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TRANSCRIPT
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NEW PRODUCT LAUNCH
SECTION A GROUP 5
SREERAMULA RAJEEV(11DCP047)
AJAY BISHT(11DCP004)
CHINMAY BARIK(11DCP016)
RAJATH RAVIKUMAR(11DCP037)
SECTION B
ANURAG RANA
PIYUSH BHANDARI
SUDHANSHU SHARMA
SWATI BHARGAVA
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NEW PRODUCT
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WHAT IS A NEW PRODUCT?
A product that opens up entirely new into amarket New to the world
A product that adapts or replaces an existingproduct.
A product that significantly broadens themarket for existing product.
An old product introduced into a new market. An old product packaged and marketed in a
different way.
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New To The World
I pad Google +
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1. New to the world products, or really new
products
Mahindra - Reva Emami Fair & Handsome
Accounts for 10% of the new products.
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New product lines
Mars Ice Cream
Mahindra Bikes
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2. New to the firm, or new product lines.
WALT DISENY THEME PARKSVIRGIN AIRLINES
Accounts for 20% of the new products.
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Additions to the product line
Polaris Software
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3. Additions to existing Product line
Tide Liquid Detergent Coca Cola - Sprite
Accounts for 26% of the new products.
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Product Improvement and
replacement
Maruti 800 Maruti Alto
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Repositioning
Maruti Wagon R
I Generation - 1993- 1998
II Generation - 1998- 2003
III Generation - 2003- 2008IV Generation - 2008- Present
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New Products Can be Used To
Increase market share by offering more
choices and updating older products. Appeal to new segments.
Diversify into new markets.
Improvements and revisions of existingproducts.
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NEW PRODUCT LAUNCH
Introduction of a new product or a version of aproduct into the segmented market
Put the Focus on the People, Not theProduct--- Steve Jobs
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PRODUCT LAUNCH DEFINITIONS
The process by which a new product is
introduced into the market for initial sale. It
includes the engineering, market analysis, and
the development of a communication strategy.
A Product Launch is a marketing strategy
consisting ofa carefully planned and scheduled
sequence of events with the goal to make a bighappening out of the release and, of course make
as much sales as possible in a short time span
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Contd...
Product Launch is the most intense part of theproduct cycle. It is the period where theproduct is announced to the outside world
and the first order can be placed. Product launch is the orchestrated
introduction of a new product (or version of aproduct) to the market; the eventssurrounding making the product available forpurchase for the first time.
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Why a product launch?
To show the people a compelling
picture of how the product is
going to make their life better How the product is going to fit into
the life of the people
To make the people aware of the benefits andusage of the new product and in what way
the product is a better option in the market
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Contd..
To satisfy additional customer demand.
Spotting an additional way ofadding value to
your existing portfolio, in a new or existingniche.
As a means of diversifying, to either grow the
business, or to protect future earnings as a
cash cow, reaches end of life.
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New Product Development
Process
IdeaIdeaGenerationGeneration
ConceptConceptDevelopmentDevelopmentand Testingand Testing
MarketingMarketingStrategyStrategy
DevelopmentDevelopment
IdeaIdeaScreeningScreening
BusinessBusinessAnalysisAnalysis
ProductProductDevelopmentDevelopment
MarketMarketTestingTesting
CommercializationCommercialization
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THE NEW PRODUCT DEVELOPMENT
PROCESS
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Factors That Limit
New Product Development
Shortage of effective ideas
Fragmented markets
Social and governmental constraints Cost of development
Capital shortages
Faster required development time Shorter product life cycles
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IDEA GENERATION
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Idea Generation: Creativity Techniques
Attribute listing
Forced relationships
Morphologicalanalysis
Reverse assumption
analysis
New contexts Mind mapping
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Opportunity Identification
Internal sources Company employees at all levels
External sources Customers
Competitors
Distributors Suppliers
Outsourcing
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P&G marketers spend at least 12 hours a
month with consumers in their homes ,
watching how they wash dishes, clean floors
and brush teethes and asking them about
their habits and sources of frustration.
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Toyota claims its employees submit 2 million
ideas annually.
Microsoft studied 13 to 24 years old anddeveloped Net Gen to satisfy their instant
messaging needs.
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Lateral Mapping
Gas stations + food
Cafeteria + Internet Cereal + snacking
Candy + toy
Audio + portable
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IDEA SCREENING
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Idea Screening
After the firm identifies potential products, it
must screen them. In product screening , poor,
unsuitable or otherwise unattractive ideas are
weeded out from further actions.
No Error can occur if company permits poor
ideas to move into development and
commercialization.
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QUESTIONS OF SCREENING
Does the product meet a need?
Would it offer superior value?
Can it be distinctively advertised?
Does the company has necessary capital?
Will the new product deliver the expectedsales volume, sales growth and profit?
Is there sufficient demand?
Does it fit the firms image?
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CONCEPT DEVELOPMENT
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Concept Development
Product ideaAproduct idea is a possible product the company might offer to the market.
Eg:
A car manufacturer figures outhow to design an fuel cell
powered electric car that can goas fast as 110 km per hour and asfar as 370 km before needing to
be recharged.T
he manufacturerestimates that the electric car'soperating costs will be about half
those of a regular car.
Idea
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Customers, do not buy a product idea;
they buy a product concept
What is Product Concept?
Adetailed version of the new-product idea stated in
meaningful consumer terms.
What product concepts can
we create for the abovementioned electric car?
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Concept 1. Amoderately priced subcompact
designed as a second family carto be used
around town. The car is ideal for running
errands and visiting friends.
Concept 2. Amedium-cost, sporty compactappealing to young people.
Concept 3. An inexpensive subcompact
'green' carappealing to environmentallyconscious people who want practical
transportation and low pollution.
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Concept Testing
Concept testing calls for testing new-product concepts with a
group oftarget consumers. The concepts may be presented
to consumers symbolically or physically.
Here, in words, is Concept 3: An
efficient, fun-to-drive, fuel-cell-
powered electric sub compact car that
seats four. This high-tech wonder runs
on hydrogen created from methanol
fuel, providing practical and reliable
transportation with almost nopollution. It goes up to 110 km per
hour and, unlike ordinary battery-
powered electric cars,never needs
frequent recharging. It's priced, fully
equipped, at $13000.
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After being exposed to the concept, consumers may
then be asked to react to it by answering the questions:
Do you understand the concept of an hydrogen cell electric car?
Yes( ) No( )
Do you believe the claims about the car's performance?
Yes( ) No( )
What are the main benefits of the electric car compared with a conventional car?
What improvements in the car's features would you suggest?
For what uses would you prefer an electric car to a conventional car?
What would be a reasonable price to charge for the electric car?
Who would be involved in your decision to buy such a car? Who would drive it?
Would you buy such a car?Definitely( ) Probably( ) Probably not( ) Definitely not( )
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The answers will help the company decide whichconcept has the strongest appeal.
Product concept tests helps us to gaugecustomers' response as well as to identify aspects
of the concept that are particularly liked ordisliked by potential buyers.
Feedback might suggest ways to refine theconcept, thereby increasing its appeal tocustomers,
Concept testing of prototypes can help avoidcostly mistakes.
Why Concept Testing?
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Examples of Concept Testing gone
wrong
Click to play Video
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MARKET STRATEGYDEVELOPMENT
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Marketing Strategy Development
Suppose the car manufacturing company findsthat Concept 3 for the fuel-cell-powered electriccar tests best. The next step is to develop amarketing strategy for introducing this car to themarket.The marketing strategy statement consists ofthree parts.
I. The first part consists of:1. Target market2. product positioning
3. Sales,market share and profit goals
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Target Market
Young
Well-educated
Moderate-to-high income individuals Couples or small families
Environmentally responsible/ Socially
Conscious
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Position
The car will he positioned as:
More economical to operate
More fun to drive Environmental Friendly: Less polluting than
today's internal combustion engine cars
Less restricting than battery powered electriccars which must be recharged regularly
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Sales, market share and profit goals for
the first few years
The company will aim to sell 100,000 cars in
the first year, at a loss of not more than 10
million.
In the second year, the company will aim for
sales of 120,000 cars and a profit of
$25million.
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II. The second part of the marketing
strategy statement outlines: Product's planned price
Distribution
Marketing budget
The fuel-cell-powered electric car will be offered in three colors and willhave optional air-conditioning and power-drive features. It will sell at a
retail price of $13,000 - with 15 per cent off the list price to dealers.
Dealers who sell more than 10 ears per month will get an additional
discount of 5 per cent on each car sold that month.
An advertising budget of $8 million will be split fifty-fifty between nationaland local advertising.
Advertising will emphasize the car's fun and low omissions.
During the first year, $70,000 will be spent on marketing research to find
out who is buying the car and to determine their satisfaction levels.
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III. The third part of the marketing
strategy statement describes:
Planned long-run sales
Profit goals
Marketing mix strategy
The company intends to capture a 3 per centlong-run share of the total car market and realizean after-tax return on investment of 15 per cent.
Product quality will start high and be improved
over time. Price will be raised in the second and third yearsif competition permits.
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SOUTHWEST AIRLINES
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Strategy
low-cost
point-to-point service
does not offer :a. Meals
b. Assigned seatsc. Interline baggage checking, or
d. Premium classes of service
does not fly great distances
midsize cities and secondary airports in large cities
Result
attract price-sensitive customers fast turnarounds
keep planes flying longer hours
provide frequent departures with fewer aircraft
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IKEA
Strategy Click to Play Video
self-service
young furniture buyers who want style at low cost
serves customers who are happy to trade off service for cost
designs its own low-cost, modular, ready-to-assemble furniture
displays every product it sells in room-like settings Customers are expected to do their own pickup and delivery
Ikea will even sell you a roof rack for your car that you can return for a refund onyour next visit
Extra Services
In-store child care
Extended hours
Note: These services are uniquely aligned with the needs of its customers, who areyoung, not wealthy, likely to have children (but no nanny), and, because they workfor a living, have a need to shop at odd hours.
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BUSINESS ANALYSIS
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Business Analysis
Business Analysis
Estimating Sales, Costs,
and Profits Projections to See if
They Meet Company Objectives
If Yes, Move to
Product Development
If No, Eliminate
Product Concept
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Estimating Total Sales
It is sum of 1st time sales, replacement sales and
repeat sales.
Tasks Involved in Sales Estimation:
Estimating first time purchases of the new product. Estimating replacement sale by estimating the
number of units that failed in one year.
For a frequently purchased new products, the seller
has to estimate repeat sales as well as first time
sales.
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Estimating Cost & Profits
Costs are estimated by R&D, Manufacturing,
Marketing and Finance departments.
They project cash flow statements for certain
period of time say 5 years and evaluate that
how much time it will take product to enter
into pay back stage.
Pay back stage is the stage when companystarted recovering all its investments.
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Projected 5 Year Cash Flow Statement
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Cont..
From the projections we can conclude
Maximum Investment Loss= $4.6 Million
Pay Back Period is of 3.5 years.
Now this goes with the management to decide
whether to take risk of $4.6 million and apossible payback period of 3.5 years.
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PRODUCT DEVELOPMENT
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Product Development
Product development converts a product idea
into a physical form and identifies a basic
marketing strategy.
It involves working prototype construction.
Quality Function Deployment
Customer Attributes
Engineering Attributes
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What is QFD
QFD stands for Quality Function Deployment.
QFD is a set of methods used in translating customersneeds and demands into working prototype.
Its takes as input all the customer needs and demandsand provides a technical output for engineers to build a
prototype.
Example customer wants powerful bike with goodacceleration and engineers can turn the need intorequired horsepower.
QFD is improved communication between Marketers,Engineers and Manufacturing People.
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Product Development through
Acquisition
Large companies will sometimes buy a
small companies rather than develop their
own new companies.
Examples
Recently Google acquired Motorola
Mobility.
PepsiCo purchased Tropicana Products.
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TEST MARKETING
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Test Marketing
Launching a product in a small geographical area
A field experiment in realistic market setting
Aims
-To predict likely results of a national launch
-To test the operational effectiveness of
the marketing plan
-To identify possible problems
-To assess consumer reaction
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Customers Test
Alpha Testing is testing the product within the
organization to see how it performs in
coordination with different application.
Beta testing is testing with sample of
consumers to bring them into lab or give them
samples to use them at home.
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Examples Of Customer Testing
P&G has on site labs such as diaper testing
centre where dozens of mothers bring their
babies to be studied.
Yahoo, Google always comes with their beta
products initially to be tested by users in real
scenario and rectify the bugs reported
meanwhile.
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Market Testing
After management is satisfied with functional
and psychological performance, the product is
ready to be branded with a name, logo, and
packaging and go into a market test.
3 Types of Major Market Testing are
Sales Wave Research
Simulated Test Marketing
Controlled Test marketing
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Sales Wave Research
Consumers who initially tried the product at
no cost are reoffered it at slightly reduced
prices than competitors one.
Offer can be made 5 times.
Company notes how many customers select it
again and their reported level of satisfaction.
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Simulated Test Marketing
30 or 40 qualified shoppers are asked aboutbrand familiarity and preferences in particularproduct category and screened to them both well
knownT
V commercials or print ads andadvertisement of new product but is not singledout for attention.
Consumers receives small amount of money and
asked to purchase any item. Consumers are asked the reasons for their
purchase and non purchase.
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Cont..
The company notes how many consumers buythe new brand and competing brands. Thisprovides a measure of the ads relative
effectiveness against competing ads instimulating trial.
Those who did not buy the new brand are given afree sample.
Some weeks later they are interviewed by phoneto know about products value in terms ofsatisfaction.
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Problems ofTest Marketing
The test phase might not be a true indicator
Environment might change between the test and
the national launch, like any natural calamity.
Competition may disrupt the test marketing byengaging in exceptional marketing activity.
Test marketing alerts competitors.
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P&G Bleach V/S Clorox
P&G developed a prototype and entered intomarket to test their product which is a Bleach.
Do you know What Clorox the Rival did?
T
hey gave every household in Portland, Maine, afree gallon of Clorox bleach- delivered to thefront door
And nobody in Portland, Maine, was going toneed bleach for several months and moreoverClorox even gave consumers a $1 off coupon forthe next gallon.
Test Marketing thus subject to external factors.
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COMMERCIALIZATION
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COMMERCIALIZATION
Commercialization is the process of
introducing a new product or production
method into the market.
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Commercialization process The funnel. It is essential to
look at many ideas to getproducts or businesses
that can be sustained long-
term
It is a stage-wise process
and each stage has its own
goals and milestones
I
t is vital to involve mainstakeholders early,
including customers
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WHEN(Timing)
First entry-Firm enjoys first mover advantagecan backfire if the product is not debugged
Parallel entry-Firm might time its entry to coincide with thecompetitors entry
the market may pay more attention when both the companiesare advertising the new product
Late entry-Firm might delay its launch until after the
competitor has borne the cost of educating the marketthe firm can learn the size of the market and avoid flaws
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Where(Geographic strategy)
Small companies select an attractive city andput on blitz campaign,entering one city at a
time.
Large companies introduce their product into
a whole region and then move to the next
Companies with national distribution
networks,such as auto companies,launch
new models nationally.
With the web connecting the far-flung parts
of the globe,companies are increasingly
rolling out new products simultaneously
across the globe.
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To Whom(Target Market Prospects)
Early adopters
Heavy users
Opinion leaders AIM- To generate strong sales as
soon as possible to attract
further prospects
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How(INTRODUCTORY MARKETSTRATEGY)
Management can use networkplanning techniques such as
CRITICAL PATHSCHEDULING-
which develops a master chart
showing the simultaneous andsequential activities that must
take place to estimate the
completion time for the entire
project.
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Woodland: Are you a Woodlander?
identity has been adventurewith shoes
Woodland was launched in the
global market in 1992, and in
1994 it was introduced in India
positioning was very different
from other brands sporting
images.They talked aboutadventure and nature through
their retail presence
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Nestle-Maggiits different
Nestle launched its noodles inindian market in early 1980s,but
it took several years to establish
brand.It had targeted the
convenience of working women. Nestle repositioned the brand
towards the children using sales
promotion and smart advertising.
Taste bhi health bhi-Maggi AttaNoodles
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MEDIUMS OF
LAUNCH
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TYPES OF LAUNCHES
Press Release
Online marketing/Blogging/Social Media
T
elevision Ads Event Launches
Publicity Campaigns
Road Shows Bill Boards
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EVENTS
Products or services launched through
promotional events
Launch ofTata Nano
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TRAILERS
Mostly Movies and Serials will be launched throughtrailers
Launch of Robot Movie
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AD CAMPAIGNS
Products or Services can be launchedthrough Ad Campaigns
Toyota Etios Launch
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Launch of Hero Motors
Video
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PRINT MEDIA
Products launching through News Papers ,
Magazines
Launch Of Maruti Swift
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BILL BOARDS
Product Launch promotion through Bill
Booards
Bill Board of Mc Donalds introducing Espresso
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Caution: Dont Promote What
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Caution: Dont Promote What
You Cant Deliver
E-Bay made grandiose announcements about
their entry into the Japanese market, well
before they had a localized product ready to
launch in Japan and failed.
Nokia N8 promoted as another innovation but
lags far behind than even first generation
APPLE! And thus failed.
Product Launch
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Product Launch
Launch like Steve Jobs: 7 Ways toBuild Your Next Product Launch
iPhone Launch
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1. Put the Focus on the People, Not
the Product Dont just talk about whatyour product does
Show them a compelling
picture of how its going to
make their life better. Thats
what gets people excited.
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2. Get Opinion Leaders On-Board
Early Apple has a knack for getting
bloggers and other opinion
leaders on board before their
product launches.
They get everyone talking
months before the product
launches . Theyre talking about what it
might do
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3. Be Revolutionary
Do something noneof your competitors
have ever done
before
Paint a picture of
the future that your
customers want to
live in
4 Turn Your Product Launch into an
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4. Turn Your Product Launch into an
Event
They stage an entire event
around it, going so far as to
even close their online store,
so that everyone knows
something important is
happening and they need to
pay attention.
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5. Take Pre-Orders
Apple almost always offers
pre-ordering of their new
products
Its not uncommon for them
to sell hundreds of thousandsof units within a week of
launch
6 Release a Product Your Customers
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6. Release a Product Your Customers
Will Want to Show off
Dont underestimate the
importance of your products
appearance.
A professional design makes
people want to talk about it
online or offline, it can have a bigimpact on your product sales
7 Draw out the Suspense for As Long
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7. Draw out the Suspense for As Long
As You Can
The mystery will drive your customer base into
a frenzy.
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