Select a problem that a firm might have bringing out a new product or service and discuss how the firm could overcome that problem.
then reply to another student’s post . The required length for your original posting is 350 words, and your reply should be a minimum of 250 words.
1st student response (sravanya reddy) :
Launching a new product or any item into the market can be the start of a magnificent relationship or an aggregate disaster. It is a key minute that needs all the care and consideration it can get.
The expression ” growth hacking ” has moved toward becoming a significant popular expression in the course of recent years, alluding to non-customary computerized promoting procedures to guarantee quick development (Gartenstein & Devra (2018)). Numerous new companies utilize these kinds of procedures to ensure a snappy infiltration in the market, yet development hacking can be similarly as valuable to organizations of any size and experience.
There are some promoting methodologies in light of growth hacking to shoot your new item straight to the stars.
For a product or item to take off rapidly, you have to make a sentiment of expectation and excitement for its discharge, beginning weeks or even a very long time ahead of time. A standout amongst the most well-known systems to do this is through pre-dispatch giveaways and challenges.
Reliably making content is a standout amongst the most dependable advanced showcasing systems, particularly in the medium to long run. A keen advertising methodology perceives that it’s not just about indiscriminately affecting clients, yet rather controlling them through the change pipe. Informal keeps on being an unfathomably compelling approach to get an item out there. Clients normally converse with their companions about the items they utilize and suggest. Be that as it may, you can likewise give them a little push to get the wheels turning.
A trap as straightforward as it is compelling: ensure your site works at the speed of light. A speedy and liquid site, then again, enhances client experience and brand observation. Influencers are the new rulers and rulers of advanced showcasing techniques. In the course of recent years, client have become used to finding solutions from organizations they have connected with 24 hours per day and 7 days seven days, so ensure you are accessible online to encourage them.
When you dispatch another item into the market, clients generally have a cluster of inquiries concerning how it functions and what they can do with it. The more inventive it is, the more you should clarify it.
Email is a computerized promoting procedure that may appear to be out of mold, yet that keeps on being as viable as ever. Make sure to take advantage of it. Utilize this data to make an exceedingly customized informing system when the client feels like the messages have been composed particularly for them separately (Gabriela. C (2014)). Showcasing robotization can be a major help in effectively dealing with this data. The growth of new product brings an issue, according to traditional approaches, the new generation replaces the older generation, but there are cases in which old and new generation coexist.
Gartenstein, Devra (2018). “Marketing Plan for a New Product Launch.” Small Business – Chron.com, http://smallbusiness.chron.com/marketing-plan-new-product-launch-1475.html. 29 June 2018.
Gabriela. C (2014). New Product Launch: A Critical Review and Research Directions. International Journal of Economic Practices and Theories, Vol. 4, No. 5, 2014, Special issue on Marketing and Business Development, e-ISSN 2247–7225.
Student response 2 (Jahnavi yalamanchili) :
Launch a new product: Developing a marketing strategy appropriate to its characteristics using the powerful weapon that is online marketing is a decisive step to be able to promote that new product. The first and most important point is to make it known. It is necessary to promote the new product; convincingly, we need to convince the public of the benefits of this new product. Once we have obtained all the information about the concept and idea of our new product, now we must check with the market information in order to estimate a market potential and thus estimate the market share we want to target. To do this, we must obtain information on the percentage distribution of people according to segment and the market population we want to target. Finally, make a calculation and obtain an approximate market share (Azubuike, V. M. (2013)).
Projecting the sales forecast is very important, since it helps us define how much our sales could be over a period of time and thus estimate our earnings. It helps us determine if the project can be profitable or if it does not represent a relevant opportunity cost. For this, we must take into account the primary information of the company in that category as a reference for this calculation, for this we must choose that which is of a similar position as ours. Also, define a sale price of our product, the content and the frequency of its consumption. On the other hand, we must estimate the evolution of the market and the population, according to trends, such data may affect our expected sales penetration and market share, either due to a trend that benefits us (growth) or due to a possible event that may make our sales and / or product fail. Said projection is important since it helps us to prevent changes and to be prepared before they happen (Christensen, C. M. (2013)).
Finally, once all the information has been defined, the possible scenarios, assumptions, increases or changes in the factors, we must establish the launch strategy for the new product, which must be based on formulating objectives, selecting a strategic alternative, formulating the strategy basic and support activities for the new product.
Azubuike, V. M. (2013). Technological innovation capability and firm’s performance in new product development. Communications of the IIMA, 13(1), 4.
Christensen, C. M. (2013). The innovator’s dilemma: when new technologies cause great firms to fail. Harvard Business Review Press.