Question

Please answer all: Assume that you are in charge of launching a new product (of your...

Please answer all: Assume that you are in charge of launching a new product (of your choice) for a company (of your ... Assume that you are in charge of launching a new product (of your choice) for a company (of your choice) for which you are their entrepreneurial genius and “super product manager.” You are given the responsibility to bring it to the marketplace successfully. Discuss what you believe would be the major issues you believe you will face within the organization? How would you resolve/overcome them? (In addition to issues that may immediately come to mind – don’t forget issues that are directly related to the functions / activities list presented below). Outline how and when in the development process and eventual launch you will address the following functions / activities: 1. Marketing 2. Sales 3. Finance 4. Manufacturing (if applicable), and/or Production (if applicable) 5. Technology (if applicable) 6. Human Resources 7. The budgeting process 8. The planning process 9. Creative Services or Design - or equivalent (if applicable) 10. Packaging 11. Any other functions important to your product 12. Others that should be identified (not listed above)?

Homework Answers

Answer #1

answer-

my product would be house temperature changer system with internet access-

launching a new product can be an exciting time for any company. Whether it is the first product the company has offered, or an addition to an already existing line, the enthusiasm and buzz in the air is contagious as dreams of instant success abound. Before presenting your product to the masses, however, there are a few things that every company needs to do to prepare for the big reveal.

in the phase of manufacturing the new product for the company-

  • conceptulization is the first step in which team come up with concepts what would be the product. my product would be internet based home temperature changer which would change the temperature of houses with the internet access.
  • manufacturing issues which involves issue of procurement of raw materials, budgeting of the processes as this is new process so, we can not use any past data to make the budet.
  • financial issues like raising of funds for the production & marketing activites of the new product.
  • technology issue which involves which technology & machines would be required to make such products.

above issues can be solved by brainstorming, quality management, supply chain management & technology sharing.

in the phase of launchig the new product-

  • the first issue arises is the preparation & identification launch venue, media channels etc to launch our product.
  • the issue choosing the target market & methods for advertisement of our new product.

the above issues can be solved by-

  • event management company can provide knowledge or arrange all activities for the launch of new product.
  • the issue of target market can be solved by using marketing strategy called STP in which market is segmented, targeted & then product is positioned in the mind of target customers.
  • company can also provide promotional benefits to increase the demand of the product like free installment of our house temperature system, 6 months free services for customers who purchases in exclusive period.
  • company can use marketing mix strategy in which it would describe its product & its specification, uses etc, describe its prices like penetration pricing or skimming pricing or competitive pricing etc.
  • company under marketing mix would also provide the distribution information like how customers can but this product either online or stores or both.

after the launch event-

issues in manufacturing & launching the product are solved does not mean that issues will not be appear after the launch. real struggle starts after the launch like-

  • sales of the product requires human power which could sale the products to customers.
  • sales planning like how is the demand of the product after the launch & how to meet that demand.
  • traninning to employees to perfect them so that they can sell our products.

above issues can be solved by recruiting & hiring skilled & trainned sales representatives which would increase the sales of our product & manager can use performance appraisal method to evaluate the performance of employees that they are working up to the expectations or not.

*above answer is combination of all points in my own words. hope this answer would help you.good luck & rate.

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