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Successful New Product Launch Assignment

   

Added on  2021-04-16

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1Successful New Product Launch: Amazon AlexabyCourse:Tutor:University:Department:Date:
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2Introduction The objective of this report is to research and examine significant success factors of productlaunches in extant literatures. The success or failure of the product launches is dependent onthe proper application of these factors. Thus, the feasibility of a new product in the preferredmarket requires an accurate analysis of the relevant and specific success factors (Cooper,2013).Product NewnessThe link between the performance of a product and its critical launch success factors isaffected by the level of a product’s newness. New products are always characterised byradical innovations which make consumers to develop perceived risks and the feeling ofincompetency in the product use. Thus, there is the challenge of appreciating the benefits ofthe new product by the consumer more so when it is distinct from the existing products in themarket (Kunz, Schmitt, and Meyer, 2011).Amazon Alexa is in its second generation has had several derivative versions of differentprices as it continues to advance its music, smart-home and technological assistant features(Tang, 2017). There are over 25,000 Alexa Skills such as information access, playing games,brainstorming, working out, playing music, monitoring basic tasks, and linking with careproviders and family (Warren, 2016). The product can also be integrated with most of theimprovised technological home appliances. Amazon Alexa occupies 70% of the market shareon the voice-regulated speakers with its competitors like Google having 23.8% share of themarket (Brooke, 2017). The growing success of the Alexa product can be attributed tovarious factors such as the ability of Amazon Echo to be used as an alternative tosmartphones, tablets and computers while at home or school (Powers, 2016; Sheppard, 2017).
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3Competitive AnalysisAmazon Alexa is a virtual personal assistant speaker which operates in the voice technologyindustry. The device uses the Open-System Approach which requires smart homeorganizations to write software code and give it to Amazon for evaluation without the needfor any particular chip (Tang, 2017). For instance, LG has successfully integrated the Alexaembedded technology into its LG smart refrigerator which permits consumers to search forrecipes, add products to the shopping cart or order them online (Barry, 2017). Mizak et al. (2017) opines that the industry is expected to overgrow due to the comfortabilitythat the Smart appliances come with and the ability to integrate them with various deviceslike phones and Alexa thus making the device useful to all age brackets. For instance, thepilot analysis report by Mizak et al. (2017) shows that in 2017 the young between 25 and 34years comprised of 26.3%, the millennials making up 33.5% of assistant, virtual users. Direct and Indirect competitorsAccording to López et al. (2017), the primary competitors of Amazon Alexa are the GoogleAssistant and Apple’s Siri each with specific needs that they meet. The Google Assistantresponds to voice commands, permits continuous listening, and has a customizableappearance. It has options for streaming music via Google Play Music, Youtube Music,Spotify, and Tunelin. It has also partnered with various smart home companies such as Nest,Honeywell, and Philips Hue among others. It also allows multiple users such that each familymember can train Google Home to recognize their voices and respond to them anytime afterthat (López et al., 2017). López et al. (2017) found out that Google Assistant has also incorporated the Smart Homecontroller features such as voice commands on lighting different bulbs in the house. It also
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