Print Article for : New Product To Market

Your Online Guide » Internet » Internet Marketing Online

[N212]New Product To Market

by ,

If you've spent loads of time developing your new product and it has passed the final testing, odds are, you are ready to launch it into the marketplace. In order to get started in the launch process you will want to figure out who you will be selling your product to, what they are looking for in a product, what makes your product the best choice on the market, and how much your product is worth to the end user.

A good soft market would be those customers you already reach with your other products and services. These customers already have an interest in your products and services. Your company has built the relationship with them that establishes you as the authority for your niche. This authority makes your company the best source in your customer's mind. They will look at doing business with you from the "If it isn't broken, don't fix it" perspective. They would prefer to have quality service, friendly, helpful staff as opposed to finding a completely new company. If your company performs on that level then you won't have any concerns when your competition tries to appeal to them with a flashy approach. When you launch your product they will be eager to learn about it. These are the customers to target with your product launch, as they will be more likely to embrace the product early on.

If you can market your product to this smaller test audience first, it will provide you with a group of users who will likely provide you with feedback in the form of testimonials. If you do not already have a customer base there are many companies who have already built a solid relationship with their customer base that will allow them to offer your product without meeting resistance. Instead of spending money to flood the mail with brochures that will mostly end up in the garbage, the savvy salesman can zero in on interested customers with precision. The best approach is to look for customers who would be the most likely to embrace the product early on. After you enjoy the success of a soft launch the other markets will be easier to penetrate.

Remember, you only get one chance to make a great first impression, so do your homework for a successful launch.

Nowadays, fruit juice market has an increase competition because it has new brand enter to the market. Fruit juice market was expanded and the market of tea, coffee and soda decrease because consumer interested in healthy. Furthermore, the competitor launch new product to persuade consumer about healthy, which make me lost some market share for other beverage. Tipco product didn't move too much. It is quiet in the market for a while. We didn't have advertising, public relation and promotion for a Tipco product. We try to distribute our product every channel and emphasize in export market. We concentrate to export our product and don't improve domestic market. The competitor will come up in that time. We lost some market share to competitor.

The report present overall effectiveness in advertise cereal drink for all program against the performance measured of: increase Tipco's sale volume

Overview of Planning

A plan was developed for launch new product line which is cereal drink as well as the media to advertise new product. The purpose of the plan was to:

•Increase Tipco's market share

•Decrease the number of competitors

•Promote cereal drink pass advertising on television

•Persuade consumer to interest in our product line

Cost / Budget

The planned budget of this project covers direct costs and overhead costs.

Direct Cost

The direct costs are the cost of equipment for advertising system. The purpose of the plan is to advertise new product line which is cereal drink. It is activate consumer to interest for their healthy. So, it is persuade consumer to buy cereal drink. That's increase sale volume and market share for Tipco.

Overhead costsoverhead cost

The overhead costs are the advertising fees, presenter, labor and place. The company has to hire the expert company for advertising which is Quarter-time agency. This company is number one of advertising company in Thailand. They are full of experience in produce advertising. The costs of advertising include all step advertising on television.

Outcome against Budget

One of the outcomes of our project was that our actual costs in the following categories were, for the most part, close to our budgeted cost. We spent less than expected on the advertising fees. We spent more in the equipment cost because the oil prices increase. It has affected to the equipment cost that we use in advertising.

Outcome against budget

Effectiveness in performance measures

•Increase Tipco's market share

In the past, Tipco's lost market share to competitor because it has many competitors for fruit juice. According to this situation, we launch cereal drink to the market. It makes our market share increase.

Beverage Market Share

•The number of consumer who interest Tipco's product line

After we launch new product which is cereal drink, it makes consumer interest in our product. So, it makes our market share increase

Tipco's product line which consumer interest

Conclusion

According to the problem, we must launch new product line which is cereal drink as well as advertising on television. After we launch it our, the result is good. Our market share increase and consumer more interested in our product line.

For the budget, the project was successfully spent according to the plan. There were some expenditure that exceeds the plan; however, there was the balance in overall spending.

It is recommended that we should concern more in advertising. It helps us to increase sale volume. We should not remiss to promote our product because it is a part of marketing.

Article Source : Pg. 30

Bonkboy Bravo has sinced written about articles on various topics from Internet Marketing. . Bonkboy Bravo's top article generates over 3600 views. Bookmark Bonkboy Bravo to your Favourites.