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AIESEC XP Product Packaging

Objectives

What product is and how it develops ?

How to customize product to the needs of our market ?

Package the product to attract our stakeholders

What AIESEC product is ?

Session flow

1.Products in general

2.AIESEC Product

3.Examples of product packaging

4.Product Development exercise

5.Wrap up

1. Product

Definition:

"In marketing, a product is anything that can be offered to a market that might satisfy a want or need of a customer "

Tangible and Intangible Products

Commodity and experience providers

New product development

In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market.

There are two parallel paths involved in the NPD process: one involves the idea generation, product design, and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.

8 steps of Product Development Process

1. Idea Generation

  • Ideas for new products can be obtained from basic research using a SWOT analysis, Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features.
  • Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step).

2. Idea Screening

  • The object is to eliminate unsound concepts prior to devoting resources to them.

The screeners should ask several questions:

  • Will the customer in the target market benefit from the product?
  • What is the size and growth forecasts of the market segment/target market?
  • What is the current or expected competitive pressure for the product idea?
  • What are the industry sales and market trends the product idea is based on?
  • Will the product be profitable when manufactured and delivered to the customer at the target price?

3.Concept Development and Testing

  • Develop the marketing and engineering details
  • Investigate intellectual property issues and search patent data bases
  • Who is the target market and who is the decision maker in the purchasing process?
  • What product features must the product incorporate?
  • What benefits will the product provide?
  • How will consumers react to the product?
  • What will it cost to produce it?

Testing the Concept by asking a sample of prospective customers what they think of the idea

4. Business Analysis

  • Estimate likely selling price based upon competition and customer feedback
  • Estimate profitability and breakeven point

5.Beta Testing and Market Testing

  • Test the product (and its packaging) in typical usage situations
  • Conduct focus group customer interviews or introduce at trade show
  • Make adjustments where necessary
  • Produce an initial run of the product and sell it in a test market area to determine customer acceptance

6.Technical Implementation

  • New program initiation
  • Finalize Quality management system
  • Resource estimation
  • Requirement publication
  • Program review and monitoring

7. Commercialization (often considered post-NPD)

  • Commercialization (often considered post-NPD)
  • Launch the product
  • Produce and place advertisements and other promotions
  • Fill the distribution pipeline with product
  • Critical path analysis is most useful at this stage

8. New Product Pricing

  • Impact of new product on the entire product portfolio
  • Value Analysis (internal & external)
  • Competition and alternative competitive technologies
  • Differing value segments (price, value, and need)
  • Product Costs (fixed & variable)
  • Forecast of unit volumes, revenue, and profit

Product life cycle

in order for product to evolve, there is the need to invest resources in the product, even if the sales rate is low

demand has to be created for the product; limited competition

Profitability and public awareness start to rise

competition is increasing

Signal: Market saturation is reached

Need for price competitiveness

there is the need for diversification of the product and brand differentiation

Signal: Sales volume decrease or stabilize

  • In order to increase profits, the challenge is oriented to production/distribution efficiency

S-curves: product development over time:

The beginning of a curve relates to the birth of new market opportunity, while the end of the curve represents the obsolescence of the product, service, or technology in the market.

The top reasons for missing S-Curve shifts include:

• Not focusing on or investing in the new

technologies and markets

• Not effectively defending an existing business and technology

• Cultural inertia that hinders the ability to play two games at once (e.g., managing the

existing business while investing in and driving

the new)

• Lack of Industry Foresight, Customer Insight,

or the organizational support and processes

(Strategic

Example

Inovative marketing approach

  • getting to know what is the need of the market
  • defining the group of potancial customers
  • creating inovative product
  • constant improvements and inovations
  • providing experience not only commodity

AIESEC Product

History

Myths of the AIESEC XP

  • AIESEC XP has only one flow!
  • X has to come after L
  • TR has to be 6 months
  • The AIESEC XP has to be physical

Exercise:

  • Split into groups of 4-5 and create the product that will/can be used in one of your countries for the next year
  • Try to have people from different countries in the groups
  • You have 50 minutes to design one ER and one exchange product around AIESEC XP.

Student profiles

How old? How many hours of class do they have per week? Do they work part time? Where do they work? What are their friends studying? Where do they hang out on campus? Do their parents influence their decisions? Do their professors have an influence on their decisions? What does their Facebook profile look like? Where do they shop and what do they spend their money on? What do they use to communicate – e-mail, texting, calling, or something else? Have they volunteered in the past? If yes, with whom? Do they already know about AIESEC? If yes, what do they know? How willing are they to change their habits/behaviours?

Corporate profiles

What business are they in? What is the average number of employees in this kind of company? Who are they trying to hire (academic/working backgrounds of hirees)? What tools do they use to hire? Do they hire mostly on contract, or long-term? Who makes hiring decisions? Do they participate at career fairs? Are they partnering with universities? Do they have an internal mobility program? Do they already know about AIESEC? If yes, what do they know? How willing are they to change their habits/behaviours?

Funder profiles

What’s in it for them when they offer funding? How big is their budget? Who else are they funding? What topics are of interest to them – local, national, regional, global? What reporting and measurement do they expect from fundees? How much control/overview to they require over funded projects? Have they funded youth-driven initiatives in the past? How long are the projects they fund? Do they already know about AIESEC? If yes, what do they know? How willing are they to change their habits/behaviours?

Put your ideas into flipchart that will contain:

  • main idea
  • target group
  • testing the product
  • estimated results
  • implementation plan

Conclusions:

  • The AIESEC XP has to be customised to your region/country
  • It has to take into consideration that young people want shorter experiences or longer ones; but we have to sell them differently
  • We have to become as specific as possible while selling the product
  • The product needs to be financially feasible!
  • Use some of the ideas in this session to customise the AIESEC XP in your own country!
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