Question

How to introduce a product with line extension to the market? ( Mention 10 ways with details)

please answer the question

Answer 1

Answer:

Situational analysis and specification of Objective: Prior to launch the line extension of product, the analysis of existing line shall be performed. In order to get a feeling for the relationship between existing product and its market, the discussion with costumers, distributors and dealers should be performed. The analyst(s) may look at the experience of the company to learn about the preferences and purchasing power of costumers, action and strategies of competitors and practices of distributors and dealers.

In this analysis, gather data to measure the market and get control over projected demand and revenues. In most cases, the formal study of the market and demand is warranted. To carry out such study, determine its objective comprehensively. The probable analysis questions may be,

· What is missing in existing product line?

· What are the costumers, distributors and dealers review?

· How the extended product line will satisfy the customer demand?

· How competitors are doing with same product line?

· What is current demand of exiting product line?

· How can potential costumers be convinced about the quality of extended line.

· What price and warranty will ensure its acceptance?

· What channels for marketing are most suited?

· What channels of distribution are most suited?

Collection of Secondary information:

· Market survey reports.

· Government policy.

· Supply and competition.

· Potential customers. Gather information for all segments and ages.

· Executive opinion (Intercompany activity)

· Data about past and present market.

Marketing Plan:

· Current Marketing Situation: Growth of the existing product with costumer aspirations and buying behavior of costumers. Competitive Situations also should be analyzed.

· Opportunity analysis: This may be done with SWOT (Strength, weakness, opportunity and Threat analysis). The objective should be clear and achievable.

· Marketing Strategies: Target Segment, price, distribution methods, sales demand, promotion and Advertising.

Product Promotions:

· Media release: The quantitative media release with quality massage will be most useful strategic step for branding. It can be done with big newspapers, new channels. Two line history of brand should be there which can explain the people love towards brand.

· Promotions at online shopping malls, posters in retail/ consumer shopping malls.

o Entering in On-going and proposed expo(s).

o Branding should able to address all segments like chefs, sport persons etc.

o Branding in famous Cookery shows.

o Attraction of opening discounts.

o Well messaged advertisement in High TRP shows.