Introducing New Products
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Introducing New Products

Companies in contemporary world understand that innovations are vital for their survival. As such it is significant to find a balance between maximizing the benefits of existing products and   introducing better products   into the market. It is necessary to coming up with new concepts and ideas, doing continuous research on the market as well as consumers and analyzing the results    designing and developing products and services.  The final step is the marketing of the product.   Successful companies have a systematic way of introducing new products and services to the market and prepared well in advance for any eventualities that may arise.   Introduction of new products   and challenges   are discussed in this case study.

Bringing new product or service to the market  is a challenge   and initial stages this challenge is   to survive in the market. As the   times goes by   the challenge differs and it is to increase the sales. In every challenge there is scope for growth   and there are opportunities. It is  necessary to face the competition in  the market and due to the ever changing  nature of market, advancing of  technology,  it cannot afford  to be behind the competition when it  is introducing  a new product or service.  When the market is changing rapidly product or service also must fit into the change.

Effective Communication is the key to the success when introducing a product or service to the market and   it is necessary to communicate effectively to achieve the common goal which is making profits. When  introducing a  new product or  service to the  market   a press relase plays a significant  role.    News releases are indicators of  product or service development   and prospects and provides  information for the consumers.

When marketing a new product  or service  launching  awareness program  can have an impact on consumers.Marketing plan  plays a pivotol role  by  displaying information  a company plans to achieve its  objectives and goals.

There are  several critical  factors to be  considered when introducing a new product or service such as  competition,  ideal customers,  unique  selling proposition  and advertising etc. “ Half the money I spend on advertising is wasted, and the problem is I do not know which half ” British founder of Unilever   Lord Leverhulme once stated   so it is necessary to  invest  money on advertising  in proper way otherwise it is only wasting money.

There are many reasons for a new product or service in the market to fail.  It is necessary to do research beforehand about the product or service idea   and consider the outcome of research.  Sometimes reason for failure is wrong   pricing or distribution methods. In the other hand advertising may not be effective.  Successful product   relies heavily on research and solves many problems in advance.

Research of the market is extremely significant.  It is also necessary that   information and data collected   and analyze them in order to decide the direction.  It identifies the needs of the customers,   their   choices,   features of product or service, pricing structure and   distribution.  They are critical factors to decide in advance prior to introducing a new product or service to the  market.

Another area of significance is the process of coordination.   When the advertising is going on and with the   increase of demand,   products must be readily available in the market.  It is necessary to make a time frame and stick to it in this connection.  There are many instances  new products are announced by  companies and  then no adequate supply and  again announce non availability  and as a result  company loss credibility, loss  sales  and product or service introduced to the market   can be a failure.

In the event the product or service is successful manufacturing capacity must be there to cope with the demand of customers. Quality testing system   must be   a continuous process and  also  need to   attend to customer complaints on time in order to satisfy the customers.  Therefore,  after sales service is vital to address the customer’s issues and complaints.  It is also necessary to make sure that the sales people are comfortable with the selling of the product or service as they are the key people who are taking the products or services to  the  consumers.

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