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Total Marks: 12

Bc070400077

Question #1

As a marketing manager, what are the external factors you should consider
in order to make this product successful in the market? (10 Marks)

Ans

When we lunch the product the importance factor satisfying the customer need
and demand . As with any product in a market, to find big success (or any success
at all), a number of things must all happen right and come together on launch day:

External factors

market s needs

A market s needs improved than the competition and customer alternatives

Market need is very important step in external factor when we lunch the product

High-volume, competitive

In external factor high-volume, competitive routes to market (you need a viable,


volume go-to-market strategy and ability to execute in a way that drives sales
growth fast)

High-quality

When we lunched the product the product must be high-quality. This is serious
and must really be established with early customer testing and confirmation. if
your product is high quality the customer attract and buy the product .

market conditioning

The pre-launch market conditioning must create enough awareness and buzz with both
prospective customers and sales channels that this new product is coming to enable the
product to gain enough early mindshare and traction that leads to both actual proof and
social proof that the product is ready for the market. To grow beyond the initial launch,
the product must be proven to meet mainstream customer needs (mainstream customers
are notoriously risk-averse, so they want to see other companies like them have already
taken the risk and proven the product in their environment before using it).

Product allocation

the product must buy into the product early and allocate resources to it and sales
completely must have early success at selling the product. If the product doesn’t t
convert better than what the reseller is already selling today, it s also dead .Sales
people are coin operated and their behavior and decision-making responds
directly to what makes them the most money the

When a product team gets all 5 of the above things right, the product is often a
speedy, even astounding, spectacular success. Of course, it s really hard to get all
of these things right the first time, which is why startups, and even established
companies, often move violently and fail with new products.. We have all heard
the old adage that time is money , and these days management is under extreme
heaviness to increase sales, profits and meet their growth targets and to do it fast.
unluckily, this time stress often interpret to being unjustly annoyed for both
growth and profits. This means it s fine to be in a hurry to get to market and begin
your learning journey with

something new, but if you rush to get to market too quickly, be aware that your
product may well not hit the market s needs properly the first time out, so if you
find yourself in this situation, keep your costs low and avoid going broad and
trying to hit a home run too early (or you ll burn your customers and sales channel
and have to start over or worse, you re project will get cancelled altogether and
your world will change overnight not a lot of fun You re often better off holding
back on a broad market assault (and full launch) and instead focus on a smaller
portion of the market first, and ensure you re product is ready and capable of
market success. This is called a learning journey because you must learn about
what the market really needs and what must be done to your product to make it
capable of being more broadly applicable. In 21st century Internet-based product
launches, we call this the pre- launch phase

In a product launch sense, this learning process can also often be accomplished
with some good beta testing , where you get early customer feedback and ensure
you fully understand customer needs (and they understand your product and want
it )before attempting to launch the product broadly.Inserting one or more early test
cycles into the development/release/sales cycle takes time and flys directly in the
face of an executive who s in a hurryso it s very tempting to thrust past validating
the product s readiness for market.Unfortunately, I have seen this fiasco unfold
firsthand far too many times in my career. And anytime a product is taken to
market prematurely, everyone loses customers, the product team, sales and the
sponsoring executive (who may get fired, reassigned or demoted). Avoiding this
one rush to market pitfall involves patience, diligence and a willingness to face
the facts and deal with them as they arise, only choosing to release that product
when the market has told you it s ready .Customers will definitely let you know
when you re product is ready. They ll start driving you to hurry up and make that
product available for them to use in their business. This is the go signal you re
looking for to know for certain the product is ready. You ll also have early (and
real) customer testimonials about the product and this proof goes a long way to
comfort everyone that the product is ready for serious consideration Whatever
approach you decide to take (faster to market / narrower market focus vs. slower
to market / broader market focus), you need to be deliberate with your strategy,
and your management team need to all fully understand and agree on the strategy,
objectives and level of patience required to be successful.It s taken me decades of
failures, mediocre successes and (a few) big home runs to realize that there s no
shortcut to new product success. One thing that really excites me about launching
products in today s global, Internet environment is that we now have the ability to
accelerate the learning journey and product validation cycle greatly through
building small, focused communities of customers around our products BEFORE
we launch them, enabling us to see those go/no-go signals efficiently and faster
than ever.I hope these five new product launch success factors and insights are
helpful and save you some time, grief and improve your odds of new product
launch success

Question # 2:

As a marketing manager, explain the product decisions you should make in


order to be successful in the market? (10 Marks)

 Fulfill customer need and demand


 Strong relation with customer

 Seek make different, superior products

 Demand quick, established

 .Plan and resource the market launch


 Organize around true cross-functional projects teams

 construct an international orientation into your new product process