Branding and New Product Development - Essay Example

Even without testing or watching the demo, some people purchase Microsoft products because of their immense confidence and trust in the abilities of Microsoft which was developed because of their brand image. This paper analyses the different aspects of brand image in the development and implementation of a new product.

Branding should be unique and attractive in order to catch the attraction of customers. Logos or trademarks are important in developing a brand. Logos must reflect the theme of the product we are going to develop. It should not be confusing to the customers. It is not possible to convince customers by selling high-quality products for cheaper rates alone.  Low prices, superior quality, great advertising, stunning packaging, etc are part of brand development. All these things develop a psychological attraction among customers towards the brand, not the product. The market is overcrowded with millions of products of the same and different natures which made the customer’s task more difficult in selecting a suitable product for them. In such circumstances, they will put their trust in brands rather than products. New product developers must keep all the above points in their mind when they plan to develop a product.

New product development is a difficult and complex thing for entrepreneurs. The entrepreneur must research thoroughly in the market in order to realize the needs of the customers which were unmet by other suppliers in order to conceptualize the new product development process. In other words, the realization of opportunity is the first step in the development of a new product. These opportunities must be analyzed thoroughly in order to learn more about the possible success and failure factors of the new product which is going to be developed. If the entrepreneur was confident about the success of the product, then he can start the idea-generation process. During this period, he must evaluate different ideas about the production, packaging delivery, and marketing of the products which will help him to fix the most perfect idea for the production and marketing of the new product in his mind. Technology development is the last step before the production process of the new product.

Once all the above things were done, the entrepreneur must take a trial run or beta testing of the product in order to study the production difficulties and the marketing prospects of the product. Based on the feedback received from the production unit and the marketing people, entrepreneurs can decide about the official launch of the product in the market and also about the initial volume of the product needed to be produced. The launching of the new product must be done with the help of brand development activities like advertising, attractive packaging, etc as mentioned before.

In short, brand development is an important factor in deciding the success and failure of a new product developed.