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Strategy for Introducing a New Product - Research Paper Example
Author : itzelprohaska
Pages 14 (3514 words)
Name Institution Course Instructor Date Strategy for Introducing a New Product Tetley tea is a company that has persisted in the market for a long time. Its history reveals that it has existed for more than hundred and seventy years. Tetley’s presence in the market for long has seen it expand to over 70 countries selling its products…
The company has loyal customers in the market because of its persistence. Today, it is still a dominant player in the tea industry in most of its countries. Tetley is just about to introduce a new product into the market. However, before the launch, the company needs to establish whether the market will accept the new product. In addition, the company needs to identify the specific target in the market. This paper will examine the market trends in order to provide the answers to these issues. Tetley has had immense impact in the market. It is through their marketing strategies that they have managed to win a large market share. Through this therefore, the company owns the credit for innovating tea bags in the early 1900s although the venture came after accidental realization that tea bags were a possibility in packaging. The company has its roots in the United Kingdom where its founders started out venture. The company has posted growth in several other countries. Despite the competition that has grown over time as new entries in the tea industry, Tetley tea still dominates the United Kingdom market. Tetley group has several sister companies operating separately. The entire sister companies offer unique brands to the region in which they operate. ...