Question

What are some of the challenges associated with launching a new product?

Answer 1

challenges of launching a new product:

1. Bringing in new products to the market is the essence of every business. the shorter the time frame within which a new product is launched , the better for the business. establishing firm sales and marketing goals, knowing your customers. keeping the marketing team agile.
2. know your competition: a new business, needs to know the competition and the similar products and services offered to the customers. by thinking, in the perspective of the customer, and ensuring customer satisfaction from the products that we have to offer to them the business can survive in the long run.
3. identification and creation of a selling point: the business must be aware of its key selling point. the key selling point of its products is very essential, to know how the business has an edge over the producers of goods.
4. customizing a marketing strategy: if your product is unique a good marketing strategy has to be in place to position the product,correctly in the market place. with so many marketing variables to control,the business can create a effective marketing strategy in the crowded market place.
5. targeting the ideal customer: to successfully launch a product with minimum financial outlay,it is necessary to focus exclusively on the prospects who are likely to purchase from you. these are those customers who are currently buying similar products,and intend to buy from you products with additional features provided by the new business.
6. pricing decisions: the pricing decisions should be a combination of the new business's goals as well as the prices set by the competitors. in general. the quality being similar prices set lower than the competitors will result in higher sales volume and higher margins. whereas, keeping prices high will result in lower sales volume ans lower margins.
7. knowing the product life cycle: the campaign that the business launches in knowing and educating the customers in the initial stage of the product launch, needs to be carried forward in the maturing stages of the product launch. otherwise, the memory of people will phase out an the business will continue to see diminishing returns to scale. alter the media message,and lay the groundwork for the next business launch.