Running head: PRODUCT STRATEGY 1
Product Strategy
Student’s Name
Institutional Affiliation
, PRODUCT STRATEGY 2
Product Strategy
Before a product can be known to its customers and start making huge sales, it has to
undergo several steps. A thorough study has to be done on the product, the company that is ready
to launch it, and the market that is supposed to receive the product. The three steps that a new
product must undergo include, introduction to the market, growth, maturity and then decline
New product introduction
New product introduction refers to the stage where the new product is made known to its
target market, and before that occurs, several procedures are followed. Firstly, a thorough
evaluation is done before the launch. This is because no one is in a position to know how its
targeted market will receive the product. Due to these uncertainties, of research has to be done to
help pre-determine whether the outcome will be received negatively or positively. Even large
companies with a lot of experiences in the market section have experienced epic failures and
sometimes success during the launch of a product and s much time should be taken in that. In
launching a new product, several internal factors should also be considered, and the management
should be able to ask themselves questions of what can happen after the launch.
The company managers should ask themselves whether they are ready to start the launch
of publicizing the product, whether they can support the tremendous growth that may happen
when the product is known to its target market (Stark, 2015). The company should also be in a
position to see whether they can be able to produce a continuous supply of the product when
demand increases and if they have the best ways of customer care of communicating to their new
clients when a need arises. Is the company analyzes itself and finds out that they are not ready
for the changes that may occur and that they do not have the needed resources, then they should
Product Strategy
Student’s Name
Institutional Affiliation
, PRODUCT STRATEGY 2
Product Strategy
Before a product can be known to its customers and start making huge sales, it has to
undergo several steps. A thorough study has to be done on the product, the company that is ready
to launch it, and the market that is supposed to receive the product. The three steps that a new
product must undergo include, introduction to the market, growth, maturity and then decline
New product introduction
New product introduction refers to the stage where the new product is made known to its
target market, and before that occurs, several procedures are followed. Firstly, a thorough
evaluation is done before the launch. This is because no one is in a position to know how its
targeted market will receive the product. Due to these uncertainties, of research has to be done to
help pre-determine whether the outcome will be received negatively or positively. Even large
companies with a lot of experiences in the market section have experienced epic failures and
sometimes success during the launch of a product and s much time should be taken in that. In
launching a new product, several internal factors should also be considered, and the management
should be able to ask themselves questions of what can happen after the launch.
The company managers should ask themselves whether they are ready to start the launch
of publicizing the product, whether they can support the tremendous growth that may happen
when the product is known to its target market (Stark, 2015). The company should also be in a
position to see whether they can be able to produce a continuous supply of the product when
demand increases and if they have the best ways of customer care of communicating to their new
clients when a need arises. Is the company analyzes itself and finds out that they are not ready
for the changes that may occur and that they do not have the needed resources, then they should
