Contents

• Introduction
• Why new products?
• Internal factors
• External factors
• Conclusion
• References

Description

Marketing strategy is not just about advertising and other marketing efforts. But market strategy is also about recommending and introducing new products into the market. New product introductions into the market serve the strategic purposes of organizations to retain and enhance the market presence. Some of the products are introduced to offset the competition from similar products of rival companies. Some other products are introduced by recognizing the need for the product in the market and hence to be the first to introduce patented product. Irrespective of the reason, new product introduction brings about whole new dimension to the marketing efforts and brand value to the company introducing the product. Some of the new products may multiply the brand value in the market of the company, while some other products may adversely influence the brand value depending upon the reception of the product in the market. The paper discusses some of the underlying reasons and pressures, internal as well as external to the organization, which prompt the company to introduce a new product. The paper also discusses the timing of the product launch that helps companies to make the best of the market trends.