The business proposal for new product is created for the purpose of a profitable proposal plan pertaining to a new product of the company. This proposal must have adequate information regarding the product that will be presented to the Board of Directors of the company. The proposal should follow a general format according to the standard given by the company. It is important that all research and market analysis for the product is provided within the proposal. This must incorporate a comprehensible structure which can be understood by the different departments within the company. The business proposal for the new product must be created keeping in mind the specific product to be launched.
Sample Business Proposal for New Product
Name of Company: Coco Chanel Co.
Name of Product to be launched: Coco Vintage Clutch.
Date of launch (tentative): March 31, 2013.
Proposal created by: Department of Creative Designs and Sales.
Proposal Date: May 5, 2012.
Purpose of the proposal: To launch the new series of clutch bags by Coco Chanel. These are vintage bags that are to cater to a high end clientele.
A vintage clutch bag that can be used for social parties and occasions. These can also be custom made based on orders placed.
Target market: Those with income group above $70,000 per annum.
Overall Response: 33% positive.
Price Favorability: 12% in favor.
Too costly and does not appeal to a large section of the market.
Not an original idea and hence, less chances of high profit.