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MARKETING MANAGEMENT - New Products Development Strategies

New Products Launches - New Products Development Strategies

   Posted On :  18.06.2018 09:33 pm

An analysis of new products development in the recent past shows that these products have been either offshoots of technological development in the west or improvement over the existing products in the areas of their, style, substance or packing.

New Products Launches
 
 
An analysis of new products development in the recent past shows that these products have been either offshoots of technological development in the west or improvement over the existing products in the areas of their, style, substance or packing. In the recent past, new product launches in India have shown that these launches can be broadly classified into three categories.
 

a. Marketing Innovations

 
 
Companies have been improvement on existing products and have launched these as new products in the market.
 
For instance, magi noodles, soft drink in tetra pack, shrikh and pan parag etc., are basically slightly alternated version of existing or old products.
 
Here, consumers did not require changing their consumption habits drastically to accommodate these new products.
 
These are example of improvement in the products whose success was derived more from marketing innovation such as packing, branding and easy availability, rather than any significant change in the substance of the product itself.
 

b. Product Improvement

 
 
By introducing modifications to the existing product, a product can be made new.
 
The launch of 100cc two-wheelers, radical types, instamatic cameras are basically slight innovations on the technology / design of existing products, although the products category as such already existed in its primitive form.
 
Such new products are generally targeted for a new class of buyers. The success of such ventures depends upon the ability of the marketers to convince the consumer about the improvement in the performance over traditional brands(s) as well as over similar new extract.
 
For example, in the 100cc two wheelers vehicle market, TVS Suzuki was the entrant and it had captured a sizable market. Subsequently, Hero Honda became the market leader in this category of motorcycle by virtue of better performance and marketing techniques.
 

c. Technological Innovations

 
 
Some innovations change the life style of the consumers. They change the consumption patterns.
 
The Indian market has experienced a rapid induction of products like personal computers, photocopiers and colour television. , Mobile phones and Internet haes revolutionized the communication styles of people.The launch of transistor sets and cassette players, though primitive by today’s standards, were at one time new to the market. They eventually replaced radios and gramophones.
 
Generally, these products require some kind of assembling of improved kits. Although adaptation of such products calls for substantial change in the consumption pattern, yet these products have succeeded in view of their significant utility to the user. Such venture require an initial awareness building and persuasion to install the product. Initial resistance to change may delay any adoption of new technologies. However, a look at the track record of such new product shows that early entrants have reaped the benefits of leadership. Subsequent entrants have faced difficulty in establishing themselves. 
Tags : MARKETING MANAGEMENT - New Products Development Strategies
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