Purpose and background:
An organization’s strategy that mixes all of its promoting goals into one comprehensive set up.
A good promoting strategy ought to be drawn from marketing research and target the correct product so as to attain the utmost profit potential and sustain the business.
Scope and responsibilities:
To launch new products depending on the nature of service or product to be introduced, it’s estimated as to which methodology is appropriate for a brand. While doing so, one of the most important aspects is to understand the legal gateways and get prepared with expenses that may ensue in this process.
Procedure and methodologies:
- Networking: For launching new products into an unexplored market, networking is an apparent approach. Networking can be through acquaintances, social media, joining and pitching at business networking organizations (like BNI, TiE).
- Market research– to know the needs of the consumer, demand in the market and rate evaluation of product can easily get done with this.
- Needs of consumer – finding out need of consumer will get a proper perspective about the product launching will be profitable or loss business.
- Study of demand and supply- The proportion of demand and supply will be resulted in the basic theory of the product launching success or failure rate.
- Rate evaluation- If the competitor brands have products already in market it is necessary to fix the rate of products according or near competitors benchmark.
C) Advertising for new products- it is majorly important to advertise the new product in a strategic manner with weekly plans.The advertising plays a vital role in launching the new products.
