Factors to Consider in New Product Launch

Keywords: product release considerations

"Marketing is the process by which customer needs are expected and identified. Ways are found of interacting with those needs at a cost that consumers are ready to pay and which allows the business to make a profit"

For launching a fresh product we use PESTLE or SWOT strategies and let us Consider that people are launching a fresh chocolate product.

Factors that should be consider while launching a fresh product i. e

Political, Economic, Sociological, Technological, Legal and Environmental and the questions we have to take under consideration

  • What are the key politics factors likely to affect the chocolat industry?
  • What will be the important financial factors of chocolat industry?
  • What are the cultural aspect of chocolat industry?
  • What will be the technological innovations ?
  • What current and impending legislation may affect the industry?
  • What are the environmental things to consider?

Situational Evaluation of delicious chocolate industry and market tactics

To launch a new chocolate product we must examine the role of the marketing function in a small business, we will continue what may have occurred in the marketing of a major new chocolate pub and the major inexpensive, political and technological factors that influences the chocolate companies.

1. Assessing the market

The market for delicious chocolate pubs is highly competitive. You will find a small volume of large firms on the market - Mars, Cadbury, Nestl and Suchard being the renowned. Many of the brands in the market have been around in existence for a long time and have a high amount of brand loyalty. Openings for new products therefore, are limited. There are several types of products that have been launched and also have been withdrawn because they cannot support long-term sales success. Is it possible to remember the Prize Pub, Aztec and Junglies?

The market for certain types of chocolates bar has changed in recent years. The growth of the so - called 'count-line club' (molded like Mars bars) became popular as people ate chocolate on the go instead of seated in an area with a traditional bar of delicious chocolate. Companies were required to react to these changes. Row tree (now owned or operated by Nestl) transformed the shape of their Aero bar and Cadbury presented a rival club called Wispa. Both of these were designed to exploit this growing market.

The market continues to be changing but using delicious chocolate as a snack instead of sharing a bar amongst a family. Giving a delicious chocolate pub as a gift is still an evergrowing part of this market.

The UK chocolates market is the largest in all European market. People in the United Kingdom take in more chocolate than other Country in Europe.

"Mintel said the united kingdom consumed 3. 5 billion pounds ($5. 6 billion) well worth of delicious chocolate in 2008, more than every other Western country, with only Germany, which has more than 20 million more folks, arriving close at 3. 4 billion pounds"

Some of the famous brands are:

  • Mars (http://www. mars. com/)
  • Cadbury Schweppes (http://www. cadburyschweppes. com/EN/Brands/)
  • Nestl (http://www. nestle. co. uk/)
  • Suchard (http://www. kraftafh. co. uk/Cultures/en-GB/Brands/Suchard/)
  • Amul Chocolate
  • Boost
  • Club Mint

In December 2009, the marketplace research company, showed Cadbury's chunk of the chocolate market by value slipped 1. 7 per cent to 29. 8 % last month, the first time that this has dropped below 30 % all calendar year. Market talk about of Mars, its biggest rival, slipped 0. 6 per cent in the time.

Kraft, which makes Milka and Toblerone, increased its market show by 0. 7 % to 5 %, while Nestl elevated its show 1. 2 per cent to 20. 4 % of the market. .

The market research firm projected the British chocolates market would be well worth 4. 4 billion pounds by 2013

2. Figuring out a space in the market

Once the marketplace has been analyzed, it could become clear that there surely is a gap in the market. What this means is that, there is an identifiable customer need that is not currently being met by a preexisting product. It might also be where a rival may have a existence and where in fact the company concerned believes it could offer a competitive alternative.

Market research, which oftentimes is on-going, will have given the business some notion of the type of the marketplace and the magnitude of the possible market. It may be that further research can be used to focus on particular market sections that the business feels would be the ones most likely to purchase this product and what it is they want from the product. A lot of this will be utilized to see the marketing blend.

3. Growing the product

Quite often businesses in this specific industry want to develop a 'brand personality'. What this means is that they can want consumers to relate something specific with the product. KitKat for example, is associated with a 'chance', so that it is the perfect accompaniment to a glass of tea or coffee. The personality of the merchandise will maintain line with the market research and analysis completed. The ingredients, the appearance of the product, its structure when consumed, its name and product packaging, and how it will be advertised will all be key factors that'll be informed by the introduction of the brand personality.

A very good exemplory case of this technique is the development of Yorkie. Yorkie originated as a contribution to the count-line pub market. It directed to use the concept of a chunky chocolate bar however in some other format to permit it to be ingested on the go. The key thing to emphasise was the chunky dynamics of the chocolate, also to do this Rowntree developed its early on marketing around the amount of time it would keep going and it being an excellent accompaniment for long journeys. The trucker image stuck and offered the pub a 'masculine' personality. Lately, it has been exploited with a deliberate advertising campaign suggesting that it is so chunky it is 'not for women for!

4. Product testing

Once these stages have died through, the product is likely to need to be examined. People may get options of different labels or different product packaging prototypes to see what consumer reaction are.

It may be that this kind of problem has been solved at an earlier stage, in which particular case more substantial individual screening may be utilized by virtue of the test-market. This can be a preferred region of the united states where there's a profile of users that is representative of the country as a whole. Using test market segments gives relatively exact reviews but is also much cheaper than a national launch, which might not see the product doing as well as expected.

Remember that to feed a market, the capital investment must be there to back again it up. When the test market showed that the merchandise would be extremely popular, the business would need to ensure that sufficient capacity was available prior to a national launch. You would certainly not want something launched and folks not be capable of geting your hands on it!

Image: User trials is an important aspect of online marketing strategy - it gives a good idea of the likely market response without incurring the expenses of a countrywide launch.

Media and marketing implementation

Most often than not but, It's very difficult to persuade a person to buy a certain product if indeed they do not understand the product. We have to make a strategy for marketing new product on the market so that people can achieve our target. Without a bullet proof plan to attract customers, your efforts will most likely be inefficient. we should ensure that Businesses should focus just what a customer needs and what he is looking in the merchandise. so that we can make a long term profitable customer relationship. This means that you need a plane to know customer more directly in a adaptable way so that whenever need we can transform our product corresponding to your customer's perceptions and demand. " On the other hand, your marketing plan should be focused on identifying and interacting the benefits associated with your business offers to its target market". You will then need to monitor and keep maintaining its performance.

  • Advertising new products

Market part is an essential factor for an effective marketing strategy and when we are able to recognized the various market areas which allows an enterprise to make productive and more efficient decisions in regards to advertising new quality products. This is the lock get to understanding the several kind of needs of different types of customers. Once you have separate your market in several categorizes, you'll then be able to formulate marketing activities that will ensure your targeted audience to know about the merchandise or services you are offering and why they want them in their lives. We can achieved this through the many kind of advertising, since customer known's what they need exactly want and inspire them, . You must have to hit your targeted audience to feel like that they need to need to purchase whatever it is you are providing is the greatest product on the market. In order that they buy our product and increase our sales

  • How to launch new product and there strategies

Gigantic changes are going on on earth and marketing strategies are no exemptions compared to that. Businesses should think outside the box. Observe who is doing better and make an effort to imitate them or even better, outwit them. It will greatly benefit your small business to do market research in order to determine your potential market and make changes to your present marketing strategy. This is mainly done to bring uninterested customers to at least give your business a go. Your new product kick off should make enough noise to ensure that it will stay in customer's recollections and attract them to essentially check it out. With the various media on the market, you can take full advantage of your presence by not restricting your business to one media. You can turn your small business around by performing a major brand makeover. If there are not a lot of men and women who are buying your service or product, then perhaps it's because they virtually do not see you. This is not a time when businesses are allowed to sober down on marketing techniques, because the economy is certainly going down. After the economy gets again on track its likely that, people won't remember those that were not visible on the market during this time period. You must make your business a household name so people will bear in mind you long following this global recession has ended.

We may use Marketing mixture (4p's)technique to launch our last product

Marketing Blend (4p's ) Introduction

The marketing mixture ideas are controllable factors which have to be carefully been able and must meet the need of the defined focus on group. All elements of the mix are associated and must support each other

Marketing Mix

  • Price
  • Products
  • Promotion
  • Place
  • Target
  • Market

Pricing combine Strategy

It is one of the most important part of the marketing combination strategies. Prices is a mix which generates a revenue for an organization. The rest of the 3p's strategies will be the "output" for the business. We know that this costs to create and design a product, promote a product and also to distribute it. Costs is very difficult and must reveal" resource, demand marriage". Pricing something too much or too low, could indicate lack of sales for the organization. The following factors should be studied into account

Objectives of the Company

  • Fixed and varying costs of the product
  • Target the group and their determination to pay
  • Competition with leading organization
  • Proposed Positioning strategies

"A business can adopt different types of costing strategies. The costs strategies derive from what g the goal the business has set itself to archive

Penetration Pricing

We can placed a minimal price to our product to increase the market stocks and sales of the merchandise is called penetrating pricing

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