Veeba owns a successful brand in the Indian sauce market. Research showed that there was a need for sauce with unique taste which could be taken with Indian as well as western snack foods. T5he company introduced "Tumrind" a new tomato sauce with tamarind and tangy spices. The product is targeted at youth in the age group of 14 years and above. As a marketing manager, which steps would you like to tae while launching this product? How will you conduct the test marketing for this product?
Steps to launch new products in the market.
1. Study your market.
As a manager, I will do severe research on my possible competitors in the market and a list of business that my competitors deliver which are similar to my intended product. However, I will survey marketing strategies and materials used by my opponents to market their products and evaluate my trade techniques that will stand out against my competitors in the market.
2. Target the ideal customers.
To succeed in introducing new products with minimal financial expenditure, I will focus on the target group that I believe is most likely to purchase my product, in this case, the target audience is Indians and Western as a snack food that will be most probably consumed by youth above 14 years of age. Nevertheless, as a manager, I will ensure that my products are attractive and affordable by the target buyers compared to what my competitors are currently offering in the market.
3. Create a unique value proposition.
As a manager, I will figure out the benefits and features that my prospective customers will value most. However, I will ensure that my products and services are unique and meet the demands and preferences of my potential buyers.
4. Define your marketing strategies and tactics.
Will, I choose the best and affordable marketing channels that are accessible to my target audiences such as online marketing and/ or dealers, and tactics including a television advertisement and online ads and email that links to my website.
5. Test your concept and marketing approach.
Before I proceeding to the ultimate launch of my product or service, I will first assess my product and my marketing techniques if they can suit the target customers and the ability of my consumers to purchase my product.
6. Roll out your campaign.
Public Relations always play an important role in the launch of products or services. Before I start the coverage campaign, I will ascertain my commodities are accessible in the market to maximize the return from the content I obtain. Additionally, another marketing effort should closely follow on the heels of my press rollout.
7. Know your product lifecycle.
To decide on when to modify my product or services I will carefully monitor my marketing outcomes to identify any diminishing returns and keep on updating my marketing methods as my products grow in the market.
B. How to conduct test marketing for the product.
My test marketing will depend on the budget, I will either use formal groups such as assembling youth above 14 years for one discussion and collect their opinions, demands, and desires about my intended product. However, I would conduct online research about my product and also distribute some of my products to a few selected groups of youth to test whether they like my products and services and identify any need for improvement.