Business Marketing

Marketing New Products

Introduction

A very pressing question for today’s production companies is: why do you their products fail? The reason for this is relatively simple and found in the fact that companies assume their product has a demand and don’t carry out enough market research. This leads to shock other than mismanagement and wastage of resources, and net losses for the company. In some cases if a very large budget is allocated to just one product that can lead towards the ultimate destruction of accompany and force it to shut down. To avoid such situation marketing new product should be preceded with maximum benefit inducing strategies marketing needs to be incorporated too.

History

Test marketing is an absolutely necessary feature that requires customers to test small amounts of the marketing new product as a sample and give immediate reviews and feedback. This reduces risks, since the safety and satisfaction of product is judged before its mass marketed to the consumer base. All these standard marketing procedures and guidelines are as old as time itself. Ever since the concept of selling products began, the concept of marketing was also triggered with increased force. In the medieval times, only basic forms of marketing new product by the word of mouth or maximum a few illustrated banners were common. Today’s generation has a around a 100 or more forms of advertising their services to the customers regularly, and these are obviously more far-reaching than any method ever before. They allow companies to advertise their products worldwide with little effort, and just the payment of a small sum of cash.

Features

The first step in this process is to identify a target market, that can be divided upon gender, social and age factors. For example diapers will only be targeted towards mothers who’re raising kids, which entail the fact that all marketing new product strategies will focus on just this particular section of the entire buying market. Once the target market has been realized we move towards the next step, which consists of choosing the appropriate marketing strategy. Since, we’re considering diapers; we will aim to market this product on those forms of media that are generally viewed by mothers in abundance. Therefore, prime time television, billboards near supermarkets, magazine advertisements and home mailed flyers are commendable choices of advertisement in this peculiar situation. Hand marketing new product is also a very common aspect of deep reaching and memorable marketing. If a company is selling a new innovative shampoo, it will distribute these samples in tiny sachets for the customers benefit. Their number are taken from them, and stored in an online customer database, which is a dire need of progressive and self-enhancing companies.

Tips and comments

Nowadays social networking websites, namely Twitter, Facebook and Orkut have recently began a system of marketing products through the creation of customized pages. These pages can be shared online for customers to know latest details regarding a marketing new product, its launch date and purchasing details as well. Other than increasing the regular customers and sales for a product this method guarantees smooth transition of a product establishing itself within the market due to worthy of applause marketing efforts.

By Anushay Q., published at 02/25/2012
   Rating: 4/5 (10 votes)
Marketing New Products. 4 of 5 based on 10 votes.

Comments