Marketing Plan For A New Product Essay

Marketing Plan For A New Product Essay

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Launching a new product always comes with certain risks as well as significant financial impact. The design and development of the product, marketing the product and implementing processes to produce it all incur costs even before the product can be produced and sold to customers. It is essential to mitigate risks so all the up-front costs do not go to waste. The team at Interface has assessed common risks associated with product launches to proactively address and mitigate those risks for the launch of the World Woven collection.
The most common risk for any product launch is to forget about marketing until it is too late. (Schneider & Hall, 2011). To combat this, a marketing sub-team was formed. The team members of the sub-team were invited to the product design meetings to ensure they gained a full understanding of the product features and had a sense of ownership in the product. Once the design phase completed, the team members began developing a marketing plan gathering feedback from the development team periodically. As a result, the marketing plan was launched prior to the implementation phase being completed. By the time the team was ready to move into production, customers were already inquiring about the new products.
Another risk that was highlighted as a concern for Interface was the fear that potential customers would not see the value in the new product. (Schneider & Hall, 2011). The new collection is functionally designed the same as the current product line – in tile form for easy installation and maintenance with the same level of durability and level of service – with the only major difference being the look. Although more natural, less manufactured looking designs are trending, there was a fear that ...


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...ment of TQM. However, the most important aspect of TQM is communication. Communication was expertly executed through consistent and timely meetings with team members. This meant all team members were on the same page at all times and clearly knew what it was they were responsible for and when it needed to be completed. It also meant that a team of supporters were readily available to provide feedback and assist when needed. This focus on good communication trickled-down to the communications with customers through the marketing plan. All current customers received the pitch prior to the physical product launch as a courtesy and included an invitation to get a sneak peek at the new products. This was done to re-open lines of communications and foster the relationship. It proved to be a good strategy as several customers acted on that offer. (Padhi, N.d.).




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