I. Cover Page MKT501: INTRODUCTION TO MARKETING MARKETING PLAN II. Title Page Product Development Philips Daily Collection Air Fryer ii III. Acknowledgement We are truly appreciative that we figured out how to complete our Assignment inside the given time by our Lecturer xxxxxxxxxxxxxxxx the task cannot be complete without the exertion of our team members. We might likewise want to truly thank our lecturer for giving us more time to finish the task and for continually reassuring and directing us. We would also like to offer our thanks to our companion and families for the help and wilingness to help us with the task. iii IV. Statement of Declaration We the group members, solemnly declare that the project PRODUCT DEVELOPMENT is based on our own work carried out during the course of our study. We assert the statements made and conclusions are drawn as an outcome of our research work. We further certify that, 1. The work contained in this project is original and has been done by us under the general supervision of our supervisor. We have used materials (data, theoretical analysis, and text) from other sources and have given due credit to the relevant sources in the text of the report and giving their details in the references. 2. We have followed the guidelines provided by the university in writing the report. We understand the meaning and consequences of plagiarism according to the FNU UASR. iv V. Table of Contents Table of Contents I. Cover Page ....................................................................................................................................... i II. Title Page ........................................................................................................................................ ii III. Acknowledgement ......................................................................................................................... iii IV. Statement of Declaration .............................................................................................................. iv V. Table of Contents ........................................................................................................................... v 1.0 Introduction ...................................................................................................................................... 1 2.0 Aims/ Objectives ............................................................................................................................... 2 3.0 Literature Review ............................................................................................................................. 3 4.0 Methodology..................................................................................................................................... 5 5.0 Analysis/Findings ............................................................................................................................. 6 5.1 Product Marketing Objectives ...................................................................................................... 6 5.2 4P’s of Marketing ......................................................................................................................... 7 5.3 Customer analysis ....................................................................................................................... 13 5.4 Competitor analysis .................................................................................................................... 14 5.5 Micro and Macro Environment Analysis of your product .......................................................... 15 5.6 SWOT ......................................................................................................................................... 16 5.7 Market Research ......................................................................................................................... 18 5.8 Consumer Behaviour .................................................................................................................. 20 5.9 Financial Analysis: MS Excel ..................................................................................................... 21 5.10 Implementation, Control & Evaluation (Marketing and Product development) ......................... 23 Provide details of control and implementation mechanisms to ensure that your product is of top quality, priced affordably, and that the marketing campaigns are appropriate. ................................................... 23 Steps to Follow: ...................................................................................................................................... 23 6.0 Recommendations .......................................................................................................................... 24 7.0 Conclusion ..................................................................................................................................... 25 8.0 Bibliography/ References ............................................................................................................... 26 v 1.0 Introduction A marketing plan may be part of an overall business plan. A solid marketing strategy is the foundation of a well-written marketing plan so that goals can be achieved. It describes business activities involved in accomplishing specific marketing objectives within a set time frame. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve its marketing goals. Marketing plans start with the identification of customer needs through market research and how the business can satisfy these needs while generating an acceptable return. It can also contain a full analysis of the strengths and weaknesses of a company, its organization and its products. Marketing planning segments the markets, identifies the market position, forecast the market size, and plans a viable market share within each market segment. Market planning can also be used to prepare a detailed case for introducing a new product, revamping current marketing strategies for an existing product. Furthermore, the main purposes of developing a marketing plan are to set the company on a specific path in marketing. For example, a new company looking to grow its business will generally have a marketing plan that emphasizes strategies to increase its customer base. The marketing plan aims to make the business provide the solution with the awareness with the expected customers. The business review aims at giving a better understanding of the case company’s scope of business and current situation with analyses on the product, marketplace and the competitive situation. One of the first and most important steps in creating a successful product marketing plan is to not only know who you’re up against but to understand them. Figuring out the competitors’ strengths and weaknesses. It can be done by analysing reviews, asking questions in market research and testing out the product yourself. When we know what differs competitors from our product the market plan can be used as a market messaging. The marketing messaging can be slogan and company description on social media and other marketing materials. Any messaging that’s specifically designed to promote your brand or sell your product falls under this umbrella, and the key differentiators should be the driving force behind it. 1 2.0 Aims/ Objectives 2.1 Aim The marketing plan aims to help customers gain an appreciation of the product the company is trying to promote to the marketplace, and how this product will meet the needs of the customers it is trying to reach. The success of a marketing plan is quantified by an increase in sales revenues. 2.2 Objectives To be effective a company must check to see if its objectives follow the SMART philosophy. This means it objectives must be "specific, measurable, achievable, realistic and timebound."For an objective to be effective, a company must closely identify what the company wants to achieve, and accurate steps that must be taken to accomplish the company's goals. Some of the objectives are identified below. Develop entrepreneurship and gain the skills and ability to market our products. Develop a marketing plan to promote the product to the marketplace. Effectiveness of the marketing strategy. 2 3.0 Literature Review Philips is one of the biggest companies in the world to deal in the electronics industry that has business divisions in its marketing mix product portfolio. The customers believe in the brand and what it stands for. The brand name of Phillips is strong and the customers believe that Phillips makes healthy, useful and eco-friendly products. The Philips AirFryer is a unique appliance from Philips using hot air to fry with little to no added oil. The Philips Viva collection AirFryer (HD9220/20) product costs FJ$499. Based on this price, it is an affordable air fryer for the Fiji Market. The air fryer is targeted under demographic segmentation all the ages and people with higher and middle income. Also focused on the rural market. This low-fat fryer can serve well until decide to upgrade to a bigger or more expensive air fryer. This unit comes with a 2-year warranty, allowing the consumer to get it fixed if it gets damaged before the stipulated time. Through digital technology, Philips initiated to build awareness and a market, by following main objectives as listed below: a) Create awareness about the Airfryer and educated people by highlighting that it requires 80% less oil compared to the usual way of cooking. b) Product demonstration using the Philips AirFryer to the public and show how they could cook their favourite foods. c) Increase engagement and search visibility throughout the internet. On the other hand, the reviews by previous buyers of the HD9220/20 reveals that this unit cooks anything and it performs faster than a conventional oven. What's more, it can be used to roast vegetables or potatoes, heat up a sandwich, cook chicken, samosas, pork chops, etc. It was also noted that this appliance is easy to clean. A state-of-the-art product, which cooks food with 80% less oil without compromising the taste of food. Deep-fried foods tend to hold a lot more fat than foods cooked in many other ways. The unique design which combines fast circulating superheated air, starfish design and optimal heating profile allows to fry a variety of delicious meals in a fast, easy and healthier 3 way without necessarily adding oil than a conventional fryer and it's easy to use and clean. The NBC News article states that the author has tried out an experiment by cooking 3 batches of brussels sprouts in the air fryer, one in the toaster oven with the convection feature, and one in the standard oven. Out of these 3 products, the air-fried sprouts were the best and it was ready and the fastest to finish in about 20 minutes. (Thurrott S., 2020). The end-users across the world are desiring oil-free food as it is cholesterol-free, which is also driving the air fryer market. It decreases the risks of certain health-related disease like hypertension, diabetes, obesity, cardiovascular disease, etc. The air fryer market has been segmented based on its product type, application, distribution channel, and geography. Marketing of this product, the air fryer has been dispatched across Fiji at the Retail stores. The company is engaged in promotional activities on TV, radio, print, social media, events and sponsorships as a part of its promotions in the marketing mix. This product is heavily pushed on social media like Facebook, Twitter for resolving customer’s issue and better connectivity with people to increase brand awareness. (MBA Skool Team, 2020). As stated in the Financial Analysis an advertising & promotions budget of FJ$200,000 has been allocated for 6 months that will cover the cost of advertising and promoting the air fryer. Philips AirFryer has a competitive pricing strategy, which has been analysed, modified and evaluated against the prices of the competitors where the product is priced at a nearby range from the competitors. When the prices are closely similar, the customers have the choice of purchasing better quality products. (Bhasin, 2021) Due to its creative innovation and quality, the air fryer market is growing in the rising popularity of e-commerce site and retail stores that demands the Philips AirFryer in the market. 4 4.0 Methodology All the group Members used both Primary & Secondary sources to this project, They are as follows: Interviews & Questionnaires– the Group members surveyed within their community and the FNU Nasinu Campus our focus area were mainly on students who were staying in the campus, renting and living alone, Working Mothers and the workplace of which we held interviews and gave out questionnaires. Existing information or data – our group also used the company brochures website & information statistics which were helpful to gather information to compile this project. 5 5.0 Analysis/Findings 5.1 Product Marketing Objectives In 2012, when Philips dispatched the Airfryer on the lookout, they believed it will be all the rage like the rush of living and eating quality food. Philips Air fryer was a promising item that gives the sound and taste of sleek food with little or without oil. They figured it would be an incredible hit in the market yet that wasn't the situation. Philips understood that making mindful about the item would not expand the offer of their item. There were a few issues expected to address which were messing with the clients and thwarting them to take any choice. These are the accompanying subjects to be tended to 1. The expense of the item was dissuading the clients. Philips had to them that the item makes just 2-3 dishes and for making 2-3 dishes who will pay FJ$499. 2. For clients, it was difficult to accept that Air fryer prepares food with 80% less oil. For them, it is a vow not to be accepted. 3. How food prepared in under 80% or no oil could be delicious? Since for Indians, oil is the wellspring of delectable food. To resolve the issue and to expand the offer of their item it was needed to build the commitment and interest level among the crowd and for that computerized media is the best stage. The followings were their goal to finish their separate objective: 1. To raise the commitment and search perceivability of Philips Airfryer on Google Page just as from the fifth page to the first page on YouTube. 2. To partner the Airfryer with the scope of ordinary food. 3. To increment the offer of the item. 6 5.2 4P’s of Marketing Product Philips Air fryer was launched in 2012, is a home appliance technology that cooks by circulating hot air around the food. It is an innovative product by Philips which cooks food with 80% less oil without compromising the taste of food. Philips Air fryer is easy to use, clean and creates less smell than fryers. It uses less oil than a conventional fryer and it can fry several foods like Samosa, potato chips, fries, chicken, fish or Pastries. It is a technology for a new generation who believes in living and eating healthy. It decreases the risks of certain healthrelated disease like hypertension, diabetes, obesity, cardiovascular disease, etc. Package contents 1 x Air Fryer 1 x Frying Basket 1 x Power Cord 1 x Instruction Manual 1 x Warranty Card Confirm all parts before disposing of carton. Safely dispose of all plastic bags and other packaging components. They may be potentially dangerous to children. Technical specification Model: PLA1397 Rated voltage: 220-240V~50-60Hz Power consumption: 1200-1400W Assembly and parts 1. Lift-up Carry Handle 2. Air Inlet 3. Temperature Control Knob (80-o200C) 4. Timer Control Knob (0-30 min) 7 5. Fry Basket 6. Tank 7. Fry Basket Handle 8. Basket Release Button 9. Power indicator 10. Working indicator Before First Use Remove all packaging materials. Remove any stickers or labels from the appliance. (Except the rating label!) Thoroughly clean the basket and the tank with hot water, some washing-up liquid and a non-abrasive sponge. *Note: You can also clean these parts in the dishwasher. Wipe the inside and outside of the appliance with a moist cloth. This is a Healthy Electric Oil Free fryer that works on hot air. Do not fill the basket with oil for frying fat. Hot air oil-free dry-fry cooking means your food is healthier with less fat than traditional fryers, yet it still tastes fantastic. Cooks like great chips but you can use it for chicken, prawns, steak and more. The pre-set functions make it easy to cook your favourites like frozen chips, bacon, chicken, steak, etc. If you want to make a different recipe you can choose to manually set the temperature and the time. Your large air fryer will cook for up to 1 hour, and a beeper lets you know when the time is up. With 1400w of power, this air fryer heats up rapidly and cooks food faster than a conventional oven so you can save money at the same time. If you are using the manual options you can select a temperature between 80C-200C with the easy to use control panel. Hot air cooking means you don't need to add any extra oil, but you can add a small splash if you want an extra crispy finish. Cook multiple foods at once in the air fryer basket which has plenty of room for the whole family. Because there is little or no oil used during cooking your basket is much easier to clean than one from a 8 traditional fryer, and you can also pop it in the dishwasher to make cleaning even simpler. 2kg capacity 1400 Watts 80-200 C Variable temperature setting 60-minute timer Dishwasher safe removable basket Cool touch front handle for easy emptying No lingering oil smell or messy cleanup Overheat protection function for added safety 2-year warranty Promotion Launching and promoting it is also an essential stage of product development, if we don’t promote it properly, we are likely to miss on opportunities or even end up having a loss in customers. With Covid-19 and unable to afford opportunity losses. Some of how we will be launching or promoting our products. Newspaper – use of Fiji sun and Fiji times with full write up to promote the product, also utilizing both the platforms for full-page launch Ad TV Commercials – using FBC & Fiji Tv to advise the customers or the people watching TV’s an enticing Ad for public interest to buy the product Offering customers demonstrations on how the air fryer is to be used, places like functions, gatherings, in stores where this product will be sold or even use of TV Commercials. Use of special introductory offers such as advising the public through the use of newspaper advertisements, first 10 customers who buy the air fryer will get 25% discount upon purchase if a customer is willing to buy the product on credit can also be eligible for that through the credit requirement, 9 Use of social media- today's generation is mostly using Facebook, Instagram, Twitter and sorts of a social platform that attracts people to buy products, also on that we can run a social media contest. Price Pricing at a Premium With premium pricing, businesses set costs higher than their competitors. Premium pricing is often most effective in the early days of a product’s life cycle, and ideal for small businesses that sell unique goods. Since clients need to see items as being worth the more exorbitant cost tag, a business should endeavour to make a worth discernment. Alongside making a great item, proprietors ought to guarantee their showcasing endeavours, the item's bundling and the store's stylistic theme all join to help the exceptional cost. Pricing for Market Penetration Penetration strategies aim to attract buyers by offering lower prices on goods and services. While many new companies use this technique to draw attention away from their competition, penetration pricing does tend to result in an initial loss of income for the business. Over time, however, the increase in awareness can drive profits and help small businesses to stand out from the crowd. In the long run, after sufficiently penetrating a market, companies often wind up raising their prices to better reflect the state of their position within the market. Economy Pricing Used by a wide range of businesses including generic food suppliers and discount retailers, economy pricing aims to attract the most price-conscious of consumers. With this strategy, businesses minimize the costs associated with marketing and production in order to keep product prices down. As a result, customers can purchase the products they need without frills. Small businesses lack the sales volume of larger companies, they may struggle to generate a sufficient profit when prices are too low. 10 Still, selectively tailoring discounts to your most loyal customers can be a great way to guarantee their patronage for years to come. Price Skimming Designed to help businesses maximize sales on new products and services, price skimming involves setting rates high during the introductory phase. The company then lowers prices gradually as competitor goods appear on the market. One of the benefits of price skimming is that it allows businesses to maximize profits on early adopters before dropping prices to attract more price-sensitive consumers. Not only does price skimming help a small business recoup its development costs, but it also creates an illusion of quality and exclusivity when your item is first introduced to the marketplace. Psychology Pricing With the economy still limping back to full health, price remains a major concern. Psychology pricing refers to techniques that marketers use to encourage customers to respond on emotional levels rather than logical ones. For example, setting the price of a watch at $199 is proven to attract more consumers than setting it at $200, even though the true difference here is quite small. One explanation for this trend is that consumers tend to put more attention on the first number on a price tag than the last. The goal of psychology pricing is to increase demand by creating an illusion of enhanced value for the consumer. Bundle Pricing With bundle pricing, small businesses sell multiple products for a lower rate than consumers would face if they purchased each item individually. Not only is bundling goods an effective way of moving unsold items that are taking up space in your facility, but it can also increase the value perception in the eyes of your customers, since you’re essentially giving them something for free. Bundle pricing is more effective for companies that sell complimentary products. For example, a restaurant can take advantage of bundle pricing by including dessert with every entrée sold on 11 a particular day of the week. Small businesses should keep in mind that the profits they earn on the higher-value items must make up for the losses they take on the lower-value product. Place Transportation helps to bring stability in the price of different products. It transports goods from more supplied places to scarcely supplied areas. This establishes coordination between demand and supply and brings stability to prices. It helps to supply necessary goods regularly to the consumers. Effective transportation management keeps a company's whole supply chain running smoothly. With successful transportation execution, inventory can be kept lean and can be moved in and out of a warehouse quickly and efficiently. This improves warehouse efficiency, reduces overall lead time and saves money on storage. 12 5.3 Customer analysis We always want to eat quick and healthy but for this particular product our target markets are seniors, college students (hostel students), and working mothers can use this awesome kitchen device. Our seniors as is a low-fat fryer where we know it is suitable for aged people to use keeping in mind their age and health as the use of this air fryer decreases the risk of certain health-related diseases like hypertension, diabetes, obesity, cardiovascular disease, etc it also reduces the risk of heart disease as it burns cholesterol, It can be annoying having an oily smell in the entire house. You will agree that the less smell after cooking the best. Cooking with an air fryer will cause much less odor, and the reason is simple, it uses little to no oil to cook your meals. Working mothers as its parts are safe dishwasher safe, it has large cooking capacity for all the family members favourite recipes, a motivation to cook at home after a hard tiring day a work e.g. Fries and chicken wings and make up with their children for the time they have missed throughout the day, it’s a time saver in short for working mothers as it saves a lot of time while cooking for the entire family with this air fryer and ladies can use this time to do their other chores or spend time with their kids. Suitable for hostel students as it’s a multi-cooker where a variety of meals can be cooked with this fryer such as fry, bake, roast and grill as hostel students who are the first time uses to cook alone and don’t normally have all the cooking appliances to full fill their needs of cooking and this air fryer is suitable and will make students feel home away from home, students can even cook frozen foods or heat up their leftovers 13 5.4 Competitor analysis The main focus of Phillips is to make the world more sustainable and healthier through innovation and has an ambitious goal to improve the lives of people. The digital platform has changed the conduct of individuals how they convey, connect with a search on the web. These days, individuals depend on online stage like Google and YouTube. To build the commitment Philips began an online cookery show with prestigious VIP culinary specialists and utilized their followership for the advancement of their item Philips Air fryer. Philips Home Living on their properties like Facebook, Blogs, and Twitter. Philips utilized the substance shrewdly by making intelligent exercises like Q&A posts, substance and talk meetings on the Facebook page. They have likewise constructed a microsite named FriedYetLight.com to make mindfulness about the item and how to utilize it. To expand the perceivability and exhibit they have likewise transferred every one of the Philips recordings on the site. To stay ahead of the competition, Phillips continue its focus on innovation and quality. The electronics industry is now getting crowded with new players and Phillip’s focus on innovation might help create a point of differentiation for the brand. (Bhasin, H., 2021) 14 5.5 Micro and Macro Environment Analysis of your product Air fryers can be considered as those kitchen appliances that fry food by circulating hot air utilizing the mechanism of convection. Advertised as a healthy, guilt-free way to enjoy your favourite fried foods, air fryers have become a popular kitchen appliance. They’re claimed to help lower the fat content of popular foods like french fries, chicken wings, and fish etc. Air fryers have had a recent surge in popularity due to a growing awareness of healthfulness and continuing demand for fried foods. People in America eat more potatoes than any other vegetable, with 40 percent of this total coming from frozen products, such as french fries. Makers of air fryers advertise this appliance as a route to making and enjoying fried foods without the adverse health effects of oil-fried foods. Air-fried foods have a lower fat content than deep-fried foods, which means they may be more healthful. However, some people are concerned about the possible health risks of using this new form of cooking, primarily due to fears over toxicity and cancer; others are sceptical about the alleged benefits of air-fried foods. Since air fryers require a fraction of the oil that deep fryers need, people can have a more healthful meal that has similar flavours and textures. This is desirable since lowering oil intake can be hugely beneficial for a person’s health. The worldwide air fryers market is fundamentally driven by the increment in the number of health-conscious individuals opting for oil-free food, so as to limit cholesterol levels. Moreover, increment in the disposable income of consumers, research and development, and technological advancements in the business are leading factors boosting the development of the air fryer market. Air fryers are the updated versions of electric fryers. Accessibility of a massive range of innovatively progressed air fryer items is bringing about a rising customer base and this is foreseen to fuel the market in the years to come 15 5.6 SWOT Strengths • Strong Free Cash Flow – Philips has strong free cash flows that provide resources in the hand of the company to expand into new projects. • Reliable suppliers – Has a strong base of reliable supplier of raw material thus enabling the company to overcome any supply chain bottlenecks. • Highly successful for its products. • A high level of customer satisfaction has able to achieve a high level of customer satisfaction among present customers and good brand equity among the potential customers. • Strong Brand Portfolio – Over the years Philips has invested in building a strong brand portfolio. The SWOT analysis of Philips just underlines this fact. This brand portfolio can be extremely useful if the organization wants to expand into new product categories. Weakness • There are gaps in the product range sold by the company. This lack of choice can give a new competitor a foothold in the market. • Not highly successful at integrating firms with the different work culture. As mentioned earlier even though Philips is successful at integrating small companies it has its share of failure to merge firms that have different work culture. • Need more investment in new technologies. Given the scale of expansion and different geographies the company is planning to expand into, Philips needs to put more money in technology to integrate the processes across the board. Right now the investment in technologies is not at par with the vision of the company. • Investment in Research and Development is below the fastest growing players in the industry. Even though Philips is spending above the industry average on Research and Development, it has not been able to compete with the leading players in the industry in terms of innovation. It has come across as a mature firm looking forward to bring out products based on tested features in the market. 16 • Not very good at product demand forecasting leading to a higher rate of missed opportunities compare to its competitors. One of the reasons why the days inventory is high compare to its competitors is that Philips is not very good at demand forecasting thus end up keeping higher inventory both in-house and in the channel. Opportunities • Economic uptick and increase in customer spending, after years of recession and slow growth rate in the industry, is an opportunity for Philips to capture new customers and increase its market share. • New trends in consumer behaviour can open up a new market for Philips. It provides a great opportunity for the organization to build new revenue streams and diversify into new product categories too. • New customers from online channel – Over the past few years the company has invested vast sum of money into the online platform. This investment has opened new sales channel for Philips. In the next few years the company can leverage this opportunity by knowing its customer better and serving their needs using big data analytics. • The market development will lead to dilution of competitor’s advantage and enable Philips to increase its competitiveness compare to the other competitors. • The new technology provides an opportunity to Philips to practices differentiated pricing strategy in the new market. It will enable the firm to maintain its loyal customers with great service and lure new customers through other value oriented propositions. • Opening up of new markets because of government agreement – the adoption of new technology standard and government free trade agreement has provided Philips an opportunity to enter a new emerging market. • New environmental policies – The new opportunities will create a level playing field for all the players in the industry. It represents a great opportunity for Philips to drive home its advantage in new technology and gain market share in the new product category. 17 Threats • As the company is operating in numerous countries it is exposed to currency fluctuations especially given the volatile political climate in several markets across the world. • Increasing trend toward isolationism in the American economy can lead to similar reaction from other government thus negatively impacting the international sales. • New technologies developed by the competitor or market disruptor could be a serious threat to the industry in the medium to long term future. • The demand for highly profitable products is seasonal in nature and any unlikely event during the peak season may impact the profitability of the company in the short to medium term. • Rising pay level especially movements such as $15 an hour and increasing prices in China can lead to serious pressure on the profitability of Philips • Imitation of counterfeit and low-quality product is also a threat to Philips’s product especially in the emerging markets and low-income markets. • Liability laws in different countries are different and Philips may be exposed to various liability claims given change in policies in those markets. • Rising raw material can pose a threat to Philips profitability. 5.7 Market Research Market research can assist businesses with their product strategy by identifying growth opportunities. When developing a strategy, businesses must consider how their product or service solves consumer problems, how their product is different from others and how their competitors address the same consumer needs Evaluate and decide on market entry using research in your product strategy. For example, maybe you are interested in high growth rates, or a mature market that needs innovation to revitalize growth. Whatever the case may be, research will help you determine which market is a better fit. 18 Beyond market analysis, you need to understand your target consumer. Who is your consumer? What are their needs? What are they looking for? What problems can I help them solve? These are all questions you should be asking when developing your strategy. When developing a product strategy, there are three main components that you should address: the consumer, the market and your competitors. Each helps answer the questions we outlined in this article. The goal of a product strategy is to better understand your product and the potential changes it might take in the future. This could help revolutionize an old product entering a maturity stage or develop a new and innovative product. Market research supports the creation of a definitive product strategy, helping exceed business targets. Euromonitor International’s market research can help. With data and analysis on more than 30 industries in 100 countries globally, we help develop your product strategy by identifying key markets for entry, competitive analysis, surveying consumers and identifying underlying consumer trends. 19 5.8 Consumer Behaviour There’s nothing quite like the crunchy, lip-smacking taste of fried food. Too bad much of that flavours come from the fat the food is fried in, which has been linked to ills including obesity and heart disease. Air fryers, which cook with very hot circulating air, are supposed to provide a healthier alternative to conventional frying because they use little or no oil. While they technically cook by convection roasting rather than frying, we found that an air fryer can deliver results similar to the real thing. We tried out the Philips HD9220/20 Digital Airfryer, $449, which measures roughly 12 inches wide and weighs in at 15 pounds. It houses a food basket, an electric heating element, and a fan. A digital touch screen lets you set a timer and the temperature (330° F, 360° F, or 390° F). Our testers air-fried french fries (fresh and frozen), potato fries, and chicken tenders with fantastic results. They also loved how the air fryer cooked steak, sausage, toasted cheese sandwiches, and burgers. “The potato fries were very crispy, the sausage was delicious, and the frozen fries tasted better than those cooked in regular and convection ovens,” says a customer. “Everything we made was as good as or better than when cooked in the oven.” Customers main piece of advice for using an air fryer? Don’t overload the basket. “It can slow down cooking and block the air from reaching all the food, so some pieces will turn out better than others”. We’re not claiming that foods cooked in an air fryer are the healthiest choices. But eating yummy versions cooked with less oil is certainly a good place to start. 20 5.9 Financial Analysis: MS Excel a) Advertising and promotion budget for 6 months AIR FRYER PROMOTION BUDGET BUDGET: $ 200,000 1st January - 31st July 2021 Total POS $ 7,394.00 $ 7,000.00 Total Travelling - WEST / NORTH $ 6,261.25 Total Roadshows - FBC /CFL Total SMS Sent to The Public Total Cookery Demo Hire Total Cookery Demo staff paid Total Fiji Sun - Newspaper Advertising Total Fiji Times - Newspaper Advertising Total Fiji Tv Total FBC EXPENSE GRAND TOTAL $ $ $ $ $ 40,919.20 12,756.32 13,300.00 1,400.50 13,733.50 $ 28,062.72 $ $ $ 8,400.00 7,000.00 146,227.49 Total Social Media Total Accommodation - WEST / NORTH 21 b) Advertising and promotion budget in detail 22 5.10 Implementation, Control & Evaluation (Marketing and Product development) Provide details of control and implementation mechanisms to ensure that your product is of top quality, priced affordably, and that the marketing campaigns are appropriate. Steps to Follow: You are required to research and understudy the marketplace for products already available and products that requires adjustments and modifications and what new products can be introduced in the marketplace. Conduct secondary research: visit companies; speak to consumers, online research, use textbooks, study articles. Design your product 23 6.0 Recommendations Your recommendations should be related to the topic related to Implementation, Control and Evaluation and what points you may recommend to further improve your product. 24 7.0 Conclusion A conclusion draws together and summarizes the ideas and findings presented in the body. 25 8.0 Bibliography/ References Hot Air Frying. 2021. Philips AirFryers. [online] Available at: <https://www.hotairfrying.com/philips-airfryers/> [Accessed 29 May 2021]. New Air Fryers. 2021. Review: Philips Viva Collection Airfryer 800gr. [online] Available at: <https://newairfryers.com/review-philips-viva-collection-airfryer-800gr/> [Accessed 5 June 2021]. Ipl.org. 2021. [online] Available at: <https://www.ipl.org/essay/Philips-Air-Fryer-CaseStudy-PKH45W3RJED6> [Accessed 25 May 2021]. Market Research Blog. 2021. How to Develop a Product Strategy: 3 Ways Market Research Can Help. [online] Available at: <https://blog.euromonitor.com/how-todevelop-a-product-strategy-3-ways-market-researchcanhelp/#:~:text=Market%20research%20can%20assist%20businesses,address%20the% 20same%20consumer%20needs.> [Accessed 21 May 2021]. Healthline. 2021. Should You Cook With Air Fryer?. [online] Available at: <https://www.healthline.com/nutrition/air-fryer#TOC_TITLE_HDR_6> [Accessed 5 June 2021]. Medicalnewstoday.com. 2021. Are air fryers healthy? Benefits and risks. [online] Available at: <https://www.medicalnewstoday.com/articles/324849#_noHeaderPrefixedContent> [Accessed 2 June 2021]. Agarwal, M., 2021. How Philips Promoted Its New Launched Airfryer On Digital Platform. [online] Digital Vidya. Available at: <https://www.digitalvidya.com/blog/howphilips-promoted-its-new-launched-airfryer-on-digital-platform/> [Accessed 5 June 2021]. Fern Fort University. 2021. Philips SWOT Analysis Matrix [step by step] Weighted SWOT. [online] Available at: <http://fernfortuniversity.com/termpapers/swot/1433/1131-philips.php> [Accessed 20 May 2021]. Stephanie Thurrott (2nd February 2020) An honest air fryer review: The pros and the cons of using an air fryer, Available at: https://www.nbcnews.com/better/lifestyle/i-lovedeverything-i-cooked-my-new-air-fryer-what-ncna1126056 (Accessed: 16 May 2021). 26 Team, M., 2021. Philips Marketing Mix (4Ps) Strategy | MBA Skool-Study.Learn.Share.. [online] MBA Skool-Study.Learn.Share. Available at: <https://www.mbaskool.com/marketing-mix/products/17000-philips.html> [Accessed 1 June 2021]. Bhasin, H., 2021. Marketing mix of Philips - Philips marketing mix. [online] Marketing91. Available at: <https://www.marketing91.com/marketing-mix-of-philips/> [Accessed 4 June 2021]. 27
