Principles from the background material you used
It is important for a company to use the best strategies when introducing a new product. The market is not aware of the product so it might be hesitant to buy. The company’s major role is to create confidence and loyalty to the customers. This can only be done by campaigning for the product and ensuring it meets the customers’ needs. Whether a company’s products are their invention or they are modifying already existing products, they have to use an introduction process. New product introduction process assists in dealing with competition, operation costs and widening the market. Methods used in introducing a product determine whether the product will succeed or fail (22).
Before launching a new product in the market, there are several things to consider. The most important thing is ensuring the market needs the product. It is not wise to introduce pork in a Muslim community. No one will buy since the target market does not need the product. The target market should be of considerable size. A small market may result to loss or hence failure of the product. If it is a new invention, it has to be introduced by showing the market they need. Some potential customers may consider they have lived without hence no need for purchasing it. This is why it has to be introduced in an enticing manner (35).
Other factor to consider is whether there is any existing competition on the same product. If there is competition, the new product has to be better than the existing ones. It will give it better chances of being sold. Customers always want better products than the ones they already have. It is wise for a business to venture into a market with little competition or none. There will be high chances of the product being successful. Business people should never introduce a product into an already flooded market especially if the new product is the same quality as the rest (41).
When considering about introducing a new product, costs should be considered. For instance, a business should evaluate whether a product has after sale services. The costs of such costs must be calculated. If the product will still be profitable to introduce, then the business can launch it. When launching a product, a company or business should ensure it starts with as low prices as possible. Low prices are a major strategy of attracting customers. However, it is unwise for a company to quote low prices, which will make them incur losses. A new product should be flexible enough to be modified when need arises. This will go well with the global rapid changes taking place (50).
New products are a good way of countering competition. Companies during with the same goods can compete by introducing new products in the market. Customers will tend to prefer the company with more products, especially if they complement each other. For example, there are several cellular phone networks. Customers prefer the network with more services, which enhance communication. For example, money transfers services and internet services among others. Healthy competition among companies is a benefit to the customers. They are assured of high standards of quality from the products (59).
A good introduction of a new product should involve good marketing strategies and techniques of maintaining the product in the market. The product quality should be the first method of marketing. When customers use the product for the first time, they should be satisfied by its quality. This means it will have met the customers’ needs. They will always buy the product hence customer loyalty. Another important tool of introducing a new product is advertising. This can be done in many ways. A company can decide to put lower prices than other similar products in the market. It could also give free samples for potential customers to try it. It would be a good way to make them discover the product’s capability (92).
Works cited
Kahn, K. B. New product forecasting: An applied approach. Armonk, New York, N.Y,: M.E. Sharpe, Inc. 2006. Print.
Last Completed Projects
| topic title | academic level | Writer | delivered |
|---|