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Marketing and Branding New Product

Background:

Creating new products or making changes to existing brands can be expensive. It involves making investment decisions now, in the hope of making a return later. Weighing up future returns against an investment is a crucial part of a manager's job. It always involves an element of risk, because the future is never certain (Wolan, 2011).
In order to make a new product something consumers can't live without, it needs to serve a purpose in your customer's life. Once you have a product and you've figured out precisely the role it would play in a consumer's life, it's time to share that with the public. The company must be able to inspire potential customers to think outside the box; the new product must be able to appeal to the consumers' need and must gained their attention.
Once the new product is created, it needs to be marketed for sale. Make sure to allocate enough time before a product launch to allow for a thorough thought process, remembering that you have to build consumer understanding from nothing. In addition, branding is one of the most important factors influencing an item's success or failure in today's marketplace (Trevinto, 2009). A brand is the combination of name, words, symbols or design that identifies the product and its company and differentiates it from competition. A brand offers instant product recognition and identification. Consumers identify branded products and, as a result of effective advertising, have confidence in product quality. Retailers like branded products because they make the store profitable. Shoppers attracted to branded products are willing to spend more for the brands.

Objective:

After viewing the video presentations, the viewers should be able to learn that:
  • Before any new product is being created, it is important to clearly identify who the consumers are, what they want, and why they want it. It is the identification of what the market really needs.
  • The new ideas are now screened both internally within the company and externally with customers; competitive analysis, preliminary, technical, and marketing assessment are done to confirm the validity of the success of the new potential product.
  • Management then critically evaluates the strategic fit, technical requirements, financial requirements, legal issues, and market evaluation of the options.
  • Marketing department creates a brand, develops positioning, packaging, and marketing plans. The team meets regularly to ensure that the objectives and milestones are being met.
  • Create the perception that the brand is "the first", "the leader", "the pioneer" and "the original".
  • What other says about your brand is  more powerful than what you say about it yourself. Publicity is more powerful than advertising.
  • Successfully branding a new product requires not only the name or logo of the product itself, but the entire organization's efforts in continuously enhancing the image and quality of the product (Wolan, 2011).
Discussion:

The video presentations have demonstrated that to increase the chance of success in launching a new product, it requires a great deal of efforts and systematic planning while building a brand can be achieved through the relentless efforts of the entire organization.
http://www.youtube.com/watch?v=wpAG_56vNqg
http://www.youtube.com/watch?v=l_RDCqBroDk&feature=pyv

Summary:

Introducing a new product into the market requires tremendous efforts to successfully launch it. Innovative technologies and first-rate ideas don't automatically become great new products. Most new products fail (Danto, 2011). New products have to meet three criteria to win the sale. The product must have highly sought after benefits and enough potential customers to make the offering economically viable. A substantial number of perspective customers must be ready and able to purchase and use the product to justify market launch. The new product must offer the customer greater value than alternative offerings. A strong brand should be built to own inside the mind of the consumer. Remember it is not your perceptions; it is how the customer perceives your brand that matters (Wolan, 2011).

References:
Danto, Dan. (Jan 27, 2011). When your customer says, "I think we should start seeing other brands"...Qualvu. http://www.qualvu.com/general-interest/when-your-customer-says-%E2%80%9Ci-think-we-should-start-seeing-other-brands%E2%80%9D/
Trevinto, Cynthia. (August 31, 2009). How to Build a Consumer Brand from Scratch. Small Company Big Image. http://www.smallcompanybigimage.com/how-to-build-a-consumer-brand-from-scratch/
Wolan, Dan. (February 31, 2011). Build Brands, Grow Sales, and Start the Dialogue. http://www.retail-merchandiser.com/current-news/1390-build-brands-grow-sales-and-start-the-dialogue.html
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