.
Diminished enmity: as Honda has new technology in the car and has affordable price it is benefited for Honda. For diminished enmity.
Main gain of the car is it is fills by GAP existing market, GAP is the chiefly bridge between customers need and they get from the company. By this research misunderstanding between customers and Honda can be turnout. By marketing mix GAP can be studied and 7 types of GAP can be as under.
The basic steps of the process of the GAP analysis for develop the gap of the market can be portrait as follow.
Steps of process of GAP analysis
Victorious execute and watch
Discover substitute for GAP
Scrutinize all the actions
By following these steps customer's want can be satisfy and gap can be closed.
Honda had carefully planned the whole project that involves the original implementation of the made strategies. Several things they kept in mind like time of the implementation, resources required, designing objective and time frame within which this should be achieved. So all the important parameter should be kept in mind by the Honda before making this implemented. Also its very important to critically analysis the whole steps so that actual time can be designed for the project. Because delayed in the project may lead to waste of time, money and may affect the organization's reputation. Coming to new car PRESA, timetable which include the important mile stones have been shown as following.
Launching new car in east Asian countries.
Financial, human resources, R& D department, marketing department
Wanted to achieve this within time frame of 5 years.
Designing of the car that satisfy the needs of the east Asian market
Research and development department, finance, HR
They thought this in 2007 and by 2008 they developed the new design of the car
Production of new design and successful commercialization of the product
HR, production department, marketing department etc....
They wanted to gain this objective by 2010 and in September 2009 they successfully launched the new car in east Asian market
So, in this way using appropriate resources and designing objectives step by step they developed the whole project starting from idea screening to commercialization of the product. Also they achieved they desired objectives within the specified time limit which is also very important part for any organization to maintain good brand mane in the market. So this is a time table that shows the important mile stones achieved by the Honda
Action plan for project.
As we know that Honda is automobile company and it has many competitors in the south East Asian market. Honda is launching new car in the south East Asian market. so if Honda has to get success in south east Asian market Honda have to prepare action plan for the project.honda's action plan for new car launch includes following 3 factors.
Time casing: Honda should complete the project in particular time period it is essential for Honda to get success in the new car launching in the south East Asian market.
Price: Honda should decide the cost of project. It is very important for Honda to keep all expenditure in mind so for avoid extra expenses Honda should consider price.
Presentation: Honda Company's success is based on customer's satisfaction of new car and services provided by Honda Company.
Following steps are included in the action plan of new cars launch of Honda,
making idea about the car
examine scrutiny of the car
scheming the car
improvement of idea
marketplace policy development
Process of action plan of Honda.
Trying and improvement of the idea
Prepare Blueprint of the car
Create the plan
Progress of promotion policy
Evaluation of the product and find if any error.
If not found try to find out any upgrading of car
If any error found remove and redesign the car
Create the plan: Honda Company has to create a plan before start the project of launch a new car in the south East Asian market. Product study and investigation are also necessary for Honda.
Product study: for Honda product study means to analyze the market is very important step it is very necessary for Honda to study market's position, customers need, buying capacity before launching the car.
Prepare blueprint of the car: Honda should prepare blueprint of the car after completing two steps, in blueprint Honda should decide shape' interior' technical tools of the car.
Trying and improvement of the idea: after designing the product Honda should first take trial and then make improvement in the car.
Evaluation of the product: as Honda is launching a new car it is necessary to find out for Honda that if there is any error in car if Honda found any error they should try to remove it and redesign the car and if they not found any error try to find out if any type of upgrading necessary for the car.
Progress of promotion policy: after checking and removing the error of car next step is for Honda is to do progress in promotion policy. It is essential for Honda to object the suitable market for the car.
Company scrutiny: in this process Honda has to consider market position, profit of the company. Price of the car, customer's need. .in total expenditure of sale. And Honda has to consider company's share value. After launching a new car.
Market testing: in this process Honda should check the success ratio of the car by taking feedback from the coustomers.by asking different type of questions by different methods.
Car's Commercialization: after completing the market testing Honda decides to commercialization of the car by using promotional strategy and by giving advertisement of the car.
By following this action plan Honda Company can maintain its position and brand name in the south East Asian market and can satisfy customers needs.
Honda should check the performance research is done for launching a new car in the South East Asian market. There are two types of research used by Honda is as follow.
When Honda done research for new car launching it involves definite procedures and careful determination and also definite steps. The report which is made by Honda Company should be accurate.
Qualitative analysis: quality is mainly included in qualitative analysis. This methode increases the quality of the car or service of the company. For an example,
Used unprocessed stuff
contentment of consumer
Following steps are includes in the process of research on the new car of the Honda.
examination of the composed information
valuation of the information
creation of statement
Gathering records: Information which is gathered by Honda is very useful for set-up the questions earlier. By altered methods information can be gathered by Honda.
Examination of the composed information: in examination of composed information Honda should check that car is up to the criterion necessity of the customer or not. Honda should check all the technologies. It is good to have exchangeable minor disparity in car for Honda.
Valuation of the information: Honda should take steps to avoid any type of fault in the car or if there is missing some part in the car after Honda value the data information.
Creation of statement: After all research done Honda should make the statement in this Honda should filed the all steps and procedure from starting to end of the company. So it can be used by Honda for more research as chief records.
Following vivid swot is includes in the research of the Honda for launching a new car. For verify the requisite values. Honda has used to create investigation statement.
Range of the souk: Honda should check the range of the souk before launching the car in the south East Asian market can make surety about enlarging the number of buyer of the car, sale of the car and considering the action of the competitors.
Tempo expansion of Market: Honda can choose particular period casing for examine the sale of the car in the south East Asian market. For do research on tempo expansion of Market. Because if sale of the car increases the tempo expands.
Revenue assembly: Honda Company's profit is depending upon adaptableness of the car by customers in the market.
Plan of the cost: As Honda has competitor in the south East Asian market to decide cost of the car is very important .so by deciding affordable cost of the car Honda get success n make more customers.
Keep up values: in competition Honda can place by,
Given that feature to client in facility.
By presenting most excellent cost
By looking in the direction of considered goals at constantly and outstanding quiet and collected.
Contain recognition of the quantity is mainly studied in quntinaive analysis by Honda company.e.g.expenditure/element, pricing of the invention.
Honda gets some major drawbacks from its customers from the study which are as under
Car has speed limit.
Car has cod locking system, sometimes it found hard to use this system for other person.
Car is four seater so if there are passengers it is not possible for them to seat.
Honda has to start examination of essential factors by strategic planning which needs a wide amount of the investigation, alert valuation of the all factors for this Honda has to make the strategies with the purpose of to reach the milestone. When Honda has made the strategies Honda needs lot of significant steps at the same time as implementing. For to gratify the objectives of the company Honda has to achieve these mile stone. For achieving the deigned milestones Honda should lay down the proper time limit in within Honda can achieve the milestone. Honda's decided certain mile stones and its detail of achieved milestone are as under.
planned Time structure
Here Honda company has described its milestone.
Honda's introduction in the south east Asian market
Honda wants to reach there in 6 years.
Honda achieved this mile stone in 2006 Honda has planned this in 1996 so it takes 10 years to achieved the milestone.
Research and development department provided utmost incomes.
Honda wants to reach there in 4 years of time limit.
Honda has planned this in 2003 and Honda has achieved this in 2009 now Honda is one of the top most companies in south East Asian market.
The procedure of achieving the milestones can be explained as follow.
Keep on progression if fault is not found
Discover the faults in car
For complete the procedures action taken by Honda
Scheming the points
To find out the cause of fault and spruce up the progression
Type of research:
There are two types of examine data,
Primary data: Which data is taken in a straight line from the sources like magazines, literature or newspapers examine accepted by the member.
Secondary data: In secondary type of data Honda has to take data by different methods data is not available with company. company uses methods as follows,
Surveys: In survey company asks about the different features to the some people and note down their review as result.
Questionnaires: In questionnaire Honda asked some specific question to the customers and note their feedback as result for the new car, That they are satisfied with car service or not .in result Honda found that among 100 people 80% people were satisfied by Honda's new car and its service.
Interviews: in this Honda take interviews of customers by different methods which are as follows,
Telephonic interview: This is very easy , common and money and time saving interview but this interview has one disadvantage that because of this interview people gets many calls every day there is chance to not get perfect answer or they cut the call.
Personal interview: in this type of interview Honda can ask question to the people by going door to door, or by asking the roaming people.
Online pole: In this interview Honda can get answer through internet, Honda can ask question on the internet and get feedback of the purchasers.
Group discussion: Honda can ask question by group discussion in this method specific topic is given to the groups on which they discuss their advantages and. The other group argues about the disadvantages. And by this Honda get result.
Data analysis techniques:
As Honda is automobile company it has to be success in automobile world it is necessary to collect data and filed it so when it necessary it can be used by Honda. There are two types of analysis techniques,
Quantitative Research: in market research because of demands of time and a need to get the results into a production quantitative studies are below-investigate generally. In quantitative analysis following points are covered by Honda,
Car has speed controller in it which controls sped on the highway and in the traffic.
Car has code locking system which is very useful in situation of lost key of the car; car can be open by code.
In quantitative analysis research can be done on very important part of procedure means on product. And information current analysis can be change according to customers need or on basis of research.
Qualitative Research: Process of qualitative research begin with large indication
In this analyses all points are covered by the Honda and al opinion can be covered by Honda in research
For better analysis Honda should short the questionnaire and presentation .quantitative research includes following steps.
Data assortment: in this method data can be composed by different method, questions for this can be set up in advance by researcher.
Investigation of the data: in this Honda should check the car that it is up to requirement or not.
Estimate of the data: after analysing data Honda should check the errors and take steps to avoid it.
Report making:in this method Honda should make report after completing all the analysis and file in this document Honda should file all steps of procedure from starting to end with result this file should be checked by supervisor and signed by them and can be stored properly so it can be used in future .
Considered important moral issues with all applicable rules are as follows
utilize of information for other reason
Dependability on applicants.
Highest hard work will be done to exclude any haziness between the researcher and respondent by sharing the filled retorts with the respondents. By informing respondents of all idea of research.
Resources are stuff which is required to produce goods or product which covers from start to end of the product development process. Resources decide pricing and profit margin of the company so it is very important. Also quality of product depends upon selection of raw material. The type of resources could be as follow
Requisite Material in the invention of the product.
Proper and ample amount of research and successful procedure of this two is required by the Honda Company. Honda Company has done good amount of research in case of launching prega car following resources are required.
Investigate and progress resources.
Finance is heart of the business, for to start new business or new project every company's basic need is finance to facilitate to run all the action .finance is about arranging and calculating the required money for the project. Seeing that today's world is very competitive, company required huge amount of money for starting the project. So before starting any NPD it is important to estimate all the required expenses that come in the project of company.
For an example,
Cost of raw material
Advertisement costs etc....
Honda company has calculate all this total cost or and decide budget for new car development. As per research budget should be planned in such way that it remains predictable so that car's value can be kept reasonably priced and it remains constant. All the risk factors should be assessed while deciding the fund.honda company's budget should be little higher than actual one.honda company's budget is about 350 million dollar so if any risk comes in project company has provided a part of fund for it. Fund should be rotated correctly by the Honda during the project.
Department of investigate and progress This department is one of the main departments that mostly required to do the essential research of all the aspects of the product based upon the information. To launch new car strong R&D is advantageous for Honda. Honda calls attention to on R&D so that it can bring always novelty and up gradation, which gives competitive advantage over other company. And it helps to bring modifications and up gradation of new car based on the needs of customers.
Person resources. Department
This is the center of all departments in company so it is most important department. It brings co ordination between all the departments of the company .for new car launching Honda required strong HR department which can help in following way.
This is the center of all departments in company so it is most important department. It brings co ordination between all the departments of the company .for new car launching Honda required strong HR department which can help in following way.
Recruiting sufficient people in each department based upon the requirement of the company depend upon post requirement of the right applicant for specific post depending upon his/her technical sound, no of experienced years in the industry, attitude towards work etc.... Keep up gradated all the time by arranging workshops, meetings, seminars etc...And providing necessary training to each and every employee. By giving appropriate rewards, performance appraisals and benefits to the employees giving them Retention. By providing motivation keeping team building and positive attitude towards work. Within company maintain suitable work atmosphere.
For new car development Honda require the following technical aspects
Machineries: advanced machineries to develop quality car and to run the entire project smoothly.
Base of the car: it require the strong base of the car and having length of
Basis of the car are as under
Engine: require engine is gasoline engine which is four-stroke type and, 27Â° inclined with single-cylinder and air-cooled. Fuel tank of this engine is 6.7. 3565mm and should be light in the weight.
Power steering: require power steering which is very use full in car driving.
Car wheels: require car wheels are Apollo Alloy Wheels which is very use full in rough road as car has to be launch in south east Asian market
Safety lock: require car safety lock is remote lock is Xenos brand it is very safe.
Gear: require car gear is automatic gear which is very use full in the car.
Code locking system: require remote control system which has code locking system in it. http://t1.gstatic.com/images?q=tbn:ANd9GcRXCEtNQ_t-g3yLi1hfn2I3CieZGK61jCNzyucNxwGSqYD0p-E&t=1&usg=__4U1RduhMmoEAKT56uqDqJ8v2GGI=
It is essential once the car is developed in order to analyze in the south East Asian market. It is necessary to promote the car in the market and get back the feedbacks from customers. For increasing the sale of car successful penetration of the car requires strong marketing strategies and resources. To discover the needs of customers it is required to carry out necessary research. As Honda is launching new car first time in south East Asian market it requires huge marketing efforts to get into South East Asian market. So Honda has designed all its resources that company needs to launch a new car.
Sources of the resources.
After deciding all the resources for the car development next step is finding the different sources for car. Honda gets greater benefits over other companies if company has stronger sources.
The different sources for Honda Company are as follows.
Financial sources: two types of financial sources.
Which sources are already has with company are called internal sources. Which are in the company are as follow.
Individual economy: Honda's saving amount or profit can use in the project. As Honda is very famous in automobile world it has good amount of savings n profit so it's unused saving or profit can be used in the project.
Working capital: Working capital can be used daily to maintain day to day expenses of the Honda Company. Or can be used instant. E.g. pay of impermanent workers, purchasing small material.
Sale of assets: company can use material goods that it can think of unused so by selling those kinds of material goods Honda can have cash money.
Outside source: external sources means the sources which are taken from outside by the company. Type of external sources is as follow. Some funds come directly from share holders.
Capital share: capital share means the share which is issued by the Honda only for the employees of the honda.these are the main shares of the Honda Company.
Preference share: when Honda goes into liquidation the priorities are given to those holds preference shares.
Overdrafts: Honda can obtain short term funds by overdraft facilities so when Honda company use its current account for making payment which exceeds in cash balance which is currently available.
Loans: Honda can arrange required funds for the project by taking short term or long term loan from the bank and Honda pays interest of that borrowed money.
As Honda is launching new car in south east Asian market , for marketing resources Honda have to use good marketing people who can make effective communication, enthusiastic, having positive attitude etc....
Different media can be also used for the marketing resources like,
Advertisement: Honda's new car's promotion can be done by using good advertisement.
Using the media like television or radio or news paper.
By distributing leaflets or pamphlets which also give the detail to the customers about the product.
Honda require suppliers who deal with the providing the necessary material or goods which are required which are required in the production process. This can be like,
Machineries which are required
It is important for Honda to keep strong supplier because if the suppliers are strong they can provide the goods when Honda Company has requirement of the goods.honda should always keep the option in deal with suppliers of the company so they can have best price for the goods. It is very helpful to Honda to maintain cost effectiveness so that Honda can offer good but affordable price to its customers compare to its competitors and can have benefit in the market.
Honda must acquire good distribution channels for providing car to the customers in sufficient quantity.honda can always maintain the demand of the customers if Honda has various distribution lines in market which mainly associated with providing car from the market to the customers so distributions channels are always necessary. Honda should not face any shortage in the distribution of car which can lead to reduce in the sales of car. Costs of transportation, maintenance of the vehicles are directly related to the total cost of the Honda's new car launching project.
Honda Company needs proper staff to finish car launching successfully in south East Asian market .amount of workers which are involved in project should not be more or less and this can be done with the help of HR department who employ all the people depend upon the necessity of the Honda Company. By creating strong management of Company workers can drive the entire project and the company efficiently and smoothly.
Honda can buy Machineries by making contract with the other company which is annual itself can hire mechanical engineers.
Place for project:
It's entirely depend upon the Honda to where to carry entire process either in existing plant or Honda can take any space which would like on the rent for the specific time limit or Honda can purchase the new plant.honda can do this depending upon the required time and size of the project. The plant of the Honda Company should be well maintained and they should make sure that all the working conditions and health and safety level can be maintained all the time.
Develop market strategy
Appropriate Marketing strategies are made in order to enter developed product in the market successfully. Strong strategies should be prepared and also it is required to execute by the Honda Company successfully so that it produce the preferred results. These marketing strategies can be explained by the 4 p's of marketing which are product, price, promotion and place. By considering all these successful marketing strategies can be made.
Product strategy: marketing mainly engage successful penetration of car in the south East Asian market and reaching to the customers. Car should have following features so that it can be easy for the customers to use the car.
It should be well designed and shape of the car should be convenient and should be light as much as possible.
Car must be having latest technology that gives competitive advantage to the Honda Company for an example automatic speed controller.
Car should be designed and made in such a way that it maintain brand name of the Honda Company. In prega car Honda has designed code locking system, automatic speed controller.
Also the capability of buying the car of the customer matters in the product strategy of the Honda company
Provide the manual of the car contain all the detail and directions of the usage of the car
Pricing strategies: As Honda is launching a car in south East Asian market deciding an appropriate price for the car is fundamental part in order to have grip on the market. An important estimate of the small factors is required to decide the price of the car.honda has kept 3000 pounds. Honda has kept following things in mind while deciding the price of the car.
Cost of each unit including material, machines, manpower, electricity etc.
Class of the potential buyers
Capacity of the buying of the customers.
Price of the car should be affordable according to S.E. Asian market's environment. It must be kept that it generates maximum profit to the Honda Company. There are some pricing strategies that Honda should use for launching a new car.honda's pricing strategies should be different for S.E Asian market then other market.
Infiltration pricing: as we know that Honda is launching car in south East Asian market it is developing market so car should be launched at affordable price.
Skimming pricing: As we know that car is introduced at the affordable price and it is for the countries like Indonesia, Malaysia, Thailand where people have not good buying capacity.
So Honda should have low profit margin and can have competitive advantage.
Promotional strategies: It is primarily for Honda to promoting the car in order to set up drag the attention of the customers and activities done to increase the sale of the new car in the market. Honda has used different kind of promotional strategies for car.
For promotion of the new car Honda has use following things
Various media like magazines, newspapers, articles etcâ€¦
Promotion done by the celebrities.
By keeping the seasonal and festival offers.
By giving gift vouchers or other benefits like lucky draw or by keeping point system
Place strategies: For introduce the car in place is very important. A geographical evolution should be made before entering into the market also several other factors are to be checked like
Area of the place
Size of the market
Growth of that particular market.
Choice and taste of the customers in that particular area.
Buying capacity of the customers
As Honda is introducing new car in the south east Asian market it is developing countries so Honda has to adjust price because if Honda introduce car at higher cost there are chances that the car might be fail in that market. So Honda has to introduce the car at affordable price. Successful design of the marketing strategies depending upon the needs of customers and evaluation of the factors which gives Honda competitive edge and help to achieve a new height of the success.
appropriate measures to evaluate the success of the product
When the product is launched next comes evaluation of the success. It is very important to identify the success of the product in the market. As Honda has launched this model first time it's essential for them to identify the respond from the customers. The Honda evaluates their success rate by the following ways.
Online feedback form: they have kept a form which includes all the details of the customer and their feedback that suggest their opinion about the product and also it has the section that includes the suggestion or recommendation by the customers. From which also they can have the suggestions from the customers.
Company's share value: if the product goes success in the market, obviously that affects the share value of the company. Honda can look towards the share value whether it's going high or not through which success rate can be determined.
No of selling of the new products:
Once the production is complete, Honda can look towards selling of the no of cars, as more number suggests increasing the no of the customers. If people likes it more sell of the car will be increased.
Brand image of the company; success of the product in the market will impact positively on the brand mane of the company and increase the reputation of the company and increase the faith of the people in the brand name.
Profit increasing: success of the project will lead to more profit generation to the Honda. So if the PRESA goes right in the market of east asia then there will be more profit generation for the Honda.
Feedbacks from the customers: also Honda can take feedbacks from the customers directly or indirectly through interviews or pole opinion or anything that gives them idea about the success of the product in the market.
So Honda can look towards the mentioned things and measure the product success rate. This is all aspects are being always seen by the Honda through which they always measure the success rate in general.
Honda did all the market research of East Asia country to study the current market situation of the countries which help them to study the current market situation and to study the culture of the countries. Taking to this all these East Asian countries where Honda want to launch their products are developing countries. Coming to current market situation there is fair amount of the chances of success as people are needed for the worth product and the people want car which is more towards the performance rather than the looks or status. When Honda did market research around 40% people were actually in need of the car that can satisfy their needs. So if the Honda can come up with the new technology they can establish well themselves in the market.
Size of the market: the size of the market for the Honda is very broad as they can launch their products in Malaysia, Philippines etc....
Growth of the market: as these are developing countries there is always scope of growth and also this kind of car does not exist in the East Asian market so if they can come with good product they can be successful in the market.
Buying capacity of the customers: here the customers are not as strong as developed countries so Honda have to come up with well product with good pricing capacity and people should be able to buy that product at affordable price.
Competition in the market: the competition is not as tough as other countries like USA and UK as many companies don't want to enter into this market. Majority of the people prefer performance based cars rather than royal cars.
Needs of the people:
People are more needed and they actually want good product which can give them good technology and performance and mileage so if they can satisfy this need there is good potential.
So overall if we see there is good market potential so the only thing that Honda has to do is come up with good product and appropriate marketing strategies which could help them in establishment in East Asian market. The only thing required by the Honda is identifying theneeds of the people.
Finding and recommendations.
After the Honda launches the car in the Southeast Asian market Honda's next step is looking towards the response among the customers by which Honda can find out intensity of the success of car in the S.E. Asian market. . Basically Honda uses two types of strategy.
Policy of pre production of product.
Policy of post production of the product.
Honda needs to pay attentions on different factors affecting the car's production before produce it. Which are like,
range of the marketplace
study of the marketplace to have thought about the product
Study of rivals present in the market.
Honda has to pay attention to all these needs before launching the car in the S.E. Asian market because it gives the idea n correct picture of the S.E.Asian market so Honda can easily plan its strategies and can launch successfully its new car in to the S.E. Asian market.
2) Policy of post production of the product: After the launching of the car in the S.E.Asian market this Strategy set up the Honda's car strongly in the S.E.Asian market. After the launching of the car for increase the sale of the car different strategies can be done by Honda like pricing strategies and promotional activities. Required things needs to be done by the Honda Company are as follows.
introduction of the new product
Promotion of the product
Pricing of the product.
this is very important project for me as it gave me idea about the development of the new product which can help me in the organization in product development, through this project i could learn the all the aspects of new product development starting from idea generation to production and commercialization of the product. Also this will give me idea about the strategies during new product development.