Assignment on MGMT20140 Design Thinking

Added on - 14 Nov 2019

  • MGMT20140

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  • 12

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Running head: LAUNCH READINESS PLANLAUNCH READINESS PLANName of the Student:Name of the University:Author Note:
1LAUNCH READINESS PLANExecutiveSummaryHope believes that, though the world is more integrated and virtually connected than everbefore, the individual lives of every person has become more relevant and visible. The globalvillage concept has eradicated international barriers, but has also put up walls aroundeveryone and made human relationships vulnerable. Nuclear family concept has onlycontributed to this and Hope wishes to provide services to the society that would help theelderly and every other person who feels secluded to feel welcomed and loved in the societythey live in.
2LAUNCH READINESS PLANTable of ContentsIntroduction................................................................................................................................3The objective..............................................................................................................................4Tools that are used by Hope.......................................................................................................5Time frame and recommendations.............................................................................................7Resources...................................................................................................................................8Conclusion..................................................................................................................................9References................................................................................................................................10
3LAUNCH READINESS PLANIntroductionIt is essential to plan for the launch of a new product or service in the market. Withoutproper planning, it is difficult to almost impossible to do business in any sector in today’sworld, where, market competition is fierce. A launch plan, based on proper market analysisand assessment, can help an organization or company to introduce its product or service insuch a way that would guarantee market share at its fullest possible amount (Huqet al.,2017). Maximum market share is dependent upon market exposure: the more attention of thepotential consumers that can be received, the more he actual market sales. Launch readinessplan refers to the intricate and time consuming process that involves market research,analyzing the conditions that are currently prevailing in the market, other parameterscontrolling the functions of the market and devise a set of strategies that would be the bestsuited for the purpose of introducing the new product or service into the market (JohanssonSköldberg, Woodilla & Çetinkaya, 2013). While conducting a market research, a number ofthings must be kept in mind to make sure that the market research is aimed towards the corepurposes of launching the new product. Parameters include understanding the targetedaudience: who are the product is going to be sold to; the purpose of the product: how will itbenefit the customers, or, why would the customers want to buy the new product or serviceover the others that are available in the market already. While designing the new product, it isimperative to make the product or service different from the other products or services thatare currently available; else, the basic premise of the innovating or inventing it becomesnullified (Oxman, 2017). Product differentiation is a subtle thing, that needs to be done veryprecisely and explicitly so that the customers can easily understand the difference and thebenefits that they are entailed to receive by choosing the product. While the productdifferentiation has to be done keeping the customers’ needs in mind, it should also adhere tothe organizational beliefs and ideologies so that it is a representation of the organization
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