New-Product Success Homework Help

Factors That Lead to the Success of a New Product

Marketing a new product is definitely not very easy and in order to be successful it is absolutely important to target the right set of customers. In order to ensure success of a product, planning ahead is vital.

It is therefore very important to do a proper research that will help you understand the need of customers. You can design products that will cater to different consumer needs. Preparing the right kind of promotional strategies also plays a major role here.

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Factors that lead to success of a particular product

  • One of the most important factors that help a particular product to be successful in the market is the support of management of the company manufacturing this product. In the beginning you might feel that it is almost impossible to get the support of management. But if you want then you can certainly develop a political know-how and then try persuading management.

In order to ensure the success of a particular product, proper resources and budget should be there and in order to use the resources, management approval is absolutely necessary.

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  • Market orientation can also be referred to as another factor that helps a product to be successful in the market.

Market Orientation is the view point of a company where it focusses in finding out the needs of customers and then tries to satisfy those customers by manufacturing a product that will suit needs and purposes of consumers. If your product is used by a number of consumers then it will surely become a hit in the market.

  • In order to create and develop a particular product it is vital to use technologies that will be suitable for its consumers.Design team does not have much say about the budget and resources; however they can definitely influence the development team to make use of a technology that will be liked by consumers.

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