Answer no. 3.

In business, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share. [M. A. Annacchino, The pursuit of new product development: The business e e opment pro ess, Technology & Engineering 2007, 512 pages]

After the critical analysis of competitors of S.K. Telecommunication and the steps taken by the competitors whilst introducing a new product or service, a systematic study of industry analysis plays a crucial role to find out the ways and the stages to launch new products and services. 1. STUDY COMPETITION

To study the competition, PEST (political, economical, social and technical) analysis plays an important role but, firstly every organization has to analyse internal and external environment. For this management have to perform SWOT (strengths, weaknesses, opportunities and threats) analysis. They make list of competitors who offer same product. Even if, they think that their new product or service is completely one of its category. Its important to put themselves as their forthcoming consumers finding out their needs and taste and in accordance of which organization plans to offer. Once they uncover, who will be their competitors, they start evaluation, how our new product or service will stand up against the competitors already is being offered.
[Kumar S.A, Business & Economics (Entrepreneurship Development), 2008, chapter 13, Page 134]

PEST Analysis of S.K. Telecommunication

POLITICAL FACTORS: An organization can easily affect by the smallest changes in

political value such as changes in the rules and regulations, changes in tax, etc. That's why the rules and regulations should be considered, while launching a new product or a new service. For example, the economic crisis of 1997 in Korea forced the government to accelerate its full privatization plan due to which the numbers of competitor increase.

 ECONOMIC FACTOR: Economic environment are easily affected by capital

availability, cost and demand. Company greatly affected by the changes in the exchange rates. Recession is also a big factor that brings effect on the company. So a company also needs to analyse its own economic conditions before launching a new product.

SOCIAL FACTOR: S.K. Telecom is an s a South Korean mobile telecommunications

operator, controlled by the SK Group. So its main responsibility is to satisfy consumer by providing quality network, fair prises etc. but apart from this it also conducts social contribution programs in countries like Vietnam, China, and Mongolia. They were also trying to reduce the educational gap by educational programs in China and Mongolia. S.K. Telecommunication also conducts some other programs like social welfare program, oversees medical support, global youth volunteer work project, and experimental livestock farm in Mongolia.

TECHNOLOGICAL FACTOR: Various literatures on strategic management are

aware of technology to a huge extent. Due to the constant increment of competitors it has to be up to date. It must come up with new developments in product and services, by the absence of which it cant survive in the market. And for this, its R&D team is strong enough for proper analysis.

The overall evaluation of a companys strengths, weaknesses, opportunities and threats is called SWOT analysis. It is a way of monitoring the external and internal marketing environment. (Kotler et al. 2009)

SWOT Analysis of S.K. Telecommunication:

Strength:

It is one of the top 25 leading broadband Internet providers. It provides convergence services in entertainment, business and finance.

Participates in London and New York Stock Exchange and is listed in the FTSE 100 Index.

Weakness:

Underdevelopment of mobile business and lack of fixed-mobile convergence; Lack of business strategy towards the promotion of cheap voice calls; Occasional payphone problem due to 3G operations.

Opportunities

The company is looking to diversify into new markets beyond US and Japan; Emphasis on telecommunications and IT solutions and broadband internet services; Expansion of Internet smart-phone services. Contracting more overseas partners to further its global expansion;

Threats

Global financial crisis; Workforce and management are shortages; Its mobile banking system is collectively operated by Kookmin Bank and LG Telecom which are the smallest wireless career in the nations;
http://www.informaworld.com/smpp/content~content=a713735018&db=all

2. Target the ultimate customer If an organization wants to launch its new product and/or service successfully with minimum expenditure, it's essential to focus exclusively on customers who are basically using similar products and will be glad about the extra features of the new product or service provides by the organization. Even though the company knows, it's always easier to fill a need than to create one, sometimes consumers dont have a need for any extra feature.

[K. T. Gordon, Business & Economics, Maximum marketing, minimum dollars, 2006, 222 pages]

3. Creation of Unique Value Proposition (UVP) This will be created in two stages, first they internally decide, whats the uniqueness of product and second, is uniqueness of technique. At this stage, company should have a clear understanding of offer that stand distant from their competition and who will want to take benefit of their offer. The products or services have to be unique which fulfil the needs and taste of their consumer is the bottom line of the company.
http://books.google.com/books?id=yjC712ABSMMC&pg=PA138&dq=Creation+of+Unique+Value+Proposition&ei=C0HF S4qcJKqkygTn8-XIDg&cd=2#v=onepage&q&f=false

4. Marketing strategy and policy In this stage the organization has to select his marketing and channel of distribution and answering how many channel they prefer? Will they market online, via catalogue or through dealers or by combination of two or more technique? Success is generally achieved by multichannel marketers because the consumer who has a tight schedule hardly get time for shopping so, online marketing is best for them. Suppose, company wants to sale low-cost workout device for people who can't afford gym or exclusive home equipments. We can choose traditional direct marketing plus online sales as your primary channels, and employ tactics including direct-response TV spots and online ads and emails.
http://books.google.com/books?id=zpW3d295CUC&printsec=frontcover&dq=marketing+strategies+and+tactics&hl=en&ei=S6PES_L4CNHDQaeyeHLDg&sa=X&oi=book_result&ct=result&resnum=2&ved=0CEQQ6AEwAQ#v=onepage&q&f=false

5. Concept testing and marketing approach At the time of launching of new product concept, presentation about its function, advantage, packaging, branding, etc., by a sample of product to the customers through which they find out reactions, attitudes and purchasing intentions of consumer.
http://books.google.com/books?id=dBurtHQhiEC&pg=PA1211&dq=the+presentation+of+a+new+product+concept,+in+terms+of+its+function,+benefits,+design,+branding,+etc.,+

to+a+sample+of+potential+customers+to+assess+their+reactions,+attitudes+and+purchasing+intentions+towards+it.&hl=en&ei=xqfE S7aMJ9P3QaY36TKDg&sa=X&oi=book_result&ct=result&resnum=1&ved=0CDsQ6AEwAA#v=onepage&q=the%20presentation%20of%20a%20new %20product%20concept%2C%20in%20terms%20of%20its%20function%2C%20benefits%2C%20design%2C%20branding%2C%20etc.%2C %20to%20a%20sample%20of%20potential%20customers%20to%20assess%20their%20reactions%2C%20attitudes%20and%20purchasing %20intentions%20towards%20it.&f=false

When product or services is ready, its risky to launch it without any prior testing; it takes so much money in its creation. It's best to examine not only product or service but also organization marketing message. Then after testing, organization can carry on to the finishing creation of its marketing tools and materials.

6. Roll out campaign To establish a merchandise or service public relations always play a significant role. Service is completely ready and available for buy in order to maximize come backs from the coverage you receive or no matter what promotion itinerary you choose, first do sure your merchandise. Closely on the heels of your press roll out and your other marketing attempts should follow. In the first hebdomads and calendar months, be prepared to adjust your campaign to take advantage of what's working best and monitor the consequences from all media. 7. Finding out product's lifecycle The political campaign you apply during the entry and education phase of your merchandise or the campaign you apply during the entry and education phase of your merchandise. If theyll find out when the demand of their product begin to decrease, it means they analysing their marketing results carefully. And when the demand is coming to the declining stage, then two things can be done either discover the new market for that product or produce a new product for the market.
http://books.google.com/books?id=TbcWZMxCa4C&pg=PA22&dq=product's+lifecycle&lr=lang_en&as_brr=1&as_pt=BOOKS&ei=0HFS8jxGaKeygTG8cWyDg&cd=1#v=onepage&q=product's%20lifecycle&f=false