New Product Entry Strategies
NEW PRODUCT ENTRY STRATEGIES BY SASHANK IYER - 18 MMS Once a product is developed, effectively product launch becomes the critical step to its success. The Product Launch Process must address all the steps necessary to start volume production, plan and execute marketing activities, develop needed documentation, train sales and support personnel (internal and external), fill channels, and prepare to install and support the product. Below we have given ten different examples of new product entries and the different strategies they have adopted In the example given below the product bournville is using a product differentiation strategy where the differentiating feature is the Dark chocolate and hence it caters to the segment of dark chocolate consuming segment which is primarily a higher class segment and as a result it is using differentiation and segmentation strategy Example 1 : Cadbury India Ltd. has announced the Relaunch of BournvilleFine Dark Chocolate, the first dark chocolate product from the much-loved Cadbury India basket. This Brand was in India over the last 30 years Well coordinated marketing at relevant consumer touch points – front page ad in Economic Times with catchy taglines (’Food of the Gods and other Top Management); upscale ad campaign targeted at the well healed. Careful store selection for distribution – launched in self select and high throughput grocery stores across the major cities in the country with focus on merchandising and in store placement. The advertising focuses on generating impulse via its distinguished taste – earn your Bournville; while the packaging talks about the health benefits – natural source of anti oxidants – associated with dark chocolate. In short, a great insight into the changing tastes and preferences of the emerging market consumers; an attempt to introduce the fastest growing dark chocolate segment (+13% growth globally) in emerging markets; combined with excellent consumer