{"id":31,"date":"2011-11-08T21:07:31","date_gmt":"2011-11-09T04:07:31","guid":{"rendered":"https:\/\/blogs.ubc.ca\/arman\/?p=31"},"modified":"2011-11-09T23:09:59","modified_gmt":"2011-11-10T06:09:59","slug":"new-product-implementation","status":"publish","type":"post","link":"https:\/\/blogs.ubc.ca\/arman\/2011\/11\/08\/new-product-implementation\/","title":{"rendered":"New Product Implementation"},"content":{"rendered":"

I agree with \u201cSeth\u2019s Blog<\/a>\u201d in that marketing a product varies greatly from manufacturing a product. Although companies take customer wants and suggestions into consideration when producing a product, the company must ensure customers are aware of the fact that their new products encompass the desired features. The above is done through effectively marketing the product. A company can produce a product that meets all customer needs; however, if the product isn\u2019t effectively marketed, it will not sell.<\/p>\n

\"\"<\/a><\/p>\n

http:\/\/sethgodin.typepad.com\/.a\/6a00d83451b31569e201543351ed71970c-500wi<\/a>.<\/p>\n

The above image, taken from \u201cSeth\u2019s Blog<\/a>\u201d, illustrates that a product must pass a certain point to yeild a profit. Many companies introduce new products to the market and soon realize that the products don\u2019t generate enough revenue and must be removed from the product line.<\/p>\n

In order for a product to be considered a success, it must pass the threshold (see above diagram). Furthermore, every product will pass the treshhold at a different time; for example, if a product is hyped up enough before it is introduced to the market, it will reach the treshhold earlier than a product that takes a while to gain customer value and become established in the market.<\/p>\n

A common misconception is that the faster a product reaches the threshhold, the more successful it will be. Just because a product intially captures consumer attention and creates buzz in the marketplace, doesn\u2019t ensure success. If the product is not as desirable as originally anticiapted, sales will decline rapidly and consumers will find competing products that better satisfy their needs.<\/p>\n

On the other hand, if a product takes to long to reach the treshhold, companies have limited choice and should discontinue or modify their product. Although a firm may believe their product is superior to the others in the marketplace, if the product takes to long to reach the treshhold, chances are it will never cross that point. Furthermore, it is expensive to keep producing and marketing a product that could very well be a”failure.” Given this, companies usually cease production of such products.<\/p>\n

Given the above analysis on new product implementation, it is apparent that companies must put a lot of thought into marketing new products to ensure that they portray customer value and reach the treshhold in a reasonable period of time. Companies may have to develop various strategies for different products and must be aware that there is not one method to success: each situation requires a different approach.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

I agree with \u201cSeth\u2019s Blog\u201d in that marketing a product varies greatly from manufacturing a product. Although companies take customer wants and suggestions into consideration when producing a product, the company must ensure customers are aware of the fact that … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":9440,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-31","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/posts\/31","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/users\/9440"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/comments?post=31"}],"version-history":[{"count":7,"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/posts\/31\/revisions"}],"predecessor-version":[{"id":38,"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/posts\/31\/revisions\/38"}],"wp:attachment":[{"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/media?parent=31"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/categories?post=31"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.ubc.ca\/arman\/wp-json\/wp\/v2\/tags?post=31"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}