New Product Development Essay Sample

Published: 2017-12-06 16:19:26
New Product Development Essay Sample
Type of paper:  Essay
Categories: Marketing Business Development
Pages: 2
Wordcount: 296 words
3 min read
143 views

The new product development process

As the marketing executive of the new merchandise that produces lightweight, easy-to-store bikes with safety features that combine the speed of a road bike and the sturdiness of a mountain bike, I believe that the unique features of this product are not adequate determinists of its success. Some of the critical information that test marketing will provide to ensure a successful product launching include:

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Appropriate product pricing

Customer specifications and preferences

Forecast on possible sales volume to avoid mismatch between supply and demand

Available room for innovation

The match between the product and market needs

Performance of the product amongst perfect substitutes

New product development strategy

Through test marketing, I will be more able to assess competitive pricing compared to if I were to use simulated tests (Jayachandran 212). Based on the identified market results, I will advise the firm management on the estimated market need for the bicycle to ensure that eventual production in large scale will meet demands.

Despite the merits of pre-test marketing, I will proceed with moderation to avoid common challenges associated with it such as cost burdens resulting from the need to give out free samples, the cost of intensive sensitization and branding (Jayachandran 212). Test marketing also requires a long time compared to the use of pre-market test results. It also presents various risks such as providing an advantage to competitors who may innovate a similar product of higher quality based on the pre-established tests.

In conclusion, test marketing will provide me with the critical information about pertinent elements of our new bicycle marketing mix including the bicycle itself, the necessary promotional message and media spend, available distribution channel and appropriate pricing.

Work Cited

Jayachandran, S. Marketing Management Text and Cases. New-Delhi: Excel Books, 2004. Print.

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