Elements and Performance Criteria
- Research the market.
- Research potential floristry products within the context of the overall business plan and marketing focus of the organisation.
- Identify and access general information sources for floristry market trends, and distribution and marketing networks.
- Consult with, and incorporate input from, internal colleagues and external stakeholders in the research phase.
- Conduct research to identify current and emerging technologies, market and design trends, and product and service gaps and analyse the potential for future product.
- Identify a range of product development opportunities based on analysis of both the market and the success of the current product range.
- Identify distribution and marketing networks that would support the proposed floristry product and analyse the potential to market the product successfully.
- Analyse issues relevant to establishing the product.
- Identify and analyse product preferences and requirements of different consumer markets.
- Consult external stakeholders on customer and floristry industry service and quality expectations for floristry products and services.
- Identify and analyse external issues that impact on establishing a product range.
- Assess availability of floristry products and components that will meet preferences and requirements of target market.
- Conduct a self-assessment of the organisation's capability to provide proposed product and identify additional resources required to establish and deliver the product.
- Consider issues relating to product life cycle.
- Determine a profitable selling price.
- Identify all expenditure items involved in producing the floristry product to determine the nett production cost.
- Incorporate required distributor commissions or mark-ups, determine required profit margin and mark-up the nett cost to determine the selling price.
- Seek information on competitors' product range and consider their price when determining the organisation's selling price.
- Make reasonable cost adjustments to ensure market take-up of price competitive product.
- Assess cost-effectiveness and profitability of a range of proposed products and choose products that will provide the highest yield.
- Clearly and accurately document the full range of pricing structures.
- Establish the product.
- Develop and communicate a clear, scheduled implementation plan to all personnel involved in establishing the operational details of the product.
- Establish all required marketing activities to promote the product.
- Where appropriate, test new products and services in the marketplace prior to full implementation.
- Monitor and evaluate the success of the product.
- Monitor product development initiatives in terms of response in the marketplace; feedback from the distribution network, staff and customers; and changes in the internal or external environment that may impact on plans, cost effectiveness and profitability.
- Monitor the quality of supplied flowers, plant materials and other merchandise and take action to rectify any deficiencies that affect the overall quality of the product range.
- Rationalise or delete any product within the range or any stock items on the basis of monitoring in a timely manner and according to any contractual obligations.
- Communicate changes to all relevant colleagues, customers and distributors.