Knowledge Management Strategy
Introduction Knowledge management is the recognition, optimization and effective handling of intellectual assets to build value, enhance productivity, and achieve and maintain competitive advantage. This comprises of the summarization, combination, dissemination and utilization of knowledge in an organization. Thus the management of knowledge comprises of various tasks and functions. The generation of a knowledge management […]
Social Network Feedback Analysis
As a marketer, it doesn’t take one long to understand the high impact and the potential of the Social Media Networks on your business. You will also recognize the fact that the content on the Social Networks is not under your control and it is essentially this freedom of expression and uploading of content that […]
Green Washing, Corporate Spin and CSR
As for superficial attempts to practice CSR, the term “green washing” gives an instance of how the aims of CSR are subverted. Green Washing refers to the practice of the corporate spin employed by a company in declaring itself to promoting environmentally friendly policies whereas in reality, the company does not live up to the […]
Marketing Strategies for the Age of Consumer Fragmentation and the Age of Digital
The Fragmentation of the Consumer Segments and the Rise of Hyper Personalization We live in the Age of Fragmentation where consumer markets are so niche and granular that conventional marketing strategies are ineffective. Everywhere we look around us, we find that consumer markets are no longer monoliths or can be classified into broad Demographic, Regional, […]
Some Pitfalls to be Avoided in Strategic Management
It needs to be remembered that strategic management and strategic planning are intricate and complex processes that take the organization into unchartered territories. Hence, they do not provide a readymade prescription for success nor do they promise instant solutions to all problems that the organization is facing. Instead, strategic management and strategic planning are processes […]
Introducing a new product in the market requires meticulous planning and relevant ideas put together after several rounds of discussions and brainstorming sessions among employees associated with the organization. There are several factors which go a long way in deciding how and when a new product should be launched so that it is not only accepted well by the target audience but also outshine competitor’s offerings.
Let us understand the factors in detail:
The first and foremost deciding factor for an organization to launch a new product or service is to understand whether it has individuals who are equipped with right knowledge and skills to contribute effectively towards manufacturing a new product or designing a new service. Identify individuals who you think have the passion to think out of the box and can be a part of the product development team. Not every person is capable of doing things differently.
Organization needs to be very careful while picking candidates as one wrong individual and he/she would screw up the entire process. Infrastructure, raw materials, machinery, reliable vendors and so on also play an important role in deciding the development of new products. Organizations need to ensure that they have the latest technology and adequate power back up before they decide to manufacture a new product.
Once the product team is finalized, individual’s concerned need to sit together on a common platform to brainstorm and discuss as to what all features and specifications they would like to see in their new product.
Competitor analysis is extremely crucial at this stage. Carefully study their website, brochures, catalogues to understand what all they are offering so that you design a product which is not only better than them but also provides additional features and benefits.
Trust me, in today’s scenario, only the best survive and rest all perish in no time. Lay emphasis on research and development. Do not ignore minor things. In most of the cases, minor problems ignored in the initial stages lead to serious complications later on.
Prepare a checklist and make sure you have checked each and every minute detail before finally deciding on the new product. Everything has to be on paper. In most of the cases, people forget verbal discussions, the moment they step out of the meeting room. Do not ignore the risk factors involved with the launch of a new product or service. Ask questions among yourselves.
For example - If you own a travel company and decide to introduce a new and exclusive package for your loyal clients, do keep in mind the demerits or problems which might crop up at later stages and whether you are ready to face customer complaints or any other adverse situation and come out with a solution.
Funds available with the organization certainly play an essential role in deciding a new product. If you do not have adequate funds, identify an external party /bank that can finance you throughout product development. Budgets need to be allocated carefully.
Another important factor deciding the development and eventually launch of new products is definitely working on the marketing and promotion strategies. Even the best of product would lose its charm if it is not promoted well. Find out a good advertising agency to design catchy promotional materials which attract your target audience, make them aware of the USPs of your products and finally prompt them to invest in the same.
After sales service is something which should never be ignored especially when you are planning to launch a new product or service.
Proper planning is important. Teams need to coordinate among themselves and deadlines need to be strictly adhered to. Make sure your quality team is in place which ensures final product is market ready with no defects.
As an organization, you need to know your objective of introducing a new product in the market and how this product will increase your revenues. Goals need to be clear.
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