How To Launch A New Product

How To Launch A New Product

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How To Launch A New Product



Introduction

My task is to find out about the steps it takes to launch a new
product. In order for me to complete this task, I am going to use an
idea of my own to launch as a new product. This will enable me to find
out exactly how to launch a new product. The idea I chose to launch,
as a new product is a web designing software.

I will carry out market research in order to reduce the risk of
failure. This I done by finding out what the customers needs and wants
are. There are two types of research I can conduct to gain the
information that is required to me, primary research and secondary
research.

Primary research is to carry out surveys, questionnaires, and etc. by
yourself or through a market researching company to get the
information necessary.

Secondary research is obtaining information that is already available
due to previous research.

I am going to use both, primary and secondary research methods to get
the information that I need. This is because by using primary research
methods, I can gain information that will specifically be useful to
me. By conducting secondary research, I may not be able to gain such
useful and specific information, however, I may find some information
that will be useful to me. I am going to use questionnaires and
surveys to get information that I need as primary research. To get
secondary research, I will use the Internet for sources of
information. I am going to use these methods to gain my research
because I think these are the best and most effective ways to get the
information necessary. They are also very time efficient. I will not
use interviews because most people 'do not have enough time for a long
interview'.

Data cannot be collected from every individual within a market or
segment, it would be too expensive and time consuming, and therefore I
will take a sample of the target population (potential customers)

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Related Searches

using the random sampling method. This would mean that each person
would get as much chance of getting picked as the next.

From my research, I hope to find out whether launching a web designing
software is a good idea or not. I will analyse my results according to
price, place product and promotion. This would give me a clear
description to how successful my product would be if I were to launch
it. This will also help me decide if I should change my idea of
launching a web designing software to something else.

To carry out my research, I asked random people on the streets that
were interested in purchasing a web designing software. I let them
fill the questionnaires in themselves.

I asked for their gender and age because I wanted to find out what my
typical customer is. The income question was to see which
socio-economic group they are in. these are my results.

___________________________________________________________


Questionnaire 1

Ø Target Market Segment

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1. Gender? Male Female

[IMAGE]

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2. Age? 16-25 26-35

[IMAGE]

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36-45 46+

[IMAGE]

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3. What is the income -£10k £10k-30k

[IMAGE][IMAGE] You get annually?

£30k-50k £50k+

___________________________________________________


Result Table For Questionnaire 1

Question

Answer 1

Answer 2

Answer 3

Answer 4

1

6

4

-

-

2

5

3

1

1

3

2

5

2

1


Graphs For Questionnaire 1

Female

Male

[IMAGE]

[IMAGE]

[IMAGE]

The purpose of asking these questions is to find out as much
information as possible about the target market. These help me decide
on price, product, promotion and place for my product to be launched.

I asked whether my product to be launched would satisfy their 'want'
for this product. I asked, in the questionnaire, where they last saw
an advert for a similar product to mine to help me decide on promotion
methods. I also asked, where they would go to purchase my product to
help me decide on place. I asked about how much they would expect it
to cost to give me an idea on price. These are the results from my
questionnaire.

___________________________________________________________


Questionnaire 2

Ø Specific product/consumer related features

[IMAGE]

[IMAGE]




1. Would a web designing Yes No

software satisfy your 'want'

for this type of product?

[IMAGE]

[IMAGE]




2. Where did you last see Newspapers T.V

an advert to a similar product?

[IMAGE][IMAGE] Poster Bus

[IMAGE]




3. Where would you go to Computer Specialist Shops

[IMAGE][IMAGE]Purchase this product?

Newsagents £Store

[IMAGE]

[IMAGE]




4. How much would you £5-10 £10-15

[IMAGE][IMAGE]expect it to cost?

£15-20 £20-25

________________________________________________________


Results Table For Questionnaire 2

Question

Answer 1

Answer 2

Answer 3

Answer 4

1

10

0

-

-

2

9

1

0

0

3

10

0

0

-

4

7

2

1

0


Graphs For Questionnaire 2

[IMAGE]

[IMAGE]

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Analysis

The results from my questionnaires can be analysed to state what the
results show. As you can clearly see from my results from
questionnaire 1, my typical customer is a male, 16 to 25 years old who
earns around £10,000 to £30,000 a year. Socio-economic group B.

Questionnaire 2 is more about my product rather than my potential
customer. However, the results can still be analysed in the same way.
The results table for questionnaire 2 shows 100% of the random people
I had asked said that the web designing software that I am to market
would satisfy their 'want' for this type of product. Nearly everybody
had seen an advert for this type of product, such as Dreamweaver 4, in
newspapers. This makes it a good advertisement place for promotion.
Everybody would expect my product to be found in computer specialist
shops. My pricing strategy should be kept to a minimum because 70% of
the people I had asked would be prepared to pay around £5 to £10 for
my product. 20% plans to pay up to £15 and 10% may even pay up to £20.
This gives me the option to differentiate my product according to
price.


Marketing mix

Using the information I have gathered from both questionnaires and
other sources, I will now evaluate and decide upon specific marketing
strategies to launch my new product. In particular, I will focus upon
the marketing mix, the 4 P's (Product, Promotion, Place and Price).

Product

My product will satisfy the 'want' of peoples desire to have a web
designing software to design and customise their own web page/site.
With more and more people/businesses going online this is a perfect
time to launch my product. I have decided to call my product
'Webcraft'. This has come from a lot of thought. I had to think of a
name relating to construction, linked to the World Wide Web, and most
of all, something original. I also think that this name in particular
is 'catchy'.

I intend to differentiate my product according to the price. Such as,
the software alone can be bought for £10. However, if bought with the
'Webcraft users guide', the price will be £16. Customers will think £6
extra is not too much to pay for a step-by-step guide to the package.
At the same time, I am keeping to the specification set by
questionnaire 2 (see analysis) and making a profit a t the same time.

With my product, customers can add some life into their existing/new
web page. There are many different link button styles to choose from,
such as a revolving star when the curser is on top of the button. It
will be much easier to make flash texts. Images can be uploaded onto
the page straight from the Internet, the hard drive, or floppy/CD
instantly. Live videos from the users own web cam can be broadcasted
over the Internet via the web site. There are also many more features
that are added to the Webcraft software. All of these features help
make it easy for the customer to use and appreciate the products
properties. I had to also make my product more superior than other
similar products, such as Dreamweaver. This is because my customers
must think that Webcraft is a high-quality product and a more advance
software than the other competitors so my sales would be boosted.

I needed to conduct research to find out what customers wanted. This
is because if I had just made a product and tried to sell it, the risk
of failure would have increased by an immense proportion.

Due to the product being still at the launch stage, I need to promote
it to make customers aware of the new product, this is also linked to
'promotion'.
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