This article seeks to discuss how best you can introduce your product to the market, it analyses the functional approach of management of your project using the marketing, personnel and financial approach,
Marketing management of your project
is very important in executing your project as it is the management function with the primary concern with what is going on outside the environment of the organization, it is a process whereby individuals (as a group) as well as firms achieve through the use of offering, creation, and also exchange of product with the others (Kotler Pakowski, 1994)
if you are to execute your project, you need start with the marketing mix which includes the product, price place and promotion.
Product: the performance of an organisation and as well as its survival will depend on the ability the firm has to innovate, when executing your new project, you have to know the environment in which your project will be best suitable for,you also have to know the type of customers your product is aimed at, is it the average earners? young kids? adults? teens?, you basically have to know your targeted market, you also have to make analysis on your products acceptance probabilities. you must also e able to evaluate the life cycle of your product.
- Introduction: at this stage, your project is just beginning and your product/services is just being executed, you don’t expect profit at this stage and you basically spend more on advertisements, you have fluctuating expenses and you are not going to be sure of stable operation, basically, your project is on trial at this stage.
- Growth: this is the stage that the project and business experiences increment in profit and they can now compete meaningfully.
- Maturity: at this stage you are one of the major leaders in that business, you can now compete healthily
- Decline: at this stage your business experiences decline, at this stage the business is not well accepted anymore.
Price: the price of your product or services should be examined and evaluated, this is largely because it contributes largely to the revenue of your business, you have to determine your price by analyzing your cost of production, as well as how your company generates revenue and profit, you have to also put into consideration the prices of your quick substitutes, and the market share which you have projected for your business.
Promotion: promoting your new product is of great essence, this will enable the recognition of the new product in the market and thereby enable prospective customers to go for your product. you basically use four methods which are;advertisement,personal selling, sales promotion and as well as publicity.
- Advertisement: this is a process whereby the producers of a product persuade prospective customers by reaching out information about your product, this method could be spoken, written, or visual. we advise that once your product is new in the market (just being introduced) you have to initiate aggressive advertisement. analysis should be done on effectiveness of your advertisement by evaluating impact of your advertisement to sales.
- Personal selling: meeting your customers one on one could be advantageous to you as this could enable you to understand them the more, this requires your marketing employees to communicate how your product can be of a good function to them.
- Sales promotion: this requires you to motivate your prospective customers to patronize your products, you attempt to lure your customers by creating incentives on your products.
- Publicity: it is of great importance that you publicize your product in order that it can gain wide acceptance.
Distribution: distribution is basically concerned with channels of distribution as well as physical distribution of your products. you have to evaluate your channel of distribution and as well as define relationship which will subsist between wholesaler and retailer down to the final consumer.
It is ideal you follow the above steps if you want your new product(s) to be accepted and well recognized by your customers. good luck!!!