New Product in the Market - Research Paper Example

New Product in the Market In coming up with a new product in a market, a business needs to put into consideration the different issues that make its customers to accept the product when it presents them in a market. This implies that customers are able to make the best choice of the products from one company in preference to others that come from other organizations. To ensure that a company is able to win customers in the business, a company considers the different possibilities that are there by considering the market in relation to the needs of the people and categorize them in terms of pricing and quality needs (Brooke and Mills 87). To come up with a new product, a company may consider optimizing the things their customers need and the various other resources they have, which can facilitate production without making losses. To succeed in the different areas of the business, the companies a company need to carry out a proper market research that will lead them to understand the customers to whom they intend to supply the new product. This process of production and presenting new products to a market needs to be planned so that each step can help raise the number of customers who show interest in them and buy them at any time in their lifetime (Wesley and Barczak 23). In producing a new product in the market, a company needs to implement a strategic plan that will put into consideration all the needs of the customers and weigh them against the potential of the company and the goals they have to develop a product that is preferred by customers. Through strategic planning, a company produces the products that fall within the goals it has for the market and which attracts potential buyers, to whom it intend to sell its products. Strategic planning in a company aligns itself with its mission statement, which implies all things that company targets to achieve in their delivery of the services to customers. These goals of a company do not focus on their customers but it speaks of what the company is able to accomplish to any person in the society regardless of the choice they make concerning their products (Brooke and Mills 34). In producing some products, a company needs to have a consideration of the different interests that arise from the different social classification of the customers. The social classification characterizes the different things that different people do in the society as well as their behavior of buying different commodities in the market. For this reason, a company will be in a position to determine the different the sizes of the product they intend to produce so that they can preserve the prestige of the people in specific social class. In this respect, social classes determines the quality, quantity and the variety of a product that should be presented to the market at any time as well as the population of the potential customers (Annacchino 127). This ensures that the company will implement a marketing strategy that will not only help customers to know the product but also the one that will conform to their needs and interests. Marketing can be done through different media so long as they ensure that all the intended people get the information they need to provoke their choices to buy a product a company has produced. In the current market, some of the most popular methods of communication and advertising in the social media network where different people can supply information that can reach many people within a short time. In communicating to different customers, a company aims to provide promotional sales that could be necessary to ensure that many people are able to change their motives concerning what they need to purchase to meet their needs. Marketing offers sales promotion, which are the incentives that manipulate the different beliefs of customers and ensure that they purchase the products. The information that a company supplies to its clients to ensure that they change their perception about the quality of the new product it has for the market and ensure that they can buy it without doubting it (Wesley and Barczak 78). To ensure that a company makes substantial sales of a new product, they ought to produce with a focus on interest of a specific population that is perceivably going to buy the products. This focus will help them to choose the kind of strategies they would implement to ensure that they maximize on the different resources they have for the production. For instance, the company will have a target market where they will do their marketing and display their products to their customers. The target market could be a small or a large group of individual who have similar or varying interest but they are related which determines their preferences in one product or the other. The group of people targeted by a new product could be determined by age, gender, or the different social background or religious affiliations that distinguish them from other people in the society (Annacchino 127). This will ensure that from the target market, the new product that a company introduces will permeate to other customers within the shortest time possible and lead to a successful venture. The success of a marketing strategy ensures that a company’s new product reaches the fad within a very short after production and that it remains popular to the buyers. In the process of introduction of new products, the people who design a product consider different things that are likely to be of interest to their customers. In order to ensure that a new product is able to compete favorably with other products that can serve similar purpose as the new product, they carry out market researches to collect data that will inform them of the different needs of the people. This means that the public will acknowledge the presence of the product in the market and therefore, move on to buy it without the company making a lot of investment in marketing. A new product that is likely to dominate a market within a short time has to represent the various needs of the people who are the reason for production and in marketing; the producing company will need to determine the various dynamics as could be determined by social, political and religious differences. Work cited Annacchino, Marc A. The Pursuit of New Product Development: The Business Development Process. Amsterdam: Butterworth-Heinemann, 2007. Brooke, Michael, and Mills, William. New Product Development: Successful Innovation in the Marketplace. New York: International Business Press, 2003. Wesley, David and Barczak, Gloria. Innovation and Marketing in the Video Game Industry: Avoiding the Performance Trap. Farnham [Surrey, England: Gower, 2010. Read More