LAUNCHING A NEW PRODUCT

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• LAUNCHING A NEW PRODUCT
• "Success usually is the result of luck. But I
  find the harder I work, the more luck I have."
• You've decided exactly what you plan to offer,
  now all you need to generate is sales.
• But every day, countless new product and service
  ideas are conceived never to be born because
  they're not properly brought to market.

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• The Myth of The Silver Bullet
• One of the great marketing myths is the idea of
  the category-killer new product, a kind of silver
  bullet, borne of blinding insight and launched
  with lightning speed, which catches competitors
  flat-footed and upends the category food chain,
  leaving the new product alone at the top. Like
  all myths, this one contains a kernel of truth,
  for even the casual observer can find instances
  of this type of success in a myriad of
  categories. But myths tend to ignore or obscure
  inconvenient facts that tarnish the luster of a
  great and powerful story For every silver-bullet
  new product, there are at least 20 other new
  products which seemed to reflect the same kind of
  inspiration, and that were launched with the same
  haste, that ultimately ended up dying an
  ignominious and anonymous death, unknown except
  to a handful of insiders and competitors.
• Most successful new products come not from the
  mythical wunderkind type of process, but from
  careful analysis, detailed planning, and stellar
  marketing execution. In short, they come from
  hard work rather than luck.

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• Here are some steps you should follow to
  successfully launch your product
• Study your competition
• perform a SWOT (strengths, weaknesses,
  opportunities and threats) analysis.
• start by taking a serious look at your
  competitors. Make a list of the businesses that
  offer products or services similar to the one you
  plan to launch.
• once you decide who your competitors will be,
  review their marketing materials, including their
  ads, brochures and websites.
• evaluate how your new product or service will
  stand up against what's already being offered, in
  what ways you'll excel, and which companies or
  their offerings pose the greatest threats to your
  success.

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• Target the ideal customer
• - focus exclusively on the prospects you believe
  are most likely to purchase from you.
• your best prospects have a perceived need for
  what you offer, can afford to buy it and have
  demonstrated a willingness to do so, probably by
  purchasing from your competition.
• Bear in mind, it's always easier to fill a need
  than to create one.

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• There are three types of customers - program
  buyers, transaction buyers and relationship
  buyers.
• Program buyer is one who follows some sort of
  internal procedure to make their business
  purchases. Typically, such buyers try to spread
  their purchases of any one category among several
  suppliers according to a fixed schedule. They are
  highly unlikely to be early adopters. One of the
  first steps in finding early adopters, therefore,
  is to identify the program buyers, and eliminate
  them from consideration. Your sales force and
  your common sense can help in this task.
• Transaction buyer. These are companies that are
  primarily motivated by price. They have
  everyones catalog and actively compare prices.
  Loyalty is almost unknown to these buyers. These
  buyers are also unlikely to be early adopters.
  How can you identify transaction buyers? If you
  are on sale, they will flock to buy from you.
  When your competitor is on sale, they will desert
  you.
• The best reception will be found in the
  relationship buyers. These are business customers
  who like your products and services. They have
  built a relationship with your employees. They
  think of your company as their primary supplier
  of your category. They do not want to be bothered
  to have to shop around every time they make a new
  purchase. They look for quality, good service,
  helpfulness, friendship and information. If you
  can supply these things, they will stick with you
  when your competition is on sale. If you have a
  new product, they will be the first to want to
  hear about it.

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• Create a unique value proposition.
• you should have a clear understanding of what
  you must offer in order to stand apart from your
  competition and who will want to take advantage
  of your offer.
• but do you know why customers will want to buy
  from you vs. the vast field of competitors out
  there? What benefits and features will you
  provide that your prospective customers will
  value most? The bottom line is that your product
  or service "bundle" should be unique and meet the
  needs and desires of your best prospects.

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• Define your marketing strategy and tactics
• - choose your sales and marketing channels. Will
  you market online, via catalogue or through
  dealers?! Generally, multichannel marketers
  achieve the greatest success because customers
  who can shop when and however they like tend to
  spend more and shop more often.

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• Test your concept and marketing approach
• You should not rush headlong into the launch
  phase prior to testing. What should you test?
  It's best to examine your product and your
  marketing message.
• Depending on what you plan to market and your
  budget, you can use formal focus groups (or
  simply host roundtable discussions with members
  of the target audience), employ online research
  or mall intercept studies, or distribute your
  product to a select group of users for testing.
  Only after testing is complete, should you
  proceed to the final creation of your marketing
  tools and materials.

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• Roll out your campaign
• public relations often plays a vital role in the
  launch of a product or service. You can use media
  relations tactics to place articles and win
  interviews, get coverage by allowing key press to
  review your product, hold a launch event...
• and your other marketing efforts should follow
  closely on the heels of your press roll out.
  Monitor the results from all the media, and in
  the first weeks and months, be prepared to adjust
  your campaign to take advantage of what's working
  best.

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• Know your product's lifecycle
• - the campaign you use during the introduction
  and education phase of your product or service
  launch will need to be updated as your product or
  service matures. If you're monitoring your
  marketing results carefully, you'll begin to see
  diminishing returns that will indicate when it's
  time to revise the product or service itself,
  alter your media message, or even phase out this
  particular offering and lay the groundwork for
  the launch of your next great idea.

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• TASKS
• FIND A PRODUCT TO LAUNCH
• FOLLOWING THE SUGGESTED STEPS, PREPARE
  EVERYTHING TO LAUNCH THE PRODUCT
• MAKE A SHORT PRESENTATION

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COMMON TYPES OF GRAPH
(line) graph
(bar) chart
(pie) chart
table
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TRENDS
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• The horizontal axis represents the years 75 to 80
  divided up into six-monthly periods. The vertical
  axis shows the rate of inflation from zero to
  25. Let us now look in detail at the development.

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• Now read the following text and make a graph
• If we start with 1975, you can see that at the
  beginning of the year, inflation stood at 5. It
  increased steadily over the next 12 months to .
  Things improved at the beginning of 1976 and it
  levelled off for a six-month period. The
  improvement continued and inflation decreased
  gradually by 2 during the rest of the year.
  Unfortunately, as you can see, the decline was
  not maintained and over the next six months
  inflation rose slightly and reached 9 by the
  middle of 1977. Then we hit a bad patch -I'm sure
  you will remember how inflation went up
  dramatically to 17 during the next 12 months and
  the effect this had on our exports. After a drop
  of 3 over the 2nd half of 78 when we all thought
  that things were improving, inflation increased
  rapidly until it reached a peak of 24 in mid-79.
  This marked the low point for us and the high
  point for inflation. It then fell to 20 by the
  end of 79 and subsequently levelled off until the
  middle of 1980. Now let's look at our results
  during this same period.

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