New Product Introduction Strategies Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
New Product Introduction Strategies Assignment
New Product Introduction Strategies
Dr. Doreen Young
New product introduction refers to the process which involves an idea from an initial working technique to a thoroughly refined final product. This process requires enough investment of time, resources, and careful planning and therefore each step requires careful analysis to ensure that the results produced are worth the effort. Various steps are involved in the process of introducing a new product into the market. These steps include ideation, research, planning, and prototyping, sourcing, and costing. In this case, I will come up with a new product that will be in a position to serve two business markets.
In the last year, we have experienced a global pandemic that has changed how we live and interact with many parts of the world going through lockdowns even to date as well as curfews. This has greatly affected how we live and the need to mainly focus on healthy living. Many products have been introduced in the market to help prevent contracting the virus-like face masks and protective gears which have played a major role in the prevention and control of the disease spread. In my case, the product I wish to introduce concerning the pandemic is mobile grocery supply. In my area, we are forced to go out looking for groceries at specific points. With the pandemic, many people fear going out to look for such products which are basic for every one of us. A mobile grocery supply for me means that I will be able to meet my customer’s needs by delivering them to their doorsteps and reducing the burden they may encounter of going out to find the same.
My strategy for entering the market will involve using social media platforms to first address the idea and see how people respond to it. This will be effective to me since in the current world people spent a lot of time on the internet bearing in mind that technology advancement and development is high. This strategy will also help me in understanding what exactly customers need during this period of the pandemic. Besides, I will also help customers who might be busy working from home in saving their time and concentrating on their main work since they will not have to take a break and go find groceries
However, such a business idea may come with challenges like failing to meet customer’s needs at first since different customers have different preferences. There may be also issues to do with safety since in most cases it will involve meeting new people and this may pose dangers. Some customers may also be concerned about the safety of the products offered is concerned. This will call for the need to apply all the possible strategies to ensure that customers are satisfied and continue to order from my business.
In ensuring that my product is successful, I intent to first research how the pandemic has affected businesses and how people are responding to the same. This will help me in knowing if my idea will receive positive feedback. Secondly, I will be clean and offer fresh groceries to my customers. In most cases, customers require products that are appealing and healthy in the case of food products. I also intend to be timely in delivering my orders and ensure that I will also get delivery personnel that will help me in reaching my customers at the right time and avoids circumstances of delays. Besides, I ensure to take the health precautions and comply with the health protocols to make sure that my customers are secure from contracting the virus. To also meet a large clientele and be in apposition to grow in my business, I will consider advertising my business on social media platforms like Facebook, Instagram, and also prepare tutorials and short videos on YouTube explaining what my business does and how it is helping individuals in the society. With time I will also get a website that will help people to easily search and find me without much hassle.
In conclusion, a new product introduction requires thorough research to determine how customers may respond to your business. This means that having a good strategy is very important to avoid circumstances of being affected negatively and your business failing to thrive in the highly competitive market. Besides, being competitive is also important and this is facilitated but being unique in the market. In many cases, businesses tend to copy each other and this ends up disappointing the owners since they are not unique and they do not understand how the other person is running their business.
Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47.
Parker, O. N., Krause, R., & Covin, J. G. (2017). Ready, set, slow: How aspiration-relative product quality impacts the rate of new product introduction. Journal of Management, 43(7), 2333-2356.
Baum, D., Spann, M., Füller, J., & Thürridl, C. (2019). The impact of social media campaigns on the success of new product introductions. Journal of Retailing and Consumer Services, 50, 289-297.
Sidor, A., & Rzymski, P. (2020). Dietary choices and habits during COVID-19 lockdown: experience from Poland. Nutrients, 12(6), 1657.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!