New Product Launch

Thus, the first task in the launching of a new product - clearly define the segment in which the product will be positioned. If the segment already has some unique, that is a highly competitive, it is important to take care of the competitive differentiators and features of the product. It will help to make the competitive edge from the competitors. This will help your customers to make a right choice. The differences are: price, functionality, ergonomics, and purely marketing.

Your product may be positioned to use in different social situations. For example, refreshing mints Eclipse, although they occupy a highly competitive segment of the breath freshening, are being positioned for usage in one or two specific situations: at a party, on a date, etc.

Another important point in the derivation of a new product on the market is its price. In forming the final price of the product is important to take into attention the prices of competing products so that the price of your product line will go in the declared level. For example, the juice made from real fruit quality without flavorings may cost a little more than that, but with additives.

However, there’s a common practice in which the price for the new product sets artificially lower to stimulate the demand for the stage of launching. After a while, the price starts to rise and the quality to deteriorate. This development should not be allowed in any case.

According to its price, the products are conventionally divided into the "premium", "medium", "low" and other price segments. When preparing to bring your product to the market, it is important to take into attention in what price range it will be positioned. For example, there is no point in having to compete in a saturated market segments at a time when there are not occupied niches.

At the same time, competition in the saturated segments requires serious evaluation of all proposals and tuning out the product from the competitors. This is a very complicated job.

Artem Safarov is author of the section “People and Brands”. He is specialist in marketing and PR. He studied crisis management at World Technological University. He worked as manager and director of marketing and PR. He launched his first product in the market at his 20s.