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New Product on the Market - Research Paper Example
Pages 4 (1004 words)
Name: Institution: Course: Instructor: Date: New Product in the Market In coming up with a new product in a market, a business needs to put into consideration the different issues that make its customers to accept the product when it presents them in a market…
To come up with a new product, a company may consider optimizing the things their customers need and the various other resources they have, which can facilitate production without making losses. To succeed in the different areas of the business, the companies a company need to carry out a proper market research that will lead them to understand the customers to whom they intend to supply the new product. This process of production and presenting new products to a market needs to be planned so that each step can help raise the number of customers who show interest in them and buy them at any time in their lifetime (Wesley and Barczak 23). In producing a new product in the market, a company needs to implement a strategic plan that will put into consideration all the needs of the customers and weigh them against the potential of the company and the goals they have to develop a product that is preferred by customers. Through strategic planning, a company produces the products that fall within the goals it has for the market and which attracts potential buyers, to whom it intend to sell its products. Strategic planning in a company aligns itself with its mission statement, which implies all things that company targets to achieve in their delivery of the services to customers. ...
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