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Introducing New Cupcakes
Transcript of Introducing New Cupcakes
(and other product offerings)
Estevan Gutierrez Directions for the Perfect Cupcake Step 1 :: What Cupcake to Bake? :: Choosing a Product
Step 2 :: Set Up Your Kitchen :: Arrange and Organize
Step 3 ::What Ingredients to Use :: Concept To Strategy
Step 4 :: Getting Your Display Ready :: Commercialize
Step 5 :: Customer Tastes Says :: Consumer Adoption What Cupcake to Bake?
Where to Find Inspiration 1. What Cupcake to Bake?
Choosing your Recipe New Creation = Development Take Over = Acquisition Baker's Tip :: M & M's 2. Setting Up for Success So you have your innovative
Managing New Cupcakes
New Cupcake Development Process R & D = $150 k-ish Budgeting Bakers,
Preheat your Ovens! Concept Testing = $20k National Launch = $ 5 Mill Challenge 1 :: Taste Test Grab 2 eggs from the table... you must use the surprise from in the egg to create a new product that your market serves. What Ingredients to Use? Minor Changes = Big Difference Turn a Concept Into Reality Where Do You Fit? Chocolate-y Rich Light Vanilla What Ingredients to Use? Conjoint Analysis = What's Important? $2.75 $3.50 $1.25 Managing your New Cupcakes Concepts What Ingredients to Use? Figure out What's Important Understanding your Product One -Time Purchased Infrequently Purchased Frequently Purchased Challenge 4 :: Commercialization Now it's time to commercialize your cupcake.
Where would your cupcake sell best?
Choose a cupcake from a previous challenge. Challenge 2 ::
Pass it On Baker's Tip :: Sugar Factory Before we begin:
1. Choose a Bakery Name
2. Identify your Target Market
3. Choose your Lead Baker DIG for Ideas Demand Opportunity Strategic Blueprint Never consistent Kellogg's Lead of New Product Department Cross Functional Groups Concurrent Product Development Stage Gate Systems A. Go
D. Recycle 4. Before You Get Your Display Ready Develop Your Product Idea
Prototype Features Desired? Physical
Test Market Testing 1. Controlled Test Marketing 2. Sales-Wave Research 3. Stimulated Test Marketing Market Testing Cont'd 4. Market Testing -How many cities?
-Which cities? Why?
-Length of test?
-What info to collect?
-What action to take? Commercialization New Cupcake Development Process 1. Idea Generation/Screening
2. Concept Development/Testing
3. Mktg Strategy Development
4. Business Anaylsis
5. Product Development
6. Market Testing
7.Commcericalization Now Entering... First Entry Parallel Entry Late Entry 5. Customer Adoption 1. When
3. To Whom
4. How Adoption Stages 1. Awareness
5. Adoption There was a brilliant idea in your company... now take it to the next level.
Tell us what's next for this product.
But wait.. There's a surprise! A. Go
D. Hold Challenge 3 :: Prototype Your Cupcake Idea Now take your ideas and prototype it by
decorating your cupcake. Thank you ! Baker's Tip 3. What Ingredients to Use? Turn an Idea into A Concept Baker's Tip