Steps of Product Launch

Product launch is a very crucial step for any company, it requires lot of planning. A product launch involve high cost and time, therefore if it fails then it might cause hue loss for the organization. There is a particular process for product launch in the market, it is very important to plan and strategies a product launch carefully. There are six main stages of product launch in the market which are as follow;

Step 1 – Idea Generation

Step 2 – Concept Development

Step 3 – Business Opportunity Assessment

Step 4 – Market Development

Step 5 – Market Validation

Step 6 – Product Launch

Each stage has been explained below to help the students in understanding the concept in detail. Idea generation is the first step of product development, this required huge research on market and consumer needs, a lot of brain storming sessions needs to be conducted to understand the market demand and a product. A product can be evolutionary or it can also be revolutionary. Revolutionary product launch are much more risky and costlier than evolutionary product launch.

Next step is the concept development, this stage requires selection of the best suited idea for the new product for the company, it requires proper analysis of all the ideas that are being generated at the first stage. Next step is assessing the business opportunities from the new product in the market, is there is product demand in the market; customers will buy it, the pricing of the product etc.

After deciding on the product it is very crucial to understand the market well. Market development needs to be done by analyzing the market and customer well. After finalizing the market, the customer demand then market validation is to be done. Beside following these steps it is also very crucial to ensure a successful product launch in the market.

Successful product launch needs a very strong research and development by the company, research needs to be very detailed including both market and consumer research. It should include information on what customer wants, how they want and at what price they want. The quality of the research will influence the final product launch of the company to a large extent. Apart from this the launch activity and marketing initiatives taken by the company also impact the product launch and its success to a large extent.

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