Product Launch Process - Definition & Steps
What is Product Launch Process?
Product launch process is a step-wise process followed by companies when they want to launch their product in the market. Product launch process requires careful planning and has to be carried out systematically to ensure that customers receive the product positively. Product launch process requires high investment and hence has to be planned well in advance to ensure financial benefit and a launch pad for products.
Product launch process can be designed and planned on the type of product, industry type, investment budget available, expected return on investment etc. It can also be designed if companies decide on the type of product launch i.e. soft launch or a hard launch. Product launch process requires a lot of detailed preparation for effectively capturing the customer.
Steps for Product Launch Process & Strategy
Product launch process requires detailed preparation for an effective product launch. The main steps to have a successful product launch process are as below:
a) Target segment: The first step in the product launch process is to accurately identify the target audience which needs to be addressed in the target market.
b) Packaging: The second step involves designing the product packaging which is unique and different.
c) Slogan & timeline: The third step in product launch process is to define a time-line which needs to be followed during the product launch. Also, effective marketing slogans and taglines have to be prepared to attract customers.
d) Analyse competitors: The next step involves understanding the current competitor strategy and their marketing effectiveness.
e) Consulting a public relations firm: Product launch process involves consulting public relations companies to ensure an effective marketing plan to reach out to a wider audience.
f) Product Sheet: Creating a product sheet having the list of product features is important for product launch process. This sheet would explain the product to the customers and make it capable for purchase.
g) Website: Launching a website of the company, product or brand (if it is not existent). If it is existing, it needs to be revamped & updated.
h) Advertise: This is the most important step in product launch process. Placing ads in several media outlets in order to maximize the reach. Online ads can also be useful.
i) Press Conference: Finally hold a press conference addressing the media about the product features, company goals behind it and what is the addressed need.
All these steps in the product launch process are important in ensuring that a brand is launched effectively in the market.
Hence, this concludes the definition of Product Launch Process along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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