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A PROJECT REPORT ON
NEW PRODUCT DEVELOPMENT –
A STUDY OF SMILINE LOYALTY CARDS
A SUMMER INTERNSHIP PROJECT REPORT SUBMITTED TO
OSMANIA UNIVERSITY, HYDERABAD.
IN PARTIAL FULFILLMENT OF THE SUMMER INTERNSHIP PROGRAMME OF
B.Com (Honours) - 3rd year
By
Name – Taranpreet Singh Muchal
Roll No . -128-08-01803
AURORA’S DEGREE & PG COLLEGE
(AFFILIATED TO OSMANIA UNIVERSITY)
CHIKKADPALLY, HYDERABAD – 500 020.
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CertificateThis is to certify that the project work entitled
NEW PRODUCT DEVELOPMENT
- A STUDY OF SMILINE LOYALTY CARDS
Is the bonafide work done by
NAME- Taranpreet Singh Muchal
ROLL NO. – 128-08-01803
as a part of their curriculum in the Department of Commerce
Aurora’s Degree & PG College,
Chikkadpally, Hyderabad-20.
This work has been carried out under my guidance
Dr. Ravi Paturi Course Coordinator Head of Dept.
Principal
ExternalExaminer
Aurora’s Degree & PG College, Chikkadpally, Hyderabad-20.
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DECLARATION
This is to inform that I, Taranpreet Singh Muchal of B.Com (Hons) III have
completed my project work titled New Product Development – A Case Study
of Smiline Loyalty Cards in the year 2009-2010. I have completed my project
under the guidance of Ms. Satyavathi , Faculty of Department of Commerce,Aurora’s Degree College, Chikkadpally, Hyderabad.
I hereby declare that this project report submitted by me to Osmania University,
Hyderabad, is an original work done as part of our academic course and has not
been submitted to any other University or Institution for the award of any degree
or diploma.
Taranpreet Singh Muchal
128-08-01803
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TO WHOMSOEVER IT MAY CONCERN
I certify that Taranpreet Singh Muchal of B.Com Honours III rd Year bearing Roll No 128-
08-01803 has done the project titled “ NEW PRODUCT DEVELOPMENT – A CASE
STUDY OF SMILINE LOYALTY CARDS ” under my guidance.
Ms. Satyavathi
Commerce Faculty
(Internal Guide)
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ACKNOWLEDGEMENT
I express my sincere thanks to the staff and management of Aurora’s Degree
College for giving me an opportunity to undertake this project work.
It is my pleasant duty to express my profound gratitude and extreme regards
to my Mentor Ms. Satyavathi without whose learned and able guidance and
encouragement, this work would not have been completed.
I would also like to thank my project External Mentor Dr. Ram Krishna and his
staff for their cooperation in completion of my project in the required time.
It‘s an honor to thank Principal Dr. Ravi Paturi and Vice Principal & Head of
Department Mr. Viswanadham Bulusu who has given me this opportunity.
I’m also thankful to all my family members, classmates and friend who
helped me in carrying out this project.
Name : TARANPREET SINGH MUCHAL
Roll No : 128-08-01803
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Chapter 1IntroductionThis chapter contains introduction, importance and scope of marketing in
general. It also explains the concept of New Product Development. It contains
literature reviewed, the need of the study, the objectives, scope of the study,
period of the study, methodology adopted, limitations of the study and
chapterization.
INTRODUCTION
Marketing is everywhere. Formally or informally, people and organizations
engage in a vast number of activities that we could call marketing. Good
marketing has become an increasingly vital ingredient for business success. And
marketing profoundly affects our day lives. It is embedded in everything we do-
from clothes we wear, to the web sites we click on, to the ads we see.
Marketing (or advertising) is the process by which companies advertise products
or services to potential customers. It is an integrated process through which
companies create value for customers and build strong customer relationships in
order to capture value from customers in return .
Marketing is used to create the customer to keep the customer and to satisfy the
customer. With the customer as the focus of its activities, it can be concluded
that marketing management is one of the major components of business
management. The evolution of marketing was caused due to mature markets ties
in the last decades. Companies then shifted the focus from production to thecustomer in order to stay profitable
The term marketing concept holds that achieving organizational goals depends
on knowing the needs and wants of target markets and delivering the desired
satisfactions. It proposes that in order to satisfy its organizational objectives, an
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organization should anticipate the needs and wants of consumers and satisfy
these more effectively than competitors.
Good marketing is no accident, but a result of careful planning and execution. It
is both an art and a science-there is a constant tension between its formulated
side and its creative side. It’s easier to learn the formulated side, which will
occupy most of our attention in this book, but we will also describe how real
creativity and passion operate in many companies. In this chapter, we lay the
foundation for our study by reviewing a number of important marketing concepts,
tools, frameworks, and issues.
Mangers sometimes think of marketing as “the art of selling products” but many
people are surprised when hear that selling is not the most important part of
marketing! Selling is only the trip of the marketing iceberg. Peter Drucker, a
leading management theorist, puts it this way:
There will always, one can assume, be need for some selling. But the aim of
marketing is to make selling superfluous. The aim of marketing is to know and
understand the customer so well that the product or service fits him and sells
itself. Ideally, marketing should result in a customer who is ready to buy. All that
should be needed then is to make the product or service available.
Marketing is defined by the American Marketing Association [AMA] as "the
activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and
society at large." The term developed from the original meaning which referred
literally to going to a market to buy or sell goods or services. Seen from a
systems point of view, sales process engineering of processes that are
interconnected and interdependent with other functions, whose methods can be
improved using a variety of relatively new approaches."
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SCOPE OF MARKETING
Marketing is about identifying and meeting human and social needs. One of the
shortest good definitions of marketing is “meeting needs profitably”.
Marketing management is an art and science of choosing target markets and
getting, keeping, and growing, customers through creating, delivering and
communicating superior customer value. Marketing is a societal process by
which individuals and groups obtain what they need and want through creating,
offering, and freely exchanging products and services of value with others.
Marketing management is a business discipline which is focused on the practical
application of marketing techniques and the management of a firm's marketing
resources and activities. Rapidly emerging forces of globalization have
compelled firms to market beyond the borders of their home country making
International Marketing highly significant and an integral part of a firm's marketing
strategy. Marketing managers are often responsible for influencing the level,
timing, and composition of customer demand accepted definition of the term. In
part, this is because the role of a marketing manager can vary significantly based
on a business' size, corporate culture and industry context. For example, in a
large consumer products company, the marketing manager may act as theoverall general manager of his or her assigned product. From this perspective, it
consists of 5 steps, beginning with the market & environment research. After
fixing the targets and setting the strategies, they will be realized by the marketing
mix in step 4. The last step in the process is the marketing controlling. Marketing
management strategy and design effective, cost-efficient implementation
programs, firms must possess a detailed, objective understanding of their own
business and the market in which they operate. In analyzing these issues, the
discipline of marketing management often overlaps with the related discipline of
strategic planning traditionally, marketing analysis was structured into three
areas: Customer analysis, Company analysis, and competitor analysis (so-called
"3Cs" analysis). More recently, it has become fashionable in some marketing
circles to divide these further into certain five "Cs": Customer analysis, Company
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analysis, Collaborator analysis, Competitor analysis, and analysis of the industry
Context. Department analysis is to develop a schematic diagram for market
segmentation, breaking down the market into various constituent groups of
customers, which are called customer segments or market segmentations.
Marketing managers work to develop detailed profiles of each segment, focusing
on any number of variables that may differ among the segments: demographic,
psychographic, geographic, behavioral, needs-benefit, and other factors may all
be examined. Marketers also attempt to track these segments' perceptions of the
various products in the market using tools such as perceptual mapping. In
company analysis, marketers focus on understanding the company's cost
structure and cost position relative to competitors, as well as working to identify a
firm's core competencies and other competitively distinct company resources.
Marketing managers may also work with the accounting department to analyze
the profits the firm is generating from various product lines and customer
accounts. The company may also conduct periodic brand audits to assess the
strength of its brands and sources of brand equity. The firm's collaborators may
also be profiled, which may include various suppliers, distributors and other
channel partners, joint venture partners, and others. An analysis of
complementary products may also be performed if such products exist.
Marketing management employs various tools from economics and competitive
strategy to analyze the industry context in which the firm operates. These include
porter’s five forces, analysis of strategic groups of competitors, value chain
analysis and others Depending on the industry, the regulatory context may also
be important to examine in detail. In Competitor analysis, marketers build
detailed profiles of each competitor in the market, focusing especially on their
relative competitive strengths and weaknesses using SWOT analysis Marketingmanagers will examine each competitor's cost structure, sources of profits,
resources and competencies, competitive positioning and product differentiation,
degree of vertical integration, historical responses to industry developments, and
other factors.
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Marketing management often finds it necessary to invest in research to collect
the data required to perform accurate marketing analysis. As such, they often
conduct market research (alternately marketing research) to obtain this
information. Marketers employ a variety of techniques to conduct market
research, but some of the more common include:
1. Qualitative marketing research , such as focus groups
2. Quantitative marketing strategy , such as statistical surveys
3. Experimental techniques such as test marks
4. Observational techniques such as ethnography (on-site) observation
Marketing managers may also design and oversee various environmental
scanning and competitive intelligence processes to help identify trends and
inform the company's marketing analysis.
IMPORTANCE OF MARKETING
Financial success often depends on marketing ability. Finance, operations,
accounting, and other business function will not really if there isn’t sufficient
demand for products and services so the company can make a profit. Many
companies have now created a chief marketing officer, or (CMO), position to put
marketing on a more equal footing officer with other C-level executives, such as
the chief executive officer (CEO) and chief financial officer (CFO).
In stating their business priorities, CEOs acknowledge the importance of
marketing. One of the surveys of the top 10 challenges CEOs face around the
world in 2006 revealed that among the top 5 were both “sustained and steady top
line growth” and “customer loyalty/ retention” challenges whose achievement
depends heavily on marketing. CEOs also recognize the importance of marketing
to building brands and a loyal customer base, intangible assets that make up a
large percentage of the value of a firm.
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From being a very small fish to becoming the big one and then the biggest
among all; this is how few brands have changed with time e-g: Levis Microsoft
and many other "The Big Fish" The financial success of such brands have been
depending on combined efforts of their financial strategies and their marketing
efforts. One thing that's been common among all there brands is a high degree of
brand loyalty. They have managed to capture the share of heart and in turn
share of customer’s wallet.
Companies now understand that marketing plays an important roll in their overall
success, so now companies have CMOs (Chief Marketing Officer) along with
CFOs and CEOs. They understand that if there are functions close to customers
its ether Sales or Marketing. Sales become a direct interface among customsand products offered by companies, and marketing is an indirect function
between customer and the company.
But what makes marketing so big? Why is it important? If you have a great
product you are bound to succeed then why do u need to spend on marketing /
advertising?
The answer to these questions lies deep within the customer’s brain. Customers /consumers are smart and they understand what makes your product different
form mine. If you are offering then 1 % more that what I do why should they pay
me rather than paying you? That’s the point. And secondly it’s important to
communicate the product offerings to the end user. If a marketing team has
worked hard on understanding the consumer needs they need to make sure their
customers get a feel “This brand knows what I want”. Trust me this is the only
major differentiator between why your 1% more is able to get you more loyal and
more number of customers.
The time has changed. To products that are offered by a brand you have "n"
number of more substitutes and consumers get to know which the better is
substitute that suites there requirements. So it is important to make sure that
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marketing efforts are more on understanding the changing needs on today’s
customer. We need to understand the minds of customers. It’s rightly said
“customer is KING”
Marketing managers need to understand the customer needs and they need to
make their major decisions such as the features to include, the price to be
offered to customers and what to spend on advertisements.
Marketing today has become an emotional research which helps understanding
customer and consumers psychology so that products are developed based on
these understanding. The marketing managers need to answer following
questions:
• How do we find the right market segment?• How do we differentiate?• How can we compete with low cost business models?• How do we build a better brand?• How do we reduce cost of customer acquisition ?
A successful Marketing team can carefully analyze customer needs and carefully
monitor there competitors marketing moves. Remember a short term sales driven
view does not work in business world today. The C-level managers, the CEO,
CFO should communicate importance of marketing in an organization, how the
marketing function plays a great role in organizations success.
CHANGING TRENDS IN MARKETING
The markets are changing. And that is a fact that cannot be denied. In fact, they
are more dynamic than ever before, and the rate of change is phenomenal.
Changing marketing trends are a beyond our control. The reason we are talking
about this topic today is because of the current market situation, where everyone
is so worried about everything. If you look back into the history of our finances,
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there has never been a time so strong and with such a lot of growth opportunity
as we've had over the last few years. But then, all things change, and what goes
up must come down (according to an old Indian saying). But a lot of things are
looking up. There is a lot of market potential in emerging markets, and all we
need to do is look beyond our borders, and things will be fine. The problem with
some fellow baby boomers is that we do not look beyond the USA. The USA has
been the first country to foster globalization, and today, we believe that the same
globalization is threatening us. However, once we break free the psychological
shackles that we have created for ourselves and truly believe that the whole
world is one global village, new opportunities will suddenly crop up.
Our children, the echo boomers, are better than we are in comprehending this.They are more global in their outlook, and thanks to the work that we have done,
they have the whole world to do business with. And with e-commerce playing a
larger and larger role in our daily life, the market trends are bound to change. So,
sit back, enjoy and adapt to these changes. That will ensure that our lives are
happy and we stay in control.
NEW PRODUCT DEVELOPMENT
In business and engineering, new product development (NPD) is the term used
to describe the complete process of bringing a new product or service to market.
There are two parallel paths involved in the NPD process: one involves the idea
generation, product design, and detail engineering; the other involves market
research and marketing analysis. Companies typically see new product
development as the first stage in generating and commercializing new products
within the overall strategic process of product life cycle management used to
maintain or grow their market share.
The New Product Development (NPD) Process, also known as Product
Realization Process (PRP), is a company's formal process for controlling and
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monitoring the flow of ideas into successful product launches. In leading
organizations, this is a structured process with the following typical objectives:
• Encourage and facilitate the review of a large number of new ideas or
concepts• Through rigorous analysis and decision making at specific review points,
prioritize these to a few appropriately resourced programs with the highest
likelihood of market success.• Minimize the number of products that are cancelled in the later (most
expensive) development stages or are released with unsuccessful results• Accelerate time to market and reduce break-even times for the product
program• Continuous improvement of the development process
In practice, organizations tailor the new product development process to their
own environment, and will often combine stages (reducing the number of stage
reviews) for certain types of products or for smaller product programs. In
addition, many organizations are modifying the process to facilitate agile
development methods, where customer feedback is solicited throughout the
development cycle to allow for quicker adjustments.
The process can be visualized as a funnel with a large number of new product
ideas entering the concept stage, narrowing to a fewer number of fully resourced
product programs in subsequent stages. Separating each stage is a gate or
phase review where a decision is made to kill the product, enter into the next
stage or redirect back to a previous stage for additional work. A typical
development process is show below:
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Visual Representation of New Product Development
Source: Robert G Cooper, (2003) Winning at New Products
NEED FOR STUDY
As today we are in 21 st century so its really important for everybody to change
with the time so new product development is one aspect of them were we have
to constantly change our minds to market our products in every way possible a
true marketer is a person who can sell “anything for everything” The rapid pace
of change that engulfed businesses toward the end of the twentieth century put
an even greater burden on companies to build adaptive capabilities into their
organizations. Global competition means there are more competitors capable of
world-class performance. This has made competition more intense, rigorous, and
aggressive than ever before. Fragmenting and more sophisticated markets mean
that consumers demand more from products in terms of quality, differentiation,
and "meaningfulness."
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New technologies have had two important outcomes in regards to innovation.
First, new technologies are responsible for this new market sophistication in
which consumers have more choices and are thus more demanding. Secondly,
new technology has increased manufacturers' capabilities for rapid response to
shifting market needs.
Finally, product life cycles have become more compressed as the skills required
for developing new products increase in complexity. For example, consider the
development of a new type of computer software. The expertise needed to
develop the software from conception to commercialization might take years. The
product's life cycle in such a competitive and turbulent environment might last
only a few months. Therefore, companies have embraced the view that newproducts are transient, whereas the skills and expertise needed to develop these
products are a much more persistent requirement for success. Instead of the
mono-approach, in which technology or markets drive innovation, new product
development now requires a convergence of technology, marketing, product
design, engineering, and manufacturing capabilities. Speed, efficiency, and
quality in product development are the challenges that new product development
faces in today's intense competitive environment.
REVIEW OF LITERATURE
New Product Evaluation:
Three avoidable focus group mistakes: - by Phil Glowatz
According to Phil glowatz three mistakes made by the developers at the new
product development are explained as follows
1. Biasing respondents before they react to your concepts.
In this developers present the product in front to some group for discussions
that group first only makes an impression of the product which the developer
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cannot clear so this problem creates a lot of problem to move head. The group
can raise points on its needs working etc. so the developer should not do this it
can cause a problem for the qualitative importance of the product.
2: Counting all "votes" the same.This is also again a basic problem at the development stage made by the
developer this problem is that when the moderator shows a new product concept
to the group, asks who wants to buy it, and six of the eight hands go up.
The mistake is in believing each hand expresses the same degree of purchase
interest. They do not! In a qualitative research setting it is important to
differentiate the degree of enthusiasm that consumers have for your ideas by
looking beyond the mere fact they raise their hands. For instance, the ways in
which hands are raised are telling indicators of respondents' true levels of
interest:
The slow hand takes that the product is minimal so his enthusiasm is less
towards that’s why he take a time to decide. The Twitchy Hand rotates back and
forth at the wrist as it is being raised--often slowly--so chances are this consumer
really means, "I'm not sure."
The Fast Hand. This hand shoots up quickly, which can indicate a degree of
enthusiasm for the product. Fast Hands are one of the types of positive
responses you have to see across several groups before you can judge a
concept truly well-received.
3: Taking "yes" for an answer.
When most or all of the respondents in a group say they want your new product,
do not stop there and assume that you have a winner. Near-unanimous purchase
interest simply doesn't exist in the real world. Indeed, respondents can be
promiscuous in "voting" for concepts, because no money is changing hands, thus
no real commitment is necessary. So, probe beyond the positive reaction. Ask if
respondents are sure they want your product, and listen for a convincing reason
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why. If the product is somewhat similar to others, why do they need it, and what
is its key benefit relative to other choices? Reasons for purchase interest must be
challenged. This may make the marketing and research managers feel uneasy in
the viewing room, but they would feel even worse if a so-so product flopped in
the marketplace.
Article 2:- A New Product Adoption Model with Price, Advertising, and
Uncertainty - Shlomo Kalish
Recanati Graduate School of Business Administration, Tel Aviv University, Tel
Aviv, Israel and Graduate School of Management, University of Rochester,
Rochester, New York 14627
This paper introduces a framework for modeling innovation diffusion that includes
price and advertising. The adoption of a new product is characterized by two
steps: awareness and adoption. Awareness is the stage of being informed about
the product search attributes. The process of becoming aware is modeled as a
simple "epidemic" type model, where the information is spread by advertising and
word of mouth. The second step, adoption, is conditional on awareness, and it
occurs if the perceived risk adjusted value of the product exceeds its selling price.
The population is heterogeneous with respect to valuation of the product.
Individuals are risk averse, and therefore are willing to pay more for the product,
on the average, as information from early adopters reduces uncertainty about the
product. Optimal control of the diffusion process by pricing and advertising over
time is analyzed, and a comparative estimation of the model in one application is
reported.
Article 3rd
:- On Decision making in new product development
Whetten (1993) stated that The decision perspective also seems to provide a
description of product development that is both comprehensive and
parsimonious, perhaps because it cuts across the functional perspectives without
getting involved in the functional details of how the decisions are made.
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Article 4 th:- 8 lessons on the marketing strategies developed for a new product
1 st lesson: - Research the competition
The first lesson explains before launching a new product in the market
we should keep a track on the our competition and make a detailed research on
it
2 nd lesson: Know your customers' values.
It says that don’t be into the assumption that your customers will buy
your product when we have a lesser price. No its wrong brand value, quality etc
also plays an important role into so we have to our customer value what the most
3 rd lesson: Identify opportunities.
By analyzing the above to we can know where is our need and so that
we can grab that opportunity.
4 th lesson: Develop a positioning based on opportunity.
Using knowledge from the first three lessons, they positioned
themselves as the quality alternative and on focusing on providing different
benefits than their nearest competitors
5 th lesson: Create a catchy tag line .
We have to make a very catchy tagline for our product for the
advertisement.
6 th lesson: Spread the Word.
It means marketing through pamplets ads and news paper adds etc.
7 th lesson: Subterfuge is a poor long-term strategy.
It explains that we should not show any unethical things in the add, so
that it would not create a problem in the long run for us.
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8 th lesson: Implement until you're blue in the face
It says we should not get disheartened when we are not successful
we should try again and again for the success.
OBJECTIVES OF STUDY
1. To understand different marketing strategies for a new product.
2. To know what is the impact of the advertisement on the customers.
HYPOTHESIS
H0 – There is no impact of advertising on customers.
METHODOLOGY
A central part of the research activity is to develop an effective research or
design. Research methodology involves most of the suitable methods of
investigation. The nature of the research instruments, the sample plant and the
types of data.
Research design
A research design is purely the frame work or plan for the study that actually
guides towards the collection and analysis of the data.
Descriptive research design
Descriptive research study is totally concerned with determining frequency with
which a particular situation occurs or it’s the study about how to variables vary
together. This study is typically guided by an initial hypothesis
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Data collection methods
1. Primary data
Primary data is collected through the well – structured questionnaire. Thismethod of data is quite popular. Administering questionnaire to the
respondents directly and collecting the information immediately.
2. Sampling
Only a few units of population under the study are considered for the
analysis and this is called sampling. Data is collected from about 50
respondents who have seen the advertisement. It is one of the non-probity sampling methods.
Sampling plan
Data source : Primary data
Research approach : Survey
Research instrument : Questionnaire
Method of contact : Personal
Questionnaire
Data collection through questionnaire basis is one of the most popular and it is
well defined and sequentially structured research work approach. The
questionnaire is prepared in such a way that it cover comprehensive objective of the entire study being made. It includes all open end and multiple choice
questions in order to make the study more efficient and informative to its
reader’s.
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SAMPLE
The sample was taken from the people who have seen the ad played by Smiline
Dental Hospitals in popular multiplexes in the twin cities of Hyderabad and
Secunderabad. A random sample of 100 people, 50 male and 50 female wasconsidered for the study.
TECHNIQUES OF ANALYSIS
The comparative study is done with the help of χ 2. Application of percentages
and graphs has been done to give clarity to the data collected.
SOURCES OF DATA
The data required for the study is collected both from primary and secondary
sources. Primary data is collected by conducting personal interviews, discussions
with the old and new customers considered for the study. In addition, data was
collected through questionnaires, feedback, observations etc.
Secondary data includes the information of the old customers and the
prospective ones collected from various sources. Research studies conducted by
individuals, institutions and agencies, and various other journals were
considered.
PERIOD OF THE STUDY
The study tries to understand the effect of advertising on customers of Smiline
Dental Hospitals. The study spread over a period of two years i.e., from 2007 to
2009.
SCOPE OF THE STUDY
The data required for the present study was collected using questionnaires. The
data was collected from the consumers who have seen the ads played at the
multiplexes which were taken for the study. 50 female and 50 male, a total of 100
people were considered for the study.
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CHAPTERISATION
Chapter – I INTRODUCTION
This chapter contains introduction, importance and scope of marketing in
general. It also explains the concept of New Product Development. It contains
literature reviewed, the need of the study, the objectives, scope of the study,
period of the study, methodology adopted, limitations of the study and
chapterization.
Chapter – II SMILINE DENTAL HOSPITALS –A COMPANY PROFILE
This chapter was taken up to an extensive study on the company as such. This
chapter explores the services offered by the hospitals and the new productconsidered for the study. This chapter also dwells into the marketing strategies
adopted by the company and the reasons for the same.
Chapter – III MARKETING STRATEGIES FOR NEW PRODUCT
DEVELEOPMENT
New product development is a crucial role for any company as it involves huge
amount of costs. Marketing strategies have to be carefully examined and the best
has to be selected as per the target customers.
Chapter – IV DATA ANALYSIS AND INTERPRETATION
In current global market, companies are composed by competitors, regardless of
industry. To develop a competitive advantage, it is important that firms truly
leverage on the marketing as a competitive weapon. This chapter analyzes the
various effects of advertising on customes.
Chapter – V SUMMARY, CONCLUSIONS AND SUGGESTIONS
This chapter being the last chapter gives conclusions and suggestions and briefly
explains the objectives, methodology, findings and limitations of the study. This
chapter also gives the scope for further study.
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LIMITATIONS OF STUDY
The major limitation of the study is that the questionnaires were
given to the intermediary 9or0 final consumer so that ultimate purchase
decision maker is not a part of the picture and hence forth the study is done
from an individual’s point of view.
Primary data analysis is solely dependent on the opinion of the
respondents.
The study was confined only to the people who have seen the
advertisement.
There could be a possibly for an occurrence of a sampling error like
Selection process and non response error.The response of the customer depends on various factors like
experiences, motivational factors, biased opinions, personal feelings etc
No attempt has been made in this study to do a longitudinal
analysis, that is, to explore the influence of these strategies over a period of
time.
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Chapter 2Smiline Dental Hospitals – ACompany ProfileSmiline is a pioneer in creating world class state of the art dental hospital – a first
of its kind. It has been in existence for over a decade and has proven its mettle
by adding more services and technology for the benefit of its customers/patients.
Smiline has also expanded to other areas in the city.
Smiline Dental Hospitals Hyderabad has an ambience and treatment
philosophy that falls in line with the best in the business worldwide. Armed with
the most advanced dental technology, a highly specialized team of doctors and
support staff ensure that patient care and treatment complement each other in
every way.
SMILESURANCE Loyalty Card
Smiline plans to introduce ‘SMILESURANCE Loyalty Cards’ for existing users
Details of the Card
o Price Advantage
o User advantage
o How to go about it
o Options of being part of GAS Foundation
This package includes a comprehensive oral health screening programmes for
existing, loyal customers who have made more than one visit to the hospital.
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This Includes:
1. Twice a year the Oral Hygiene conditions will be assessed and
based on this the patient will be counseled. This includes the
existing oral condition which includes condition of the teeth, gums,
decay rate, past dental works and what is required to be done
2. Formulate a prevention plan for possible dental problem, twice a
year
3. Perform oral prophylaxis (teeth and gum cleaning). Advice on
personal care once a year including giving a dental care kit which
will contain a dental floss with a holder and a mouthwash.
4. Each visit would accrue points which can be used for future dentalexpenses or works
5. Periodic reminders on patients pending works or future
appointments through email or phone as per the convenience of the
patient
6. Regular newsletters on new trends and facilities in the field of
dentistry as well as in Smiline
THE CARD
There are 3 types of cards designed for the convenience of the customer
Smilesurance Single User Card (SSU) – Only the card holder gets the benefit
of 2 screenings and one prophylaxis
Smilesurance Single Floater User (SSFU) – Apart from the card user, his
immediate 4 family members can use the card subject to a maximum of 2screenings and one prophylaxis
Smilesurance Family User (SFU) – This is for 4 family members who can use it
individually for 2 screenings and 1 prophylaxis treatment each.
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Smilesurance Group User (SGSFU)
SMILE CORP – Corporate Card
o
Aimed at corporateso Target 50-100 corporates
o Tell them the need for a corporate card
o The facilities
o Regular dental checks a must
o If corporates buy 50-100 card price benefit, plus priority in
appointments flexibility of usage
o Support staff follow-ups
o Newsletter every quarter
o Eligible for future schemes
o Opportunity to be part of GASF as part of corporate Social
Responsibility ie, either by cash or kind
Littlesmiles – Kids Dentistry
The Idea
Littlesmiles is a first of its kind offering from Smiline aimed at raising awareness
for the need for a comprehensive dental plan for children as most people ignore
this highly important component. Unlike the west where going to the dentist is
almost like a religion, here in India it is the most neglected.
Over the past ten years Smiline hospitals has been rendering its relentless
service to the society in the form of school dental health education, free dental
checkup and treatment to urban and rural school children through its mobile
dental clinic.
Infrastructure and back-up support
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Objectives:
• To introduce pain free dentistry to children in order to get rid of their
inhibition of visiting a dentist.• To maintain a play area in order to ensure sustaining motivation and
enthusiasm through comfortable and relaxing ambience.• To conduct various competitions for children relevant to dentistry.• To educate parents and school teachers along with school children.
To organize exposure visits to Smiline dental studio for better understanding of
dental procedures and state of art dental equipments
The Event
Most schools have occasional dental camps which are sponsored by toothpaste
companies. Some doctors also conduct camps which are mass in nature and no
individual attention to the child is hardly possible. Smiline has worked out a very
novel idea of getting a camp organized which is practical, workable, and
controllable and finally something that a child would love. These camps would be
at the hospital rather than at the schools.
Smiline will communicate to select schools asking them to send their children
with prior appointments through the means of registration to the hospital so that
the child’s dental health and care can be viewed holistically.
The fun filled event on Saturdays will be between 2 -5 PM so that parents can
also accompany the children and get a firsthand experience of the features and
facilities at Smiline.
• To make dentistry a painless and fun filled experience• To create a positive outlook towards dentistry and make dental health a
way of life
Activities at Smiline Hospitals
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• Creation of a child friendly pediatric section• Weekend programmes for children on every Saturday between 2 and 5
PM• Orientation of staff on the Dental Hygiene Campaign and their roles in
making it successful• Free Dental screening for all the children who walk
The weekend programs should be fun, entertaining, educative, and informative.
Registrations
Since all walk-ins will be from schools, it is imperative that a proper registration
mechanism is worked out to ensure a smooth flow of children and patients at alllevels.
Communications to schools will raise the curiosity level
Support staff at the hospital will make personal calls to request for a personal
presentation
A doctor and a support staff will make a Presentation on the role of a holisticapproach to dental health
Support staff will put up posters and banners in the school and leave behind a
register for enquiries.
Registrations will happen online and each child given a particular day/slot
Special events like a 2k run for raising awareness levels can be conducted
periodically
Gift-a-smile Foundation
Smiline does not believe in just running a dental hospital. A deep rooted
commitment to give back to the society- more importantly the underprivileged- is
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the underlying core philosophy. Keeping this in mind it has started the Smiline
Gift – A –Smile Foundation which works as an interface between the individual,
corporate and the needy.
AIMS AND OBJECTIVES:
The main aim of “Gift a smile Foundation” is to render free dental counseling,
dental check up, and rendering quality dental treatment to the poorest of poor
either free or at nominal fee at their door step through mobile dental clinics and
rural dental clinics. Gift A Smile Foundation also shall have the following
objectives.
To conduct School Dental Health checkup programmesTo conduct Dental health awareness Programmes of all
kinds including Dental Checkups, Dental health exhibitions,
Slide shows, competitions for children and youth
To provide other welfare facilities like free safe drinking
water free from fluorides, Calcium rich medicines or food to
pregnant women and growing children and also
distribution of tooth brushes and tooth powdersTo conduct Dental treatment camps for rural poor and school
children, scheduled castes, scheduled tribes, physically
handicapped, aged persons, women, etc., through mobile
dental clinics
To Start Rural dental clinics at block level catering to the
needs of around 25 surrounding villages. A full time
qualified dental surgeon will be appointed to conduct basic
dental treatment procedures like extractions, scaling and
fillings. A nominal fee of Rs. 10/- per patient will be collected
towards registration. It includes dental checkup, Treatment.
Dental clinics will be well equipped with modern instruments
and X ray facilities
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To train youth as Dental Hygienists, Chair side assistants,
dental technicians and dental Mechanics which are skilled
and semi skilled jobs suitable for outside and self
employment opportunities available either independently or
in collaboration with other organization
To provide job opportunities to needy Dental students by
conducting campus selections
To provide scholarships to the poor students studying in
Government or Private Dental colleges under Government
quota
To conduct and organize research programmes, to conduct
surveys, studies, publish research findings, educativematerials, bulletins, periodicals and other material related to
dentistry
To conduct public meetings, seminars, symposia, work-
shops, discussions, debates, demonstrations, exhibitions,
cultural programmes, film shows, to give programmes on
Radio, Television, Press etc.,
To co-ordinate with individuals, voluntary organizationsgovernment agencies, banks and other institutions engaged
in rural development activities, to help organizations.
Individuals working in rural areas, to execute and implement
schemes through other organizations, to provide guidance
and consultation to individuals’ voluntary organizations and
government agencies engaged in rural development in areas
of dental health.
To organize training programmes, orientation programmes,
refresher course etc., for Dental students, and dental
professionals
To conduct academic courses in any of the Dental
specialties
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To do all or any of the above activities and programmes in
rural and urban areas
To do all such acts, activities and programmes which are
necessary for the attainment of the objects of “GIFT A
SMILE FOUNDATION”
How can GAF be used?
Individuals can get associated by buying a high value Loyalty card from which a
part of the money is given to GAF.
Corporate sector can contribute either by cash or by sponsoring various itemslike toothpastes, brushes etc. Corporates can weave this into their CSR
programmes
The contributors can get a TAX BENEFIT
THE INTEGRATED MARKETING AND
COMMUNICATIONS MIX
SMILINE – AN OVERVIEW
Smile has 4 product offerings
SMILEASSURANCE – A loyalty card for existing usersSMILECORP – An exclusive card for the corporate sector
LITTLESMILES – A kids dentistry programme
GIFT-A-SMILE – A foundation for the underprivileged
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Marketing Objectives
To contact at least 10000 existing customers regularly
To make at least 1000 of them to respond and act
To convert schools into successful dental operations
To make GAF a profit center to generate its own income so
that it can support its philanthropic activities
Marketing Mix – An integration
Use all segments to cross promote each marketsegmentation
Existing users can get more customers
Existing customers can become corporate customers
Corporate customers can become associated with GAF
Corporates can get children for Littlesmiles
Littlesmiles can get more Smilesurances and Smilecorps
Individuals can get associated with GAF
The Communications Mix
Since all segments are important and there is a huge overlap it is essential that
we use a proper communications mix to achieve desired results.
WEBSITE – The focal point of all activities – Mother site and a
promotions/packages site
PR Activity – in select magazines and publications on a sustained basis
Press Advertising – Once in 2 months to raise awareness levels
Direct Marketing – To existing clientele, Schools and Corporates
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Posters/ Banners – For schools, corporates and other promotional places
Theater Screenings
Back-end Support
Present footfall is around 12 patients a day
Ideal situation is around 25 a day
With the concerted activity a lot of footfalls can be expected throwing the existing
system out of gear. Therefore there is a need to
Re-orient existing staff
Get new staff – Doctors, assistants as well as support staff
A well trained marketing team of at least 2 to tackle existing
clientele, corporate clientele and school management
The marketing team should also be trained to correlate
advertising and communications with the core activity
A dedicated call center to tackle a database of 10000
customers and feed backThe call center should be trained to handle individual,
corporate and school queries 24 x 7
Online support to continuously upgrade information as well
as tackle registrations and regular online appointments
A separate communications team for a periodic newsletter,
patients manual, procedure instructions, and other
promotional material who will continuously interact with the
agency and other communication experts
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Chapter 3Marketing Strategies for NewProduct Development
NEW PRODUCT DEVELOPMENT
Firms all over world are trying to come up with creative ways to develop even
better new products and services, faster and more efficiently. Marketers are
playing a key role in the development of new products by identifying and
evaluating new-product ideas and working with R&D and others areas in every
stage of development process. Much of the discussions are equally relevant to
new products, services, or business models.
The dynamics of markets, technology, and competition have brought changes to
virtually every market sector and have made new product development one of
the most powerful business activities. The monumental changes that constantly
impact commerce have forced companies to innovate with increasing speed,
efficiency, and quality. In turn, this has made new product development one of
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the most complex and difficult business functions. However, firms must innovate
in order to survive. The power of innovation is revealed in numerous studies,
which show that companies leading their industries attribute about half of their
revenues to products developed in the most recent five years. By comparison,
companies at the bottom of their industries achieve approximately one-tenth of
their sales from new products.
A firm's new product development efforts are shaped by its size, as well as the
nature of the industry in which it operates. New products may be defined as any
product, service, or idea not currently made or marketed by a company, or which
the consumer may perceive as new. Many types of new products exist, from
never-seen-before products like Apple's personal communicator, to repositionedstandards like Sears' shift to Sears Brand Central. Various studies suggest that
between 50 and 80 percent of new products fail—the greater the rate of new
product development, the higher the failure rate. New Product News predicts that
more than 36,000 new products will be brought to market in 2005. Although there
are numerous reasons why new products fail, faulty management and planning
are at the core of most failures. Therefore, managing the new product
development process is a key to a healthy organization.
HISTORY OF NEW PRODUCT DEVELOPMENT
The history of product innovation can be divided into three stages, beginning with
the product-oriented or technology-pushed stage. In the post-World War II era
Americans were coming off wartime shortages and were in the mood to buy the
many goods that manufacturers produced. Engineers, who were more product-
oriented than consumer oriented, designed new products that might or might not
find places in consumers' hearts and minds. This was a product-oriented process
in which the market was considered the receptacle for products that emerged
from the firm's research and development efforts.
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However, competition escalated and consumers became more skeptical and
selective about the types of products they purchased. Marketers found it
increasingly difficult to rely on persuasive sales techniques to move products.
Retailers grew restless when these products did not move off shelves as quickly
as planned. Companies had to know more about their target markets. What were
the wants and needs of the people who were buying their products? How could
their firm satisfy these wants and needs?
The second stage was marked by the emergence of the market as the driver of
innovation. Instead of being technology-driven, new product development
evolved into a market-led process in which new products emerged from well-
researched customer needs. The new product development process was placedin the hands of marketers who knew consumers' wants and needs. Customer
demand "pulled" the product through the development process.
Modern new product development is a blending of these two orientations into a
"dual-drive" approach to innovation. Companies recognize that innovation is a
complex process that requires sound investment in research and development,
as well as significant marketing expertise that focuses on satisfying consumers'
wants and needs.
CHALLENGES IN NEW PRODUCT DEVELOPMENT
New product introductions have accelerated in recent years In many industries,
such as retailing, consumer goods, electronics, autos, and others, the time it
takes to bring a product to market has been cut in half. Companies that fail to
develop new products put themselves at risk. Their existing products are
vulnerable to changing customer needs and tastes, new technologies, shortenedproduct lifecycles, and increased domestic and foreign competition. New
technologies are especially threatening.
NEW PRODUCT SUCCESS
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Most established companies focus on incremental innovation. Incremental
innovation can allow companies to enter new markets by tweaking products for
new customers, variations on a core product to stay one step ahead of the
reasons market, and create interim solutions for industry-wide problems.
NEW PRODUCT FAILURE
New products can fail for many reasons: ignored or misinterpreted market
research: overestimates of market size: high development costs: poor design:
incorrect positioning, ineffective advertising, or wrong place, insufficient
distribution support and competition that fight back hard.
Senior management must decide how much to budget for new-productdevelopment. R&D outcomes are so uncertain that it is difficult to use normal
investment criteria. Some companies solve this problem by financing as many
projects as possible, hoping to achieve a few winners. Other companies apply a
conventional percentage of sales figures or spend what the competition spends.
Still other companies decide how many successful new products they need and
work backward to estimate the required investment.
TYPES AND SOURCES OF FUNDING FOR NEWPROUCTS
New products range from new-to-world products that create an entirely new
market at one end, to minor improvements or revisions of existing product at the
other. Most new-product activity is devoted to improving existing products.
Product innovation and effective marketing programs have allowed the firms to
expand their “market footprint” by improving existing products and with the
support of a strong branding strategy.
There are five categories of new products. New-to-the-world products or services
are new inventions like in-line skates and health maintenance organizations. New
category entries, such as sport utility vehicles, are products or services that are
new to a firm. Additions to product lines add products or services to a firm's
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current markets. For example, when a powder laundry detergent offers a liquid
version it is considered a line extension. Product improvements are another type
of new product and are common to every product category. Repositioning target
products to new markets or for new uses is also another way.
Firms can obtain new products internally or externally. External sourcing means
the company acquires the product or service, or obtains the rights to market the
product or service, from another organization. Internal development means the
firm develops the new product itself. This is riskier than external development
because the company bears all of the costs associated with new product
development and implementation. Collaborations, which include strategic
partnerships, strategic alliances, joint ventures, and licensing agreements, occur when two or more firms work together on developing new products.
Companies handle the organizational aspect of the new product development in
several ways. Many companies assign responsibility for new product ideas to
product managers. Some companies’ high –level management committee
charged managers. Large companies often have established a new product
development headed by a manager who has a substantial authority and access
to top management. The department’s major responsibilities include generatingand screening new ideas, working with the R&D department and carrying out
field testing and commercialization.
MARKETING STRATEGIES FOR NEW PRODUCT
DEVELOPMENT
The field of marketing strategy encompasses the strategy involved in the
management of a given product.
A given firm may hold numerous products in the marketplace, spanning
numerous and sometimes wholly unrelated industries. Accordingly, a plan is
required in order to manage effectively such products. Such decisions consist of
the following decisions:
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• Should we (i.e. the firm) enter a market/industry?• Should we increase funding for our product(s)?• Should we maintain funding for our product(s)?• Should we divest or cease production of our product(s)?
Evidently, a company needs to weigh up and ascertain how to utilize effectively
its finite resources. As an example, a start-up car manufacturing firm would face
little success, should it attempt to rival immediately Toyota, Ford, Nissan or any
other large global car maker. Moreover, a product may be reaching the end of its
life-cycle. Thus, the issue of divest, or a ceasing of production may be made.
With regard to the aforesaid questions, each scenario requires a unique
marketing strategy to be employed. Below are listed some prominent marketingstrategy models, which seek to propose means to answer the preceding
questions.
Marketing strategies usually used to develop a new product:
Marketing strategy is a process that can allow an organization to concentrate its
limited resources on the greatest opportunities to increase sales and achieve asustainable competitive advantage. A marketing strategy should be centered on
the key concept that customer satisfaction is the main goal.
Marketing strategy is a method of focusing an organization's energies and
resources on a course of action which can lead to increased sales and
dominance of a targeted market niche. A marketing strategy combines product
development, promotion, distribution, pricing, relationship management and other
elements; identifies the firm's marketing goals, and explains how they will beachieved, ideally within a stated timeframe. Marketing strategy determines the
choice of target market segments, positioning, marketing mix, and allocation of
resources. It is most effective when it is an integral component of overall firm
strategy, defining how the organization will successfully engage customers,
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prospects, and competitors in the market arena; corporate strategies, corporate
missions, and corporate goals. As the customer constitutes the source of a
company's revenue, marketing strategy is closely linked with sales. A key
component of marketing strategy is often to keep marketing in line with a
company's overarching mission statement
Marketing strategies may differ depending on the unique situation of the
individual business. However there are a number of ways of categorizing some
generic strategies. A brief description of the most common categorizing schemes
is presented below:
1. Strategies based on market dominance - In this scheme, firms are
classified based on their market share or dominance of an industry.
Typically there are four types of market dominance strategies:
a. Leader
b. Challenger
c. Follower
d. Nicher
2. Porter generic strategies - strategy on the dimensions of strategic scope
and strategic strength. Strategic scope refers to the market penetrationwhile strategic strength refers to the firm’s sustainable competitive
advantage. The generic strategy framework (porter 1984) comprises two
alternatives each with two alternative scopes. These are Differentiation
and low-cost leadership each with a dimension of Focus-broad or narrow.
a. Product differentiation
b. Market segmentation
3. Innovation strategies - This deals with the firm's rate of the new product
development and business model innovation. It asks whether the
company is on the cutting edge of technology and business innovation.
There are three types:
a. Pioneers
b. Close followers
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c. Late followers
Marketing participants often employ strategic models and tools to analyze
marketing decisions. When beginning a strategic analysis, the 3Cs can be
employed to get a broad understanding of the strategic environment. An Ansoff
Matrix is also often used to convey an organization's strategic positioning of their
marketing mix. The 4Ps can then be utilized to form a marketing plan to pursue a
defined strategy.
The Consumer-Centric Business
There are a many companies especially those in the Consumer Package Goods
(CPG) market that adopt the theory of running their business centered onConsumer, Shopper & Retailer needs. Their Marketing departments spend
quality time looking for "Growth Opportunities" in their categories by identifying
relevant insights (both mindsets and behaviors) on their target Consumers,
Shoppers and retail partners. These Growth Opportunities emerge from changes
in market trends, segment dynamics changing and also internal brand or
operational business challenges. The Marketing team can then prioritize these
Growth Opportunities and begin to develop strategies to exploit the opportunitiesthat could include new or adapted products, services as well as changes to the
7Ps.
Real-life marketing primarily revolves around the application of a great deal of
common-sense; dealing with a limited number of factors, in an environment of
imperfect information and limited resources complicated by uncertainty and tight
timescales. Use of classical marketing techniques, in these circumstances, is
inevitably partial and uneven.
Thus, for example, many new products will emerge from irrational processes and
the rational development process may be used (if at all) to screen out the worst
non-runners. The design of the advertising, and the packaging, will be the output
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of the creative minds employed; which management will then screen, often by
'gut-reaction', to ensure that it is reasonable.
For most of their time, marketing managers use intuition and experience to
analyze and handle the complex, and unique, situations being faced; without
easy reference to theory. This will often be 'flying by the seat of the pants', or
'gut-reaction'; where the overall strategy, coupled with the knowledge of the
customer which has been absorbed almost by a process of osmosis, will
determine the quality of the marketing employed. This, almost instinctive
management, is what is sometimes called 'coarse marketing'; to distinguish it
from the refined, aesthetically pleasing, form favored by the theorists.
The seven-step process assumes a definite beginning and end. However,
studies suggest that what goes on before and after new products are introduced
is as important as the process itself. Organizational structure, leadership, and
team building influence the speed and efficiency with which new products are
introduced. Structure influences efficiency, autonomy, and coordination. New
product innovation requires structure that optimizes direction and guidance.
Structure that facilitates internal information exchange, decision making, and
materials flow is essential. A "fast-cycle" structure allows more time for planningand implementing activities to gain competitive advantage. This type of structure
also cuts costs because production materials and information collect less
overhead and do not accumulate as work-in-process inventory. Autonomy refers
to the amount of decision making allowed at lower levels of management. The
coordination of the engineering, product designs, manufacturing, and marketing
functions in the new product development process is vital.
Leadership influences strategy, culture, and the firm's overall ability to undertake
new product development. Top management can demonstrate involvement in the
development process by providing career advancement for entrepreneurial skills
and encouraging broad employee participation. Clarity and vision are crucial to
ensuring that new product ideas are good strategic fits for the company. The
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degree to which leadership allows trial and error and promotes individual initiative
positively influences the development of new products. This acceptance of risk
and support for an entrepreneurial spirit within the organization are crucial in
order for innovation to flourish. New products emerge in a variety of ways and
their development does not always proceed in rational and consistent manners. It
is necessary for leadership to view the process as iterative and dynamic, and to
foster adaptation and flexibility. Management flexibility and responsiveness to
change also are needed. This type of leadership is particularly important to the
project manager who must coordinate and integrate the various parts of the new
product development process so that a coherent system emerges that produces
a product with compelling value. Initiative encourages creativity and problem-
solving skills.
Teams provide mechanisms for breaking down functional biases created by a
strict adherence to structure. The amount of interdepartmental conflict in the
organization, the social cohesion among team members, and the frequency and
directionality of interdepartmental communication influence team building.
Through shared understanding of the objectives and purposes of the project, as
well as the tasks required in the development process, teams can shape the
project and influence how work gets done in the organization.
STAGES IN NEW PRODUCT DEVELOPMENT
The stages of new product development process can be explained in the detailed
manner
1. Idea generation: - The new product development process starts with the
search for ideas. Some marketing experts believe the greatest opportunitiesand highest leverage found by uncovering the best possible set if unmet
customer needs or technological innovation. New product ideas can come
from interacting with various groups and using creativity- generating
techniques.
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2. Idea screening: - In screening ideas, the company must avoid. A drop- error
occurs when the company dismisses a good idea. It extremely easy to find
fault with other people’s ideas. Some companies shudder when they
dismissed or breathe sighs of relief when how close they came to dropping
what eventually became a huge success. The executive committee then
reviews each idea against a set of criteria.
3. Concept development and testing: - A product idea can be turned into
several concepts. Customers don’t buy product ideas; they buy concepts.
Each concept represents a category concept that defines the products
competition. Concept testing means presenting the product concept,
symbolically or physically, to target consumers and getting their reaction.
The more the tested concepts resemble the final product or experience, the
more dependable concept testing is .concept testing of prototypes can help
to avoid costly mistakes, but it may be especially challenging radically
different, new-to-the-world product.
4. Market strategy development: - The new product manager will develop a
preliminary three-part strategy plan for introducing the new product into the
market. The first part describes the target markets size, structure, and
behavior; the planned positioning and the sales, market share and profit
goals sought in the first few years. The second outlines the planned price,
distribution strategy, and marketing budget for the first year. The third part of
the marketing strategy plan describes the long-run sales and profit goals and
marketing-mix strategy over time.
5. Business analysis: - after management develops the product concept and
marketing strategy. It can evaluate the proposals business attractiveness.Management needs to prepare sales; cost and profit projections to determine
whether they satisfy company objectives. If they do, the concept can move to
the development stage. As new information comes in, the business analysis
will undergo revision and expansion.
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6. Product development: - The job translating target customer requirements into
a working prototype is helped by a set of methods known as quality function
development (QFD). The methodology takes the list of desired customer t
engineers attributes (CAs) generated by market research and turns them into
a list of engineering attributes (EAs) that can use. The R&D department will
develop one or more physical versions of the product concept its goal is to
find a prototype that embodies they attributes described in the product –
concept statement.
7. Market testing: - after management is satisfied with the functional and
psychological performance, the product is ready to be dressed up with the
brand name and packaging and put into a market test, in an authentic
setting, marketers can learn how large the market is how consumers and
dealers reach to handling, using and repurchasing the product. The amount
of market testing is influenced by the investment cost and risk on the one
hand, and the time pressure and research cost on the other.
8. Commercialization: - if the company goes ahead with commercialization, it
will face its largest costs to date. It will need from are contract for
manufacture or built or rent a full-scale manufacturing facility. Another major
cost is marketing. To introduce a major new consumer packaged goods into
the he national market in the United States.
These steps may be iterated as needed. Some steps may be eliminated. To
reduce the time that the NPD process takes, many companies are completing
several steps at the same time (referred to as concurrent engineering or time to
market. Most industry leaders see new product development as a proactive
process where resources are allocated to identify market changes and seizeupon new product opportunities before they occur (in contrast to a reactive
strategy in which nothing is done until problems occur or the competitor
introduces an innovation). Many industry leaders see new product development
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as an ongoing process (referred to as continuous development) in which the
entire organization is always looking for opportunities.
For the more innovative products indicated on the diagram above, great amounts
of uncertainty and change may exist, which makes it difficult or impossible to plan
the complete project before starting it. In this case, a more flexible approach may
be advisable.
Because the NPD process typically requires both engineering and marketing
expertise, functional are a common way of organizing projects. The team is
responsible for all aspects of the project, from initial idea generation to final
commercialization, and they usually report to senior management (often to a vice
president or Program Manager). In those industries where products are
technically complex, development research is typically expensive, and product
life cycles are relatively short, strategic alliances among several organizations
helps to spread the costs, provide access to a wider skill set, and speeds the
overall process.
DENTAL INSURANCE PLANS
Dental insurance plan can be referred to as a plan which covers all or partialexpenses when one visit a dentist either for routine check up or for any dental
assistance.
One who visits the dentist or needs any dental assistance is required to pay a
certain amount called premium at regular intervals to the insurance provider. One
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who has acquired a dental insurance plan can pay the premium according to
ones choice.
Unlike most western countries, specific dental insurance plan not common in
India. In India, oral health is normally integrated with the general health insurance
schemes. However, some popular tooth care product companies have forged tie
ups with general or companies to produce dental insurance products.
Some popular health insurance that is offered by Indian insurance companies is
the Mediclaim policy, accident policy and traffic accident policy. In cases where
the Indian dental insurance is clubbed to these general health insurance policies,
one has to look for the specific provisions that relate to the dental cover in these
plans.
Dental insurance refers to the cost which one has to bear in order to cover one’s
dental expenses. The National Association of Dental insurance covers.
DENTAL INSURANCE: COVERAGE
Dental insurance generally covers the following, although the coverage may
differ from one insurance provider to the other:
1. Dental insurance covers dental cleaning for removing plaque and tartar
by a professional, which may be needed from time to time.
2. Dental insurance may also include extraction of teeth, needing surgery
which can be included in non-cosmetic surgery.
3. Dental x-ray is also covered by dental insurance. Taking a dental x-ray is
important because it shows the exact condition of dentition.
4. A person suffering from cavities and chippings can get fillings done. This
is also covered by dental insurance.
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5. Dental insurance also covers situations needing urgent dental attention
in case of an injury or accident. The emergency may include tooth
replacement or dental surgery.
All dental insurance providers make tall claims, but one needs to weigh the pros
and cons carefully before parting with their hard earned money as there are
several loopholes which one needs to be aware of.
NEW PRODUCT DEVELOPMENT OF LOYALTY CARDS
AT SMILINE DENTAL HOSPITALS
The loyalty card also has to go through this process of the new product
development:
• Idea generation: - The Managing Director of Smiline Dental
Hospitals had an idea to introduce a smiline insurance card which
was named as smiline loyalty card for the old and the new
corporate customers.
• Idea screening: - The Managing Director of Smiline Dental
Hospitals introduced this idea to the other doctors of the hospitaland also to the other departments. The idea was well discussed
over
• Concept development and testing: - This idea of dental loyalty now
was more developed it was divided in concepts and tested with the
old customers, and unit members.
• Marketing strategy development: - After finding that the product
was trust worthy, different marketing strategies were started to
introduce the smiline loyalty card in the market. Suitable marketing
strategies were discussed over in limited resources.
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• Business analysis: - In discussion with the other doctors a plan was
formulated to help loyalty card can meet its goal of profits.
• Product development: - After all this process now it was the turn to
introduce the product in the market. The coverage of the dentalinsurance how many types of card should be issued etc. were
discussed and worked on.
• Market testing: - The product is yet to be introduced in the market
and be tested. This product is still in the development stage.
• Commercialization: - The product is to be commercialized once it is
tested in the market and necessary changes are made.
There are 3 types of cards designed for the convenience of the customer
Smilesurance Single User Card (SSU) – Only the card holder gets the benefit
of 2 screenings and one prophylaxis
Smilesurance Single Floater User (SSFU) – Apart from the card user, his
immediate 4 family members can use the card subject to a maximum of 2
screenings and one prophylaxis customers
Smilesurance Family User (SFU) – This is for 4 family members who can use it
individually for 2 screenings and 1 prophylaxis treatment each.
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Chapter 4Data Analysis and InterpretationBecause introducing new products on a consistent basis is important to the future
success of many organizations, marketers in charge of product decisions often
follow set procedures for bringing products to market. In the scientific area that
may mean the establishment of ongoing laboratory research programs for
discovering new products (e.g., medicines) while less scientific companies maypull together resources for product development on a less structured timetable.
Marketing strategy is a method of focusing an organization's energies and
resources on a course of action which can lead to increased sales and
dominance of a targeted market niche. A marketing strategy combines product
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development, promotion, distribution, pricing, relationship management and other
elements; identifies the firm's marketing goals, and explains how they will be
achieved, ideally within a stated timeframe. Marketing strategy determines the
choice of target market segments, positioning, marketing mix, and allocation of
resources. It is most effective when it is an integral component of overall firm
strategy, defining how the organization will successfully engage customers,
prospects, and competitors in the market arena; corporate strategies, corporate
missions, and corporate goals. As the customer constitutes the source of a
company's revenue, marketing strategy is closely linked with sales. A key
component of marketing strategy is often to keep marketing in line with a
company's overarching mission statement
METHODOLOGY
A central part of the research activity is to develop an effective research or
design. Research methodology involves most of the suitable methods of
investigation. The nature of the research instruments, the sample plant and the
types of data.
Research design
A research design is purely the frame work or plan for the study that actually
guides towards the collection and analysis of the data.
Descriptive research design
Descriptive research study is totally concerned with determining frequency with
which a particular situation occurs or it’s the study about how to variables vary
together. This study is typically guided by an initial hypothesis
Data collection methods
1. Primary data
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Primary data is collected through the well – structured questionnaire. This
method of data is quite popular. Administering questionnaire to the
respondents directly and collecting the information immediately.
2. Sampling
Only a few units of population under the study are considered for the
analysis and this is called sampling. Data is collected from about 50
respondents who have seen the advertisement. It is one of the non-
probity sampling methods.
Sampling plan
Data source : Primary data
Research approach : Survey
Research instrument : Questionnaire
Method of contact : Personal
Questionnaire
Data collection through questionnaire basis is one of the most popular and it is
well defined and sequentially structured research work approach. The
questionnaire is prepared in such a way that it cover comprehensive objective of
the entire study being made. It includes all open end and multiple choice
questions in order to make the study more efficient and informative to its
reader’s.
SAMPLE
The sample was taken from the people who have seen the ad played by Smiline
Dental Hospitals in popular multiplexes in the twin cities of Hyderabad and
Secunderabad. A random sample of 100 people, 50 male and 50 female was
considered for the study.
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RESPONDENT PROFILE
The ages of the respondents were analyzed to get an idea of the group under
consideration. This was done to know the target customers better, as the sample
was taken for a multiplex.
REGULARITY OF VISITATION TO THE DENTIST
As, this study is related to loyalty cards in a dental hospital it was essential for
the study to examine the regularity of visits to the dentist. This helps to identify
the target customers.
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It is quite evident from the above data that the number of people visiting the
dentist regularly is quite high. And hence, it can be said that launching loyalty
cards would be a good idea as there is a higher number of people who visit the
dentist regularly.
HOSPITAL VISITED REGULARLY
This data enables us to understand the preference among people for different
hospitals. Consumers prefer private hospitals for their service and the efficiency.
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SERVICES OF SMILINE DENTAL HOSPITAL
The general review of Smiline Dental Hospitals has been very good as seen from
the data. This shows that the response to the loyalty cards would be very good
RESPONSE TO THE ADVERTISEMENT
An ad of Smiline Dental Hospitals Loyalty Cards was played in the leading
multiplexes in the twin cities. Later, a study was conducted on the effectiveness
of this marketing strategy.
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Chi square value is calculated at 6.95 (>3.84) which shows that the advertising is
significant or has impact on the customers.
ENJOY SERVICES OF THE CARD
The study shows that, a very positive response is there towards the card.Consumers would like to use the card and enjoy the services provided by it
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CHANGES IN THE CARD
The study shows that consumers accept the card as it is, and very small
proportion want to see changes in the card. This shows that the idea has been
successful.
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DENTAL INSURANCE BENEFICIAL
People send a huge amount on dental treatment these days. Dental hygiene has
become more important than anything else and hence the concept of dental
insurance. People feel dental insurance has been a boon to people
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Chapter 5Summary, Conclusions and
SuggestionsMarketing is the process by which companies determine what products or
services may be of interest to customers, and the strategy to use in sales,
communications and business development. It is an integrated process through
which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
Marketing is used to identify the customer, to keep the customer and to satisfythe customer. With the customer as the focus of its activities, it can be concluded
that marketing management is one of the major components of business
management. The evolution of marketing was caused due to mature markets and
overcapacities in the last decades. Companies then shifted the focus from
production to the customer in order to stay profitable.
The term marketing concept holds that achieving organizational goals depends
on knowing the needs and wants of target markets and delivering the desiredsatisfactions. It proposes that in order to satisfy its organizational objectives, an
organization should anticipate the needs and wants of consumers and satisfy
these more effectively than competitors.
NPD relates to, as the label denotes, the development of a new to market
product. The stages of the process are so:
• Idea Generation• Idea Screening• Business Analysis• Product Development• Product Testing
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• Test Marketing• Commercialisation
Given the resources placed in the development of a product, a firm must gauge
the economic viability of a good, coupled with the viability of the notion of the
good, prior to releasing it onto the market.
NEED FOR STUDY
As today we are in 21 st century so its really important for everybody to change
with the time so new product development is one aspect of them were we have
to constantly change our minds to market our products in every way possible a
true marketer is a person who can sell “anything for everything” The rapid paceof change that engulfed businesses toward the end of the twentieth century put
an even greater burden on companies to build adaptive capabilities into their
organizations. Global competition means there are more competitors capable of
world-class performance. This has made competition more intense, rigorous, and
aggressive than ever before. Fragmenting and more sophisticated markets mean
that consumers demand more from products in terms of quality, differentiation,
and "meaningfulness."
New technologies have had two important outcomes in regards to innovation.
First, new technologies are responsible for this new market sophistication in
which consumers have more choices and are thus more demanding. Secondly,
new technology has increased manufacturers' capabilities for rapid response to
shifting market needs.
Finally, product life cycles have become more compressed as the skills requiredfor developing new products increase in complexity. For example, consider the
development of a new type of computer software. The expertise needed to
develop the software from conception to commercialization might take years. The
product's life cycle in such a competitive and turbulent environment might last
only a few months. Therefore, companies have embraced the view that new
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products are transient, whereas the skills and expertise needed to develop these
products are a much more persistent requirement for success. Instead of the
mono-approach, in which technology or markets drive innovation, new product
development now requires a convergence of technology, marketing, product
design, engineering, and manufacturing capabilities. Speed, efficiency, and
quality in product development are the challenges that new product development
faces in today's intense competitive environment.
OBJECTIVES OF STUDY
3. To understand different marketing strategies for a new product.
4. To know what is the impact of the advertisement on the customers.
HYPOTHESIS
H0 – There is no impact of advertising on customers.
METHODOLOGY
A central part of the research activity is to develop an effective research or
design. Research methodology involves most of the suitable methods of
investigation. The nature of the research instruments, the sample plant and the
types of data.
Research design
A research design is purely the frame work or plan for the study that actually
guides towards the collection and analysis of the data.
Descriptive research design
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Descriptive research study is totally concerned with determining frequency with
which a particular situation occurs or it’s the study about how to variables vary
together. This study is typically guided by an initial hypothesis
Data collection methods
3. Primary data
Primary data is collected through the well – structured questionnaire. This
method of data is quite popular. Administering questionnaire to the
respondents directly and collecting the information immediately.
4. Sampling
Only a few units of population under the study are considered for the
analysis and this is called sampling. Data is collected from about 50
respondents who have seen the advertisement. It is one of the non-
probity sampling methods.
Sampling plan
Data source : Primary data
Research approach : Survey
Research instrument : Questionnaire
Method of contact : Personal
Questionnaire
Data collection through questionnaire basis is one of the most popular and it is
well defined and sequentially structured research work approach. The
questionnaire is prepared in such a way that it cover comprehensive objective of
the entire study being made. It includes all open end and multiple choice
questions in order to make the study more efficient and informative to its readers.
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SAMPLE
The sample was taken from the people who have seen the ad played by Smiline
Dental Hospitals in popular multiplexes in the twin cities of Hyderabad and
Secunderabad. A random sample of 100 people, 50 male and 50 female wasconsidered for the study.
TECHNIQUES OF ANALYSIS
The comparative study is done with the help of χ 2. Application of percentages
and graphs has been done to give clarity to the data collected.
SOURCES OF DATA
The data required for the study is collected both from primary and secondary
sources. Primary data is collected by conducting personal interviews, discussions
with the old and new customers considered for the study. In addition, data was
collected through questionnaires, feedback, observations etc.
Secondary data includes the information of the old customers and the
prospective ones collected from various sources. Research studies conducted by
individuals, institutions and agencies, and various other journals were
considered.
PERIOD OF THE STUDY
The study tries to understand the effect of advertising on customers of Smiline
Dental Hospitals. The study spread over a period of two years i.e., from 2007 to
2009.
SCOPE OF THE STUDY
The data required for the present study was collected using questionnaires. The
data was collected from the consumers who have seen the ads played at the
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multiplexes which were taken for the study. 50 female and 50 male, a total of 100
people were considered for the study.
CHAPTERISATION
Chapter – I INTRODUCTION
This chapter contains introduction, importance and scope of marketing in
general. It also explains the concept of New Product Development. It contains
literature reviewed, the need of the study, the objectives, scope of the study,
period of the study, methodology adopted, limitations of the study and
chapterization.
Chapter – II SMILINE DENTAL HOSPITALS – A COMPANYPROFILE
This chapter was taken up to an extensive study on the company as such. This
chapter explores the services offered by the hospitals and the new product
considered for the study. This chapter also dwells into the marketing strategies
adopted by the company and the reasons for the same.
Chapter – III MARKETING STRATEGIES FOR NEW PRODUCT
DEVELEOPMENT
New product development is a crucial role for any company as it involves huge
amount of costs. Marketing strategies have to be carefully examined and the best
has to be selected as per the target customers.
Chapter – IV DATA ANALYSIS AND INTERPRETATION
In current global market, companies are composed by competitors, regardless of
industry. To develop a competitive advantage, it is important that firms truly
leverage on the marketing as a competitive weapon. This chapter analyzes the
various effects of advertising on customers.
Chapter – V SUMMARY, CONCLUSIONS AND SUGGESTIONS
This chapter being the last chapter gives conclusions and suggestions and briefly
explains the objectives, methodology, findings and limitations of the study. This
chapter also gives the scope for further study.
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LIMITATIONS OF STUDY
The major limitation of the study is that the questionnaires were given to
the intermediary 9or0 final consumer so that ultimate purchase decision
maker is not a part of the picture and hence forth the study is done from an
individual’s point of view.
Primary data analysis is solely dependent on the opinion of the
respondents.
The study was confined only to the people who have seen the
advertisement.
There could be a possibly for an occurrence of a sampling error like
Selection process and non response error.The response of the customer depends on various factors like
experiences, motivational factors, biased opinions, personal feelings etc
No attempt has been made in this study to do a longitudinal analysis, that
is, to explore the influence of these strategies over a period of time.
FINDINGS
• Out of 100 respondents only 74% respondents said that they go for dental
check up regularly and the remaining go for only if they have tooth pain or
a cavity
• Mostly prefer to go for private clinics as 95% respondents said that they
prefer private as it’s more convenient and accessible.
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• The persons who saw the advertisement about the smiline insurance card
doesn’t know what smiline dental hospital is 35% know about the hospital
• 84% of the respondents say that they know about dental insurance but
they actually not seen the details of it
• 72 % of the respondents were ready to buy the new card and other was
still in dilemma to think out it as it would be beneficial or not.
• 23% of the respondents said they want to make some changes in the card
that means they were not satisfied with services rendered by the card.
• 87% of the people belief that its beneficial to have dental insurance card
but remaining people thought that it’s a waste of money.
SUGGESTIONS
• Advertisements should be more strengthened at point of sales
• Maximum consumers are looking for better beneficial at a low premium
• Smiline should make a market survey for their card is getting beneficial for
the people
• Promotional campaigns and advertisements have to mainly focus on the
benefits of the people
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• Only 60% respondents are only ready to buy the card so we have to make
the marketing strategies more effective that the sales should be increased
QuestionnaireAge: Gender:
1. Do you go for dental check up regularly?
a. yes
b. no
2. Which hospital do you visit mostly?
a. Government hospitals
b. Private hospitals.
3. Have you ever visited smiline dental hospitals?
a. yes
b. no
4. If yes then how were the services of the hospital?
a. excellent
b. very good
c. good
d. poor
5. Have you heard about the dental insurance card?
a. yes
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b. no
6. Have you seen the advertisement of dental insurance card?
a. yes
b. no
7. How was the add?
a. excellent
b. very good
c. good
d. poor
8. Would you like to enjoy the services of the card?
a. yes
b. no
9. Would you like to make some changes in the card?
a. yes
b. no
10. Do you think that dental insurance is beneficial to the people?
a. yes
b. no
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