MARKET RESEARCH
In the product development process, the role of marketing is important. The new product development needs market research to obtain market insights and develop a pertinent product for customers. Market research can help the company obtain some key competitive insights and make some competitive strategies. In contemporary business, market research is needed to exist strongly in the competitive landscape.
Marketing planning is the backbone of the new product idea and development because it integrates with the needs and trends of customers. Product price, place and promotions are prominent elements of the marketing mix strategy. The product development needs market research, and the product launch needs a marketing mix plan to enhance the attraction or get the customer’s attention.
After the development process, the firm needs to attract customers through an effective marketing mix strategy (Adam, Armstrong and Kotler).
PRODUCT LIFE CYCLE
The new product is at the initial stage of the product’s lifecycle. In the introduction stage, the market mix stratagem can be formed to enhance the visibility of positioning.
After streamlining features or qualities of products, the firm may set the pricing strategy. An attractive pricing strategy can make customers assertive in the buying process and compare the product with other brands. In the introductory stage, it is important for the company to attract more customers. The marketing budget is more than maturity or decline stage of the product life cycle in the introductory stage. Each product development phase needs a separate strategy that can make the product sustainable.
Conversely, in the promotional mix, the firm may use different promotional activities to attract and communicate with customers. After the development and completion of the product, the company may plan to communicate with customers on both traditional and digital media channels (Porral and Stanton). Analysis of competitive actions is imperative to conduct an effective comparison and make a good strategy. Effective marketing strategy can make the new product lucrative in the long run.
MARKETING CHANNEL OR DISTRIBUTION
It depends on the nature of the product and the target audiences that can help the company choose the appropriate marketing channel.
Some distribution options are also in the limelight. To launch the new product, several steps are to be executed. In the distribution process, the company can navigate several options in terms of product delivery. For Instance, the firm can use intermediaries to reach maximum customers. On the other hand, the firm can also use a selective distribution channel. The most important thing is to reach the target customers through an effective distribution network. It can increase sales and profitability.
LAUNCH PLAN & MARKETING
The management has to prepare a launch plan along with the appropriate content.
The firm can make the product launch team and decide the launch.
The role of marketing in the launch process is vital because it is based on marketing strategies.
The launch can be divided into three phases
These three phases are pre-launch, launch, and post-launch (Gbadamosi).
In the end, it is to conclude that marketing plays an effective role in product development and launch process. Appropriate marketing strategies can help the management position better in the minds of customers and gain a competitive edge.
Work Cited
Adam, Kotler, Denize Armstrong and Philip Kotler. Principles of Marketing. Pearson Education Australia, 2008.
Gbadamosi, Ayantunji. Principles of Marketing: A Value-Based Approach. Macmillan International Higher Education, 2013.
Porral, Cristina Calvo and John L. Stanton. Principles of marketing. ESIC, 2018.
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