New Product Launch Harvard Case Solution & Analysis

New Product Launch Case Solution

Introduction

Risk is inherent to the new product launch. The idea of launching a product is gathered from the discussion with people. Usually people need more convenience in the general use of products. They also need to make the processes easy for their routine. Furthermore, they need easy ways to their hobbies like outing on the beach, reading, music, movies, sports, and other many more interesting activities. Hence, they want to make it portable so that if they would be get bored any time or any place, they can spend their time doing their hobbies. Technological advancement has made it easy for the people to use many things outside their home, as they use them inside their home.

However, it is necessary for the launch of new product that its requirement and the solution would be clear to people through marketing and its offerings. Offerings should be rather clear to the customers, so that the products’ offerings to the customers would be visible.

These are the three steps, which can provide insight about launching a new product.

  1. Identification of Problem
  2. Solution to the Problem
  3. Difference of the product with that of the existing products

Identification of Problem

The idea for launching a new product is processed through the discussion with people. Usually people feel dissatisfaction with some product due to its quality, price, and availability. Sometimes, they need more features with the existing products. Thus, innovation is necessary in the manufacturing of the new product. Interviews or informal discussion with the different people for featuring a new product leverages more ways of developing the new product with more characteristics. Therefore, market research is a necessary tool before processing the product.

Market Research

Market research includes questions about utilizing the existing product and the problem customers face in the features of product or they want modification in it. However, for the innovative products, understanding the perception of people is necessary, as to whether majority of the people are facing the same issue or not? Or will it be possible for the product to cater a vast market or not? Moreover, what kind of segmentation will be suitable for the product? How would we market the product, so that people will be encouraged to check the new product for their convenience? In order to know the problem of that people face with the existing product or the need generation for an innovative product, it is important to answer these questions.

A market research can be conducted with many ways. For instance, a questionnaire survey can be conducted through the customers of the existing product and their satisfaction with its features. Researches are modified nowadays; q survey can be conducted through digital media. The second idea is about conducting an interview or an informal discussion that can be processed with the general public, their opinions can influence the development of the product. Sometimes secondary data can also be gathered in order to know the opinion of people for developing the new product..................

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