Research-based Marketing Plan Final Proposal - Product Development(250 words)

The development of biodegradable plastic bags by JGJ Inc. as a product development process presents different specifications, characteristics, and features that differentiate it from its competitors. To start with, product development is a complete process that aims at developing a new product or improving the existing one for customers. It is the idea of bringing new products into the market to solve individuals' problems in society and meet their needs. Product development involves different stages that include ideation, research, planning, and prototyping, sourcing, and costing (Cooper, 2019). This proposal will discuss two aspects of the market analysis as far as JGJ Inc. is concerned, which includes the key differentiating characteristics of the offering and the study of the market demand. Good intro and definition. Thanks for citing your resources.

Critical differentiating characteristics of the offering

Creating environmentally friendly products is the objective of every organization. In this case, biodegradable bags are preferred as they are eco-friendly and able to break down quickly to harmless materials than the other standard and traditional plastic (Dilkes-Hoffman et al., 2019). Some of the characteristics that can be offered from this product and enable JGJ company to be different from competitors include the ability of these plastics to be degraded by microorganisms present in the environment after entering the microbial food chain. The product can also have information on them that advocates preserving the environment and creating awareness among the users. This refers to having branded bags with information about product recycling and reusing. Besides, allowing your product to market itself is the best strategy to achieve a competitive advantage in the market. For JGJ, creating the right quality products that are durable and presentable to customers without putting much attention into profit maximization would be one of the best strategies to remain competitive. Additionally, having a mixture of pricing strategies like competitive pricing whereby the company chooses to reduce prices while prioritizing the product quality can be another differentiating characteristic that will help it thrive in the market. It would also be good for the company to maintain the culture of creating products that are environmental friendly in its production as this will help in building a name and a brand that is known for green production of production hence remaining competitive in its field (Ciriminna & Pagliaro, 2020)

I like that you included characteristics of microorganism degradation, branding, quality, and a green reputation. It would also be wise to tell JGJ what size and type of bag is requested by the market and what to introduce to the market first. That is, food storage bags, grocery shopping bags, garbage bags, etc. Do they introduce to the retail market first or the industrial/commercial market as you stated in your 1.3 buyer profile section? Be specific and detailed.

Analysis of demand in the market

It is essential to understand the patterns and how the best demand can be managed to demand analysis. The market fluctuates over time, and this is an essential factor for JGJ Inc. to consider. The company can test and know how fast the product will be moving in the market and find the best ways to supply them. The quantity of these biodegradable plastic products in the market is yet to reach a point whereby customers have a wide variety of choices. Therefore, this means that the company has the task of producing more products to meet customer needs. Besides, plastic bags are widely used, and this means the demand is ever-growing. The quantity currently selling in the market is yet to meet the required customer needs bearing in mind that many countries have not embraced the concept of green production. This translates to the condition of having market research and finds out countries that can have biodegradable plastics being shipped to. This research thus will help in understanding the demand patterns and provide room for increased production. With a good strategy in place, JGJ's can achieve market growth, which is recommendable and helps solve customer requirements. Good info for JGJ to know.

References

Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47.