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New product development and the marketing of a locally made whisky

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dc.contributor.author Boelens JG en
dc.date.accessioned 2016-09-22T09:16:38Z
dc.date.available 2016-09-22T09:16:38Z
dc.date.submitted 1978 en
dc.identifier.uri http://hdl.handle.net/20.500.11892/52553
dc.description.abstract In most industries, the same characteristic life-cycle pattern seems to occur: fast initial take-off, then a period of steady growth, finally stagnation and decline. Companies fail after a long history of success because management becomes complacent and loses touch with changes in the market place. Every existing product will sooner or later be replaced by something else. No company can therefore survive without the generation of new products. A carefully planned and well-organised programme is required for the co-ordination of the new-product development effort. At various stages on the way to introduction, all aspects of the project should be evaluated to ether to reduce the risk of a costly failure. Three main stages can be identified in the development programme: idea generation, idea appraisal and the total concept stage. In the last two stages, we first investigate whether there is potential for the product and whether it can be made, and then what the consumers really want. Critical elements are market segmentation, the pricing strategy and the forecasting of target market potential. Although the high failure rate of new products is disconcerting, it is better for a firm to allow a few failures than to be too risk averse and eliminate potential big successes. Locally made whisky looks like a new-product idea with great potential. Assuming that manufacturing cost would he lower than the price of imported Scotch, a cheaper whisky could be brought on the market. It would appeal to the price-conscious casual drinker who likes mixed drinks, and also to people who find whisky too expensive at present. The local producer would get a share in the R70 million whisky market and save the country valuable foreign exchange. Whisky can be made in a number of ways and in different price and quality ranges. Basically, there are three types: malt whisky, grain whisky and blended whisky which is a mixture of the other two. In the short-term, an attractive product can be made by blending imported Scotch whisky with local grain whisky of neutral character. The production of malt whisky and proper grain whisky requires a more lengthy and costly development programme to establish the process parameters to get good quality. There is no ground for the assumption that whisky can only be made in Scotland. Although Scotch whisky is certainly a unique product, good whisky can be made in a number of-places, one of which could be South Africa. en
dc.language English en
dc.subject Business administration / Business leadership en
dc.subject Marketing management en
dc.title New product development and the marketing of a locally made whisky en
dc.type Masters degree en
dc.description.degree MBA en

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