Strategies for Launching a New Hair Care Product Range in Australia

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lead innovative thinking and
practice
[Type the document subtitle]
8/28/2019
Student name

Contents
Introduction......................................................................................................................................3
External environment analysis.........................................................................................................5
Pestle analysis..............................................................................................................................5
Political environment...............................................................................................................5
Economic factors.....................................................................................................................6
Social factors...........................................................................................................................7
Technological factors...............................................................................................................7
Legal factors............................................................................................................................7
Environmental factors..............................................................................................................8
New hair care product range in Australia........................................................................................8
Customized hair care range.....................................................................................................8
Risks and barriers may affect the new product launch....................................................................9
Potential risks...............................................................................................................................9
Strategies to deal with risk.........................................................................................................10
Focusing benefits instead of features.....................................................................................10
Testing the waters..................................................................................................................11
Setting realistic expectations.................................................................................................11
Be different............................................................................................................................12
Cost-benefit analysis......................................................................................................................12
Research and development....................................................................................................12
Manufacturing cost................................................................................................................12
Prototyping and product testing.............................................................................................13
Marketing activities...............................................................................................................13
Recommended communication strategies.....................................................................................13
Focus over specific customer segment..................................................................................13
Customer need understanding................................................................................................14
Various communications mix................................................................................................14
Social media communication.................................................................................................14

Customer feedback................................................................................................................14
Risk assessment.............................................................................................................................15
Conclusion.....................................................................................................................................16
References......................................................................................................................................17

Introduction
Innovation is one of the best strategies for a company to sustain in industry and for growth of the
company. However, innovation comes with various opportunities and risk involved, as it can be
said that higher the risk and the return is also higher. The purpose of the report is to assist the
innovation through an organizational case that is P&G group. The report will discuss various
innovative ideas while analysing the external environment and opportunities for the innovation,
the risk associated with new product launch and cost benefit analysis to assess the return of the
innovative product launch for P&G (pginvestor, 2019).
An American multinational consumer goods company that is Procter and gamble company was
founded in 1837 and expanded in various nations internationally. The company has considered
innovation strategy and by launching every product in segment. The company and will report
suggests that the cause for growing segments of P&G company is innovation, this includes
innovation through product launch, environmental sustainability, packaging innovation.
Considering the products, the company consider innovation principles. Other than this the
company has considered the operations innovation in order to respond to changing consumer
habits. The company’s global business units are responsible for the innovation and new product
upgrade, overall brand strategy and marketing plans. Key strategic objectives of the company
include value creation, productivity improvement (pginvestor, 2019). The strategic objective of
P&G also includes acquisition and joint ventures as a growth strategy of the company, which are
accomplished through use of innovative product strategy, innovative production strategy. The
evidence suggests that the key strategy or strategic objective of the company is to build a better
company, value creation, operating shareholder return. Innovation is the base for the company to