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Strategic Marketing-Forecast and Budget - Essay Example
Pages 4 (1004 words)
Strategic management Name: Course: Date: Product development The development of a new product is a complex process requiring finance and research. Research on the demand for the proposed product or a market gap to be filled by the product is vital. It is vital of the market research to establish the difference in the current products in the market…
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 is 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. ...
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