Marketing Plan For Developing New Products

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Product Development Name Institution of Affiliation Describing the Product The new product is the adjustable umbrella. This is the newest product for the Sky-Joy Company. The product comes with many features that are good for the different customers thus making it the best product ever in the market. The product is easily adjustable to fit in a small bag thus making it easily portable to carry. Its portability makes it the best to travel with and maybe use it anytime depending on the circumstances that arise. The product is strong for use in all weathers including strong wind without being damaged by it. It comes at different sizes and prices to cater for the different tastes of the customers. New product …show more content…

Commercialization-A good budget plan to manufacture, advertise and promote the product in the market for sale was developed. New Product Lunch Strategy The launch of a product is an exciting time especially to a company because it signifies the success in the long process and expenses spent in developing a product. Launching also needs to be strategized for its success (Indounas, 2016). The process involved: 1. Setting Objectives These are the goals that a company aims to achieve with the new product introduction. A key thing to note about the objectives is that they need to be specific and attainable among other factors. The objectives were: • To satisfy the targets buyers • Capture a big market • Increase sales • Increase company’s profit 2. Strategy Development In developing a strategy that was to make sure that the product was to do well in the market, strategic planning analyzing was done it critical areas: Functional planning-A team for the launch was formulated consisting of a member from every department. Audience specification-The Company devised the ways on how to deliver the products to customers both local and foreign through distribution. Integrating Operations-The Company planned the activities of each functional area within the organization for the successful launch. Launch Phases- The stages of the launch were grouped in three: pre-launch

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