Idea Of Launching A New Product In The Market †Free Samples

Question: Discuss about the Project Plan Launching A New Product . Answer: Project introduction The following project plan would entirely be based over the idea of Launching a new product in the market. Since, the plan would be for launching a new product, which would be a Micro SD card, this particular project plan would be no less than a marketing plan. Now a typical marketing plan includes certain aspects that would be ignored in this following project plan since, this can be referred as a preliminary plan. However, it also is necessary to involve the details of the product that would be offered to a precise targeted market segment (Bharadwaj et.al, 2013). The educational background is a demographic element that can be considered for segmenting a market, which automatically is created by students. Almost everyone in this precise student or the young segment have an access to mobile devices that they use for their daily purposes of communicating and personal entertainment. For this reason, they need space, enough to store anything they wish; the world has moved into the era of mobile technology along with high-end communication technologies, which clearly justifies the viability o f this project plan (Bhuiyan, 2011). Project teams and their roles The project would certainly be divided into a group of people including the following: Product designer: The first and foremost important role would be of this particular individual. This is the individual that would develop the product in the most innovative and adequate manner. Since, the idea is about launching a Micro SD card that would provide enough space that have never been offered. Thus, it is important for this individual to decide upon; micro SD cards that are available in the market are mostly about 1 GB to 128 GB. This space for some users isnt enough, thus creates the opportunity for the product to be launched. The space that would offer is 256 GB; the designer would also consider the compatibility of devices for some devices might find this much space incompatible (Blank, 2013). Marketing manager: This would be the individual that would be given maximum responsibilities; however he would as well be work closely under managements supervision. The marketing manager would develop the marketing mix, would conduct the STP if he/she feels the need for it, and would develop strategies for targeting and then positioning the product effectively. He would also conduct SWOT and PESTLE for developing a clear understanding about personal strengths and weakness along with the current market conditions (Djelassi and Decoopman, 2013). Workers: These would be teams that will give shape to the product idea that has been finalized. The teams would as well be supervised by their individual project managers that would ensure that each one of the workers is putting his/her best efforts. Product manager: This particular individual would ensure that the final output matches the different standards of quality. Customers demand nothing but quality of the product they are willing to spend their money upon. Thus, this particular person has an important role to play. PR: The PR would be entitled with the responsibility to establish relation with the targeted customer segment along with the probable customers as well. The PR would be allotted a portion of the budget to conduct PR events, such as fair or anything the individual finds suitable (Nicholas et.al, 2011). Project stages and key deliverables Fundamentally there are multiple stages that every entrepreneur must consider before he/she is determined to launch a new product into the market that already has different options for this particular category of product. The stages are: Starting early: It always works for an organization that initiates their launching activities approximately 4-8 weeks early. It would be a waste of time, if an organization is waiting for the right time. Any time that the entrepreneur is planning to launch is right; however, one must maintain the curiosity among the customers (Werbach, 2013). Making the product available to the influencing customers: In other words celebrities; almost 80% of the segment that has been targeted for this project considers celebrities to be their idols (politicians, players, movie stars, singers etc.). An access to such individuals would certainly mean greater potential outcome (Durmu?o?lu and Barczak, 2011). Maintaining low profile: Either developing a contingency plan or maintaining low profile would be better. In case the product that is to be offered is truly innovative one must not expect an enormous release. Unusual: Customers have a tendency to be highly curious to whatever seems new and different. Thus, doing something unusual might click. Seeding social gaps with leaks: Targeting individuals that are naturally eager interested to anything they see would be another way for launching in a better manner. Project time management This particular segment would include the WBS Figure 1: WBS for the product launch Gantt chart The Gantt chart for this particular project would incorporate every tiny detail that would generate for accomplishing the entire task of launching the micro SD card in consideration to the time slot for each activity (Molina-Castillo et.al, 2011). Figure 2: Gantt chart Budget Since, this project would be concerned about launching a new product, it is necessary to decide the budget for executing the entire chain of activities. Marketing activities tend to attract major portion of the budget than actual production of the product (Ernst et.al, 2011). Thus almost 60% of the budget would be directed towards the marketing activities along with the PR activities. Quality plan In order to ensure that the product has been developed considering the maximum quality standard, it is necessary for the management to develop a quality plan. APQP or the Advance Product Quality Planning Standard has been defined to be the organized method for describing along with establishing important steps for ensuring customers are satisfied with the products and services (McGrath, 2013). Risk register The risk register is typically a record or a catalogue virtual or real (hand written) containing every possible risk that the organization might have to come across during its operations. The risk register for this project might incorporate the following: Name of the risk Probability Marketing risks Higher (Since the marketing activities have been allotted with major portion of the budget) Distribution risks Moderate (Since, acquiring new product despite of its size is easy and can be done using internet) Mass appeal Higher (Since, one segment of the market might not consider the approach suitable or preferable that other segment would find attractive) Sustainability risk High (Due to the large number of production houses) References Bharadwaj, A., El Sawy, O.A., Pavlou, P.A. and Venkatraman, N.V., 2013. Digital business strategy: toward a next generation of insights. Bhuiyan, N., 2011. A framework for successful new product development.Journal of Industrial Engineering and Management,4(4), pp.746-770. Blank, S., 2013.The four steps to the epiphany: successful strategies for products that win. BookBaby. Djelassi, S. and Decoopman, I., 2013. Customers' participation in product development through crowdsourcing: Issues and implications.Industrial Marketing Management,42(5), pp.683-692. Durmu?o?lu, S.S. and Barczak, G., 2011. The use of information technology tools in new product development phases: Analysis of effects on new product innovativeness, quality, and market performance.Industrial Marketing Management,40(2), pp.321-330. Ernst, H., Hoyer, W.D., Krafft, M. and Krieger, K., 2011. Customer relationship management and company performancethe mediating role of new product performance.Journal of the Academy of Marketing Science,39(2), pp.290-306. McGrath, R.G., 2013.The end of competitive advantage: How to keep your strategy moving as fast as your business. Harvard Business Review Press. Molina-Castillo, F.J., Jimenez-Jimenez, D. and Munuera-Aleman, J.L., 2011. Product competence exploitation and exploration strategies: The impact on new product performance through quality and innovativeness.Industrial Marketing Management,40(7), pp.1172-1182. Nicholas, J., Ledwith, A. and Perks, H., 2011. New product development best practice in SME and large organisations: theory vs practice.European Journal of Innovation Management,14(2), pp.227-251. Werbach, A., 2013.Strategy for sustainability: A business manifesto. Harvard Business Press.