Having the right knowledge when launching products

10 Mar

When companies are launching new products and brands it is important that they are aware of their competitors,their target market,costs of production and how much they have to spend on advertising, in essence they need to be aware of numerous aspects of information in order for their product to be successful. Their are numerous examples of brands that have failed due to not having all of the information they needed or failing to implement the information they had acquired successfully, examples of failures in the drink industry include Guinness Breo and Tanora when they changed their original flavour, one of the reasons for both these failures was a lack of market research in regards to the taste of both of their products,this shows the importance of getting information from the public when launching new products. Even brands that are succesful need to be aware of the relevant information when  entering new markets,not understanding or having a lack of information on the local language,traditions and practices can have disastrous effects on the success of your product in the region, examples of failures include Pepsi and KFC both messing up their slogans when entering the chinese market, kfc’s slogan “finger lickin’ good” when translated meant “we’ll eat your fingers off” and pepsi’s slogan “we bring you back to life” when translated meant “we bring your ancestors back from the grave” both advertising campaigns had to be pulled and show how it is vital that you are aware of the importance of advertising and the effect it can have on peoples perceptions of your brand.Other things that need to be taken into account when launching new products are the costs of production and the target market you want to attract,most new new companies will lose money in the short term or else have very small profits so they need to make sure their manufacturing costs are not too high because if they are it will delay the product being profitable or in some cases could potentially cause the product to fail,the pricing strategy is also very important if the price is too high customers could be put off, if it is too low it might be deemed an inferior product. As i have said the target market is also important, if brands want to appeal to younger people and teenagers for example the most important aspect of their marketing campaigns has to be the effective use of social media in order for them to succeed, Facebook is becoming increasingly important when brands are trying to attract customers due to the number of people on it, especially young people, so having an active presence on these sites is vital. Perhaps the most important thing  when launching new products or businesses is the ability to be aware of gaps in the market,if your competitors are not doing something then you should be able to capitalize on it, Ryanair was able to do this by identifying that costs of flying were too high and that if they introduced a low cost carrier airline they might be able to challenge more established brands such as Aer Lingus,not only have they been able to challenge them they are now one of the most profitable airlines in the world.I hope i have identified in this blog the various types of information that brands need to be aware of when launching new products as by having more information you are more likely to succeed.

references:

http://www.oddee.com/item_97732.aspx

4 Responses to “Having the right knowledge when launching products”

  1. sad111708665 March 10, 2013 at 9:27 pm #

    ….good post; thanks for the blog🙂

    • sad111408872 March 10, 2013 at 9:46 pm #

      thanks,good to see you enjoyed it

  2. sad112759089 March 11, 2013 at 12:57 am #

    Good Blog!! It always essential to having the right knowledge when launching products!

  3. sad111408872 March 11, 2013 at 9:16 pm #

    thanks!

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