Reference no: EM131474624
Product Launch Strategy
Rationale
It is required for Samsung to focus upon implementation of new innovative products and services so as to sustain their competitiveposition and growth in the targeted emerging market of India. Thus the idea of launching the new product of a smart watch can largely cater to the high profitability and development needs of Samsung in the targeted Indian market.
Identification of Problem or Opportunity
The overall idea of launching the product can be considered to be highly beneficial for the future growth and sustainability of Samsung in the Indian market. The Indian market, in which Samsung operates their business, is experiencing a rapid growth and development. Considering the growing demands of technologically advanced devices and gadgets, the smart watch launched by the organization can largely cater to the needs and preferences of the targeted customer segments (Hargadon, 2013). This can significantly add to the overall growth, profitability and revenue of Samsung in the targeted market industry. In addition considering the high competition level in the Indian market sector, the introduction of the new smart watch can add to the overall competitive advantage of Samsung in the industry market.
Company
The new product of smart watch can significantly fit into the overall organizational culture and the competitive environment in which Samsung operates their business in India. Samsung is one of the leading electronics products in India. Therefore introducing of the new product will suit the company objectives and perceptions and will add high revenues and profitability to the organization.
Approach
It is needed for Samsungs to focus upon the framework of total quality management (TQM), for development of the new product of new smartwatch in the Indian market. This can enable the organizationin maintaining of proper product quality and attributes as per the demand and service requests by the customer or buyer segments.
Methodology and Planning
In the context of developing a new smart watch for the targeted Indian market, the organization of Samsung needs to focus upon implementation and execution of a proper planning methodology. The overall planni9ng methodology can be explained or identified as below;
- Idea generation: Samsung is needed to be focused upon generation of proper initiative idea or concept for the purpose of development of the new product and services for the market. This can beachieved through the following:
Analysis of the overall market trends and statistics.
Obtaining suggestions and feedbacks from targeted customer groups of segments.
Obtaining suggestions and feedbacks from the employees.
Brainstorming of ideas for suggestions for new ideas and concepts.
Searching and analysis of the different markets both international as well as national for generation of new and advanced product ideas and concepts.
Analysis of the products launched by competitors in the market.
- Idea Screening: The idea needs to be properly screened for analyzing and obtaining of the resources, human capital and other equipments that are necessary for the product development (Calantone, 2011).
- Concept Development and testing: The overall concept needs to be tested by section of a small group of customers or buyers from the market.
- Business Analysis: After testing of the concept, the overall future profits and revenues of the product needs to estimated. In addition, the marketing strategy is also needed to be suggested.
- Product Development: Once the concept testing phase is complete the organization needs to develop the products and services to be launched in the targeted market.
- Test Marketing: The prototypes need to be developed and tested among selected customer segments.
- Commercialization: The product needs to be launched in the market.
- Reviewing of Market Performance: The overall market performance is then needed to be reviewed.
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Attachment:- Product Launch Strategy.rar