Product Launch

Posted in Marketing and Strategy Terms, Total Reads: 1383
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Definition: Product Launch

A product launch is when a company decides to launch a new product in the market. It can be an existing product which is already in the market or it can be a completed new innovative product which the company has made. Product launch involves various steps which involves understanding customer needs, product design, testing of the product, marketing & advertising and ensuring that the product reaches out to all its audience. A successful product launch provides a sales momentum for the company.


The principles for a successful product launch are the following:

a) Relating Product Capabilities to Market Needs

b) Having a clear positioning and messaging tagline

c) Setting clear goals for launch

d) Having the power of leverage

e) Having a proper time of launch


The steps to have a successful launch are as below:

a) Design attractive packaging

b) Determine the target segment

c) Having a unique slogan or timeline

d) Know the potential competitors

e) Consulting a public relations firm

f) Creating a product sheet having the list of product features. This sheet would explain the product to the customers and make it capable for purchase.

g) Launching a website of the company( if it is not existent)

h) Placing ads in several media outlets in order to maximize the reach. Online ads can also be useful.

i) Finally hold a press conference addressing the media about the product features, company goals behind it and what is the addressed need.

 

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