MARKETING STRATEGIES INVOLVED FOR A NEW PRODUCT LAUNCHMarketing strategy is a long-term, forward-looking approach to planning with the fundamental goal achieving a sustainable competitive advantage. The strategic marketing planning process is a series of steps that have to be worked upon in order to derive a working marketing plan. The various promotional strategies that are used and can be used for the benefits, determine the most effective strategy under the same.The project at initial stage tends to find out how celebrity endorsements play a role in building a brand image of new product in the minds of the customer/ target audience. How testimonials play a role in building up trust. How the new brands are able to cope up with the competition, the strategies they use to do so and how do they mold the buying decision of the consumers. It covers various aspects of business development from market segmentation and targeting the right market to the overall aim and goals of the company. There are various tools, tricks and tactics that firm right from the introductory phase of the product to the stage of maturity.
Thus, to analyze these methods various marketing strategies such as Segmentation, Positioning, Withstand competition, Distribution strategy, Michael porter’s generic strategies, Cost leadership. To realize the gap between what the market uses and what the market wants gives rise to a new product hence the study of market is a crucial step in order to use any marketing strategy to penetrate the market.The second stage is to find and develop a framework which would clarify the entire product development, launch process and increase the success rate on the new product launches.
The reviews of the literature, journals and data analysis are the foundation of the new product launch model. Even the thesis is product oriented, a qualitative research, in form of in-depth interviews could be conducted. The qualitative research helps, in connecting the theoretical path with the actual process followed in the product launch.
The product outcome of this thesis is a well-planned process, including each step from the product conceptualization to the stage of launching the product into the market. Development of innovative and creative products requires a lot of effort. The creation of an appropriate strategy development, climate, protection of resources and preparing a launch system is a major challenge. Uncertainties and risks that accompany innovation require the use of such methods which will guarantee of success. Achieving success is largely dependent on the decisions in the implementation of the deployment process. The criteria which influence decisions making are the costs. The reasons for launching a new product are the following: serving an ignored market share, meeting the unsatisfied need, adapting a domestic product for a better supervision of the product, adapting to the product lifecycle and challenging the competition in the market.The Third stage of this paper is to examine the sources of complexities in the new product and the approaches used to deal with these complexities.
Time, cost and quality of the new product plays a vital role from its placement to its rate of consumption. A track of time and quality can be kept but quality met plays a very major role amongst the three and important it is for a new product brand to scrutinize the entire process of production and total quality management. How mature the expected final product in the different development phase.
Learning from the mistakes of the competitor products their failures and limitations and incorporate those missing features in the new product can help the company stand out of the crowd and hence market themselves well. It is an achievement by an organization to differentiate itself positively from its competitors by using its relative corporate strengths to satisfy the customer needs appropriately.Main findings made about marketing channels in the industry were that marketing in person is still an effective way of delivering information and creating trust as well as maintaining relationships and that instant availability of product information especially online is becoming more important to customers. Marketing strategy checklist should be as follows: definition of what your company is, identification of the products or services that your company provides, identification of target buyers, establishing the marketing category, determining if the company will be a market category leader, follower, challenger, or niche player, stating the unique characteristics of your products or services that distinguish them from the competition, determining if the pricing will be above, below, or at parity with the competitors, Identification of the distribution channels through which the products will be made available to the target market, State how advertising and promotions will convey the unique characteristics of the products, give any research and development activities or market research plans that are unique to the business, mention the image or personality of the company and its products. If the statements in your strategy are measurable and actionable and work to differentiate the company apart from the competition, congratulations! If they are not measurable and actionable and do not differentiate your company from the competition, revise them until they are.Keywords: Marketing strategy, Segmentation, Launch, Complexities, ChecklistName: Jenice Dsouza Roll no. 4217
