New Product Development Stage2. Market Sizing

New Product Development Stage

Instructions:

Format:

Double spaced, 12pt font

Business style writing

Individual work

Upload your work to the same place you downloaded the work from. (Assignment portal). No email assignment will be graded.

Please explain in 2 pages max. Total for the assignment.

Market Sizing. Explain/describe the Market Sizing process/procedure ONLY that lead to your final the size of market (The dollars amount).

You are now the marketing person for the New Product Development (NPD) Process. No continue the process and build on your idea.

Guidelines.

Please note all of the above bullets under guidelines may not be required of each of 6 of steps in NPD.  You should KNOW which ONES are required.

Due date: 04/21/2021

Submitted by: 11:30pm

Upload your work to the same place you downloaded the work from. (Assignment portal). No email assignment will be graded.

Student name:  Micaela Aquino

All Answers BELOW HERE:

VISIONNAIRE NUIT BEAUTY SLEEP PERFECTOR FACE MOISTURIZER is a very important part of someone’s skincare routine. Our goal is to change the ingredients that this product already has to something that is free of fragrance and other chemicals that might be causing breakouts and inflammations. Besides that, our purpose is to make this product the first cruelty free product that Lancôme has.

OUR MARKET SIZE

Define your target market:

Our target market are women, beauty gurus. People that are concern about having a flawless skin. The age range start from 15 years old to 50 years old.

Using the data from the census

Population: Women age 15 to 50=  6.5%+6.5%+7.1% + 6.8%= 26.9 = 27%

27% of the women uses moisturizer

How often is purchased?

It is used twice a day so on an average is it purchase every three months. 

Average retail price is =  $95

Total revenue 7.1B

New Price = $45

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