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Planning
Positioning
Execution
Execution
How will the new product reach customers? Are your established
sales channels (sales force, distributors, dealers, etc.)
up to the new challenge?
"When introducing a new product, you need to step back
and assess its fit with existing channels," Goozé
says. For example, if the new product is a features-reduced
version of an existing product that is being targeted to a
mass market, there are some questions you should ask:
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Do our existing distributors
serve mass marketing retail outlets? |
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Does our current pricing schedule take
factors like mass market competition into consideration?
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If we lower our price, how much can we
afford to spend on the sale of each unit at this lower
price? |
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Can we reach this market with our current
sales force? |
"Determining your pricing strategy and reviewing your
sales channels should be happening while the product is being
positioned, as these factors will have a definite impact on
the positioning message." Goozé says.
In situations where one company partners with another to
introduce a new product, Webb advises strict due diligence
before the execution phase -- thus ensuring that each partner
is fully committed to the process and has the necessary financial
resources and familiarity with the marketplace.
"Whatever the circumstances, have clear-cut performance
objectives in place and be ready to measure them carefully,"
he adds. "Use the launch team to track progress and make
it responsible for communicating results to senior management."
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