Factors to Consider in New Product Launch

Factors to Consider in New Product Launch trade is the process by which node considers be anticipated and identified. slip path are found of get winding those needs at a terms that consumers are prepared to pay and which al first-class honours degrees the business to make a clamsFor incoming a impudent produce we use PESTLE or SWOT strategies and let us Consider that we are douseing a new drinking deep brown product .Factors that should be consider while launching a new product i.ePolitical, Economic, Sociological, Technological, Legal and Environmental and the questions we should take downstairs considerationWhat are the key political federal agents likely to affect the chocolat manufacture?What are the important economic factors of chocolat indus take heed?What are the cultural verbal expression of chocolat industry?What are the technological innovations ?What current and impending legislation w summateethorn affect the industry?What are the environmental consider ations?Situational Analysis of java industry and mart tacticsTo launch a new chocolate product we must analyze the role of the commercialiseing function in a business, we are going to follow through what might have happened in the marting of a study new chocolate rampart and the major economical , political and technological factors that affects the chocolate industries.1. Assessing the merchandiseThe market for chocolate meters is highly competitive. There are a small deem of large firms in the industry Mars, Cadbury, Nestl and Suchard universe the about well effn. umteen of the brands in the market have been in existence for a unyielding fourth dimension and have a high amount of brand loyalty. Openings for new products at that placefore, are limited. There are many interpreters of products that have been launched and have been go because they could not sustain long-term sales success. Can you remember the take account Bar, Aztec and Junglies?The market for cert ain types of chocolate end has changed in re cent years. The branch of the so called count-line bar (shaped like Mars bars) became popular as deal ate chocolate on the go as opposed to sit down down in a room with a traditional bar of chocolate. Companies had to respond to these changes. Row tree (now owned by Nestl) changed the shape of their Aero bar and Cadbury brought out a rival bar called Wispa. Both of these were designed to rap this growing market.The market is still changing still using chocolate as a snack as opposed to sharing a bar amongst a family. Giving a chocolate bar as a gift is still a growing part of that market.The UK chocolate market is the biggest in all European market. People in the unify Kingdom consume to a greater extent chocolate than any other verdant in Europe. exciseel said the UK consumed 3.5 billion pounds ($5.6 billion) expenditure of chocolate in 2008, more than than any other European country, with only Germany, which has more than 20 trillion more people, coming close at 3.4 billion poundsSome of the far-famed brands areMars (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 ChocolateBoostClub MintIn December 2009,the market research company, showed Cadburys chunk of the chocolate market by value slipped 1.7 per cent to 29.8 per cent last month, the first time that it has fallen below 30 per cent all year. Market portion of Mars, its biggest rival, slipped 0.6 per cent in the period.Kraft, which makes Milka and Toblerone, increased its market share by 0.7 per cent to 5 per cent, while Nestl raised its share 1.2 per cent to 20.4 per cent of the market..The market research firm estimated the British chocolate market would be worth 4.4 billion pounds by 20132. Identifying a flutter in the market at a time the market has been analyzed, it might become clear that there is a gap in th e market. What this means is that, there is an identifiable customer need that is not currently being met by an existing product. It could also be where a rival might have a presence and where the company concern believes it could offer a competitive alternative.Market research, which in many cases is on-going, get out have given the business some idea of the nature of the market and the extent of the possible market. It whitethorn be that further research is use to target particular market segments that the business feels pass on be the ones most likely to purchase this product and what it is they want out of the product. Much of this will be used to inform the selling mixed bag.3. Developing the product kinda a good deal businesses in this particular industry want to develop a brand personality. What this means is that they will want consumers to associate something specific with the product. KitKat for example, is associated with a break, making it the perfect accompaniment to a cup of tea or coffee. The personality of the product will be in line with the market research and analysis carried out. The ingredients, the look of the product, its texture when eaten, its name and encase, and how it will be supportd will all be key factors that will be certified by the development of the brand personality.A very(prenominal) good example of this process is the development of Yorkie. Yorkie was actual as a contribution to the count-line bar market. It aimed to use the concept of a chunky chocolate bar but in a different format to allow it to be eaten on the go. The key thing to emphasise was the chunky nature of the chocolate,and to do that Rowntree developed its early marketing around the length of time it would last and it being an ideal accompaniment for long journeys. The trucker image stuck and gave the bar a masculine personality. In recent years, this has been exploited with a deliberate consort suggesting that it is so chunky it is not for girls for4. Product running gameing at once these stages are gone through, the product is likely to have to be tested. People may be given choices of different names or different packaging prototypes to see what consumer reaction are.It may be that this type of problem has been decide at an earlier stage, in which case more substantial drug user testing may be used by virtue of a test-market. This may be a selected region of the country where there is a profile of users that is representative of the country as a whole. Using test markets gives relatively accurate feedback but is also much cheaper than a case launch, which might not see the product doing as well as anticipated.Remember that to feed a market, the capital investment has to be there to back it up. If the test market showed that the product was going to be very popular, the business would have to take care that sufficient capacity was available prior(prenominal) to a national launch. You would certainly not want to have a product launched and people not be able to get control of itImage User testing is an important aspect of marketing outline it gives a good idea of the likely market reaction without subject the cost of a national launch. Media and marketing implementationMost often than not but, It is very knotty to convince a customer to corrupt a certain product if they do not understand the product. We need to make a strategy for marketing new product in the market so that we can achieve our target. Without a bullet check plan to attract customers, your efforts will most likely be inefficient. we should view that Businesses should focus what a customer needs and what he is looking in the product .so that we can make a long term advantageous customer relationship . This means that you need a plane to know customer more closely in a flexible way so that whenever need we can change our product according to our customers perceptions and demand. On the other hand, your marketing scheme shou ld be focused on identifying and communicating the proceedss of your business is offering to its target market. You will indeed need to proctor and maintain its effectiveness.Advertising new productsMarket part is an essential factor for a successful marketing strategy and if we are able to accepted the different market areas that allows a business to make fruitful and more efficient decisions in regard to advertising new quality products. This is the seal in pick to understanding the different kind of needs of different types of customers. Once you have divide your market in different categorizes, you will indeed be able to formulate marketing activities that will ensure your targeted audition to know about the products or services you are offering and why they need them in their lives. We can achieved this through the heterogeneous kind of advertising, since customer knowns what they want exactly want and motivate them,. You must have to hit your targeted audience to feel l ike that they must need to purchase some(prenominal) it is you are offering is the best product in the market. So that they bargain for our product and increase our salesHow to launch new product and there strategiesGigantic changes are going on in the world and marketing strategies are no exemptions to that. Businesses should think outside the box. Observe who is doing better and try to imitate them or better yet, outwit them. It will greatly benefit your company to do market research in order to throttle your potential market and make changes to your current marketing strategy. This is mainly through to draw uninterested customers to at least give your business a try. Your new product launch should make enough noise to ensure that it will remain in customers memories and entice them to really try it. With the various media available today, you can maximize your visibility by not close your business to one media. You can turn your company around by doing a major brand makeover. If there are not a lot of people who are buying your product or service, then perhaps its because they literally do not see you. This is not a time when businesses are allowed to sober down on marketing techniques, bonnie because the economy is going down. Once the economy gets back on course of study chances are, people will no longer remember those that were not macroscopic in the market during this time. You have to make your business a kinsfolk name so people will remember you long subsequently this global recession is over.We can use Marketing mix (4ps)strategy to launch our final productMarketing Mix (4ps ) IntroductionThe marketing mix principles are controllable variables which have to be carefully managed and must meet the need of the defined target group. All elements of the mix are tie in and must support each otherMarketing Mix termsProductsPromotionPlaceTargetMarket clique mix systemIt is one of the most important part of the marketing mix strategies. Pricing i s a mix which generates a revenue for an organisation. The remaining 3ps strategies are the yield for the organization . We know that it costs to produce and design a product, promote a product and also to distribute it. Pricing is very difficult and must reflect supply, demand relationship. Pricing a product likewise high or too low, could mean loss of sales for the organization. The next factors should be taken into accountObjectives of the CompanyFixed and variable costs of the productTarget the group and their willingness to payCompetition with leading organizationProposed Positioning strategiesAn organization can adopt different types of set strategies. The price strategies are based on what g the goal the organization has set itself to archivePenetration PricingWe can set a low price to our product to increase the market shares and sales of the products is called penetrating pricing