New Product Introduction Strategies Assignment

New Product Introduction Strategies Assignment

Instructions/Descriptions

New Product Introduction Strategies Assignment

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New Product Introduction Strategies

Twana Allen

Dr. Doreen Young

AMP- 425-0500

04/11/2021

Introduction

New product introduction refers to the process which involves an idea from an initial working technique to a thoroughly refined final product. This process requires enough investment of time, resources, and careful planning and therefore each step requires careful analysis to ensure that the results produced are worth the effort. Various steps are involved in the process of introducing a new product into the market. These steps include ideation, research, planning, and prototyping, sourcing, and costing. In this case, I will come up with a new product that will be in a position to serve two business markets.

Body

In the last year, we have experienced a global pandemic that has changed how we live and interact with many parts of the world going through lockdowns even to date as well as curfews. This has greatly affected how we live and the need to mainly focus on healthy living. Many products have been introduced in the market to help prevent contracting the virus-like face masks and protective gears which have played a major role in the prevention and control of the disease spread. In my case, the product I wish to introduce concerning the pandemic is mobile grocery supply. In my area, we are forced to go out looking for groceries at specific points. With the pandemic, many people fear going out to look for such products which are basic for every one of us. A mobile grocery supply for me means that I will be able to meet my customer’s needs by delivering them to their doorsteps and reducing the burden they may encounter of going out to find the same.

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My strategy for entering the market will involve using social media platforms to first address the idea and see how people respond to it. This will be effective to me since in the current world people spent a lot of time on the internet bearing in mind that technology advancement and development is high. This strategy will also help me in understanding what exactly customers need during this period of the pandemic. Besides, I will also help customers who might be busy working from home in saving their time and concentrating on their main work since they will not have to take a break and go find groceries

However, such a business idea may come with challenges like failing to meet customer’s needs at first since different customers have different preferences. There may be also issues to do with safety since in most cases it will involve meeting new people and this may pose dangers. Some customers may also be concerned about the safety of the products offered is concerned. This will call for the need to apply all the possible strategies to ensure that customers are satisfied and continue to order from my business.

In ensuring that my product is successful, I intent to first research how the pandemic has affected businesses and how people are responding to the same. This will help me in knowing if my idea will receive positive feedback. Secondly, I will be clean and offer fresh groceries to my customers. In most cases, customers require products that are appealing and healthy in the case of food products. I also intend to be timely in delivering my orders and ensure that I will also get delivery personnel that will help me in reaching my customers at the right time and avoids circumstances of delays. Besides, I ensure to take the health precautions and comply with the health protocols to make sure that my customers are secure from contracting the virus. To also meet a large clientele and be in apposition to grow in my business, I will consider advertising my business on social media platforms like Facebook, Instagram, and also prepare tutorials and short videos on YouTube explaining what my business does and how it is helping individuals in the society. With time I will also get a website that will help people to easily search and find me without much hassle.

Conclusion

In conclusion, a new product introduction requires thorough research to determine how customers may respond to your business. This means that having a good strategy is very important to avoid circumstances of being affected negatively and your business failing to thrive in the highly competitive market. Besides, being competitive is also important and this is facilitated but being unique in the market. In many cases, businesses tend to copy each other and this ends up disappointing the owners since they are not unique and they do not understand how the other person is running their business.

References

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Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47.

Parker, O. N., Krause, R., & Covin, J. G. (2017). Ready, set, slow: How aspiration-relative product quality impacts the rate of new product introduction. Journal of Management, 43(7), 2333-2356.

Baum, D., Spann, M., Füller, J., & Thürridl, C. (2019). The impact of social media campaigns on the success of new product introductions. Journal of Retailing and Consumer Services, 50, 289-297.

Sidor, A., & Rzymski, P. (2020). Dietary choices and habits during COVID-19 lockdown: experience from Poland. Nutrients, 12(6), 1657.

New Product Introduction Strategies Assignment

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