Making New Products A Success

After successfully creating a new product it is essential to find an effective way of marketing it. Promising British creations have often failed to sell because they have not been correctly marketed by those who had the idea, with the result that large foreign corporations have successfully taken over the marketing and made huge profits from a product created by someone else. __H__.

It is more expensive to stop your competitors when they have already entered a market than it is to stop their initiatives at birth. __9__. This early disposal of any competition is obviously preferable, but it is possible that once you have established a new market, your competitors may spoil your plans by trying to gain a share of your profits, increase the cost of entering the market, or start their own related market venture. __10__. If you are aware of what your competitors are planning, you can stay one step ahead.

Choosing the best time to enter the market is also important. Researchers have conflicting views about the value of being first to market. __11__.  But recent research indicates that commitment to leading the market is more important. Such commitment involves having a vision for the medium term of how the market will evolve, being prepared to stay with it, and adapting your product and service as the market develops and new entrants emerge.

Looking head at what is likely to happen in the market is essential. Many new products fail because their promoters either neglect to anticipate the conditions of future markets, or mistakenly assume that their products will not need any alterations in the future. __12__. Markets change constantly and forward thinking of this kind dictates the level of investment necessary to ensure success. Many organizations have tried to minimize risk by cutting back on initial investment. __13__.

The ability to predict and plan, then, is the real key to the success of a new product. __14__. You may develop a great product, but still fail because your company hasn’t adapted to a new environment.

A  Some have argued that more damage is done by being over budget than by launching the product six months late.

B  This could be done by effective advertising before establishing a market, which may discourage them from entering its.

C  Without these skills, a new product is very unlikely to be successful in the market place.

D  When companies launch such new products, they should be prepared to adjust over time and recognize the need for future change to product.

E  Outside investment, however, is not always an aid to the success of a new product.

F  In order to stop them doing any of these things, it is important to improve your market intelligence.

G  But such attempts at economizing invariably fail, as other companies with more realistic financial planning move in.

H  The lesson here is that is important to put as much effort into selling the product as creation.