Strategic Approach for Successful Product Launch in the Market

The document serves as a comprehensive framework for planning and executing a product launch strategy, highlighting the significance of conducting thorough market research and in-depth customer analysis. It outlines various critical aspects such as defining the target audience, establishing clear objectives, crafting a compelling marketing plan that encompasses digital and traditional channels, developing effective distribution strategies, setting pricing policies, and emphasizing post-launch activities to sustain momentum. Additionally, it touches on budget considerations, project management, legal compliance, and risk mitigation plans to ensure a successful launch. The integration of academic references further substantiates the strategic approaches discussed within.

Product
Development Project

EXECUTIVE SUMMARY
Business plan is basically a document which describes the nature of business. It is also
consist detailed information about the techniques which will be utilised for promoting newly
launch goods or services. Formulation of an effective business plan is very much essential in
order to ensure successful launch of business or product in the market. The present has provided
the detailed business plan related to creative product development forWomen in Technology In
report all the stages involved in the new product development has been highlighted. It has been
found from the study that planning is very much important in order to develop new product in
systematic manner.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY ..................................................................................................................................4
Problem statement.......................................................................................................................4
Product........................................................................................................................................5
Customer profile .........................................................................................................................6
TEST MARKET.........................................................................................................................7
Brand strategy ............................................................................................................................7
Packaging and Program..............................................................................................................8
Product launch ............................................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Business plan can be defined as the which sets out the future business objectives as well
as strategies for accomplishing the same. It is basically a road map which provides direction to
business and helps in determining the activities which are required to be executed in order to
accomplish desired goals. Business planning is very much essential in order to launch business in
successful manner. In same way, planning for development of new production is also very much
crucial for introducing the new product in the market. Business plan is a document which
describe a new business, it products or services etc. It also provides the information about the
sources from where new business can fulfil the requirement of funds for meeting business needs
and the way it can earn money.
The report will include the creative product development proposal for Women in
Technology. It is the company which is going to be soon launch in West Australia. Business
entity will sell mobiles phones and will also offer the mobile repair services. But now an
entrepreneur of Women in Technology is planning to launch new product that is VR box in the
market. Overall aim of the project is to introduce female student with Virtual reality within Perth
as well as regional areas. It also intends to generate awareness among female student about the
job related opportunities through designing as well as development of VR box by female
students.
MAIN BODY
Problem statement
Women in Technology promotes diversity and inclusion. It supports the development of
woman as well as young people in context of technology, science and innovation. Women in
Technology organises events for facilitating communication, networking, and conversation about
women in technology. But considering the high level of competition in the market business
owners of Women in Technology is planning to adopt the product innovation strategy, as it is the
tactics which will provide an enterprise an ease in Maintaining its leading position in the market.
At the same time, launch of innovative product strategy will also provide firm an ease in
attracting customers. It is the strategy which will assist business entity in gaining competitive
advantage. By analysing the market as well as considering the high level of competition in the

market an entrepreneur of the Women in Technology is planning to launch VR box is the market
which is completely new. But the problem is an enterprise is facing the issue in the project which
has been conducted to generate awareness about virtual reality among females is in launch of
new product (Eslami, Lakemond and Brusoni, 2018. ). The foremost challenge which Women
in Technology has to face during the project of new product development is related to the
bringing the skilled people together those who can make significant contribution in the
successful development of new product. During the time of product launch, Women in
Technology has to face challenges in targeting the right audience. Despite the product being
great in context of concepts as well as development not every type of customer of demographic
is going to accept or appreciate the product so easily. In order to make launch of VR box success
in new market, Women in Technology is required to select the right customer group. It is
required by Females in WITWA to first develop the understanding about the product and try to
determine the demographic those who will buy their goods. Market research can be conducted by
Woman in Technology,, as it will assist them in identifying the suitable market as well as target
customer group.
In context of new product development procedure, Women in Technology might have to
face issue in selection of the market for launching the product. In addition to this, WIT might
have to face issue in positioning the newly launch product in the market. Besides the new
product developed by WITWA has innovative features sufficient to resolve the problems faced
by people it still it might not get accepted by consumer in the market. Reason for the failure of
successful launch of the product in the market might be Women in Technology failure to
position those features in a way that will resonate with the target audience. It is required by
marketing manager in Women in Technology to rethink about the way the newly developed
product can fulfil the need of their target customer group. An effective product launch is very
much essential in order to successfully introduce new product in the market (Yassine, 2018 ).
The challenge that Women in Technology under the new launch of product might have to face is
related to the formulation of an effective product launch strategy as there are so many options
available. In context of Women in Technology, females students while developing the new
product launch strategy need to consider the two main aspects these are product distribution
method as well as an appropriate product channel. In context of new product development
project, females in Women in Technology might have to face issues in positively influencing

people to buy specific product or service. It considered to be as one of the big challenges which
an enterprise might have to face in launching new product in the market.
An entrepreneur has got the ideas of launching new product that is VR box while
conducting the market research. During the market investigation, an entrepreneur has analysed
the new trends. At the time of market analysis business owner of Women in Technology has
come to know about the needs and demands of the customers in the market.
Product
Women in Technology promotes diversity and inclusion. It supports the development of
woman as well as young people in context of technology, science and innovation. Now Women
in Technology is planning to launch new product in the market which is VR box. It is basically
a platform which is utilised with head mount for smart phones. VR box is google cardboard
which has plastic body which an individual can place in android or Ios smartphones for enjoying
virtual reality games, 3D videos etc. Such types of Headsets are widely utilised with video
games. The main purpose of Women in Technology behind launching of such innovative
product is to provide customer with interactive computer based experience in stimulated
environment. In addition to this, other objective of firm related to implementing the new
product development strategy is to increase sales and profitability. In addition to this by
organising the program the Woman in technology intends to make female aware about the the
concept of virtual reality.
The features of VR box is that it has high quality of lens. VR box are cheap and are based
on Google Cardboard also come with plastic lens. The product is made up of spherical lenses
with several layers of Nano coating and HD optical ABS quality which minimize eye fatigue and
dizziness and image deformity in long use. VR Box is basically is of less weight. In addition to
this, VR box is highly compatible with other smart phones. It is the product which comes with
the feature of inbuilt magnetic clicker which is basically utilised for the purpose of navigation
between various applications. VR box also consists of Bluetooth controller which are compatible
with other android as well as smart phones. It is the product which is very much beneficial in
context of improving business performance.
Customer profile
Women in Technology can sell its new product that is VR box first in the domestic
market that is Australia. After, successfully launch of new product in the domestic market, an

enterprise can introduce same product in international market as well. In addition to this, Women
in Technology can segment its customers group on the basis of demographics such as age.
Demographic segmentation strategy will provide firm an ease in reaching to customers and
influencing them to buy specific product or service. It will also assist an organisation in fulfilling
the needs as well as help business entity in meeting the expectation of customers. Demographic
segmentation strategy also provide management an ease in making the suitable decisions related
to the marketing strategy as well as will help in selection best channel for promoting products
(Hwang, Hur and Schoenherr, 2019).
Business entity can target young women as well as college going girls for selling the VR
box, as these are the people who have interest in advance technology. In addition to this,
generally mobile phones are used by youngster it would be easy for the company to target such
people.
TEST MARKET
It is required by the females in Women in Technology to perform market test as it will
assist them in checking the viability of the newly launched product that is VR box. An enterprise
can conduct the market campaign before launching the new product in the market. As it is the
tactics which will provide firm an ease in informing the people about newly launched product
that is VR and help business entity in ensuring the successful launch of the product in the market
(Gould, Mesquita and Broman, 2019). It is also helped market manager in determining the right
time to launch new product in the market. Marketing manager in the women in Technology
needs to consider all the important elements of marketing mix such as price, place, promotion.
Marketing manager can select small number of representatives from the cities for trial of
complete marketing mix before launch of the new product in the market. In addition to this,
market research can be conducted, as it will help an enterprise in getting the information about
the customer view about the launch of new product in the market (Hilletofth, Reitsma and
Eriksson, 2018).
Brand strategy
Brand strategy is the that plan that cover specific long term goals which can be further
achieved with a rating of a successful brand, further it also combined the components of the
quoted firm's character which also make it unique from others. In the same way, Women in

Technology is also a brand and now it wants to launch new VR box in the market of Australia.
Therefore, branding strategy should be competitive in positioning and the quoted firm chooses
line extension as a brand extension strategy, which generally occurs when the firm introduce new
or additional item under the name of same brand. Thus, it is the best branding strategy which is
used by the firm in order to attract new customers towards it. Moreover, it is also analyzed that
this strategy is completely opposed to a brand extension which is a new product in same or may
be in different markets (Zahay, Hajli and Sihi, 2018.).
In addition to this, it has been realized that brand strategy is that promise which a brand
makes with a customers and the personality that a firm wants to convey to the customers, it may
be some slogan, logo, color palette that keep attract new customers towards it. Further, Talestra
also wants to gain high competitive advantage in market and in the same way it also adopted
different branding strategy to be competitive in the market. Such as,
Pricing strategy: Pricing strategy is one of the best way that helps to find the
competitive price of a product or a service. There are so many pricing strategy which the firm
may use but as a brand strategy, an organization can utilize the premium pricing strategy during
the initial stage of product launch, as it will provide an enterprise an ease in assuring people
about the quality of the products. As consumer have different perception related to pricing,
people perceive product with high price as of good quality.
Afterwards, the firm should use competitive pricing strategy or price skimming. The
strategy is basically designed to assist a business to maximize a sale on some new product and
service, it also involves setting rates high at the time of introductory phase and then a firm also
lower down the prices gradually only when the competitor's goods are appeared on a market.
Therefore, while developing VR box in a market, Women in Technology can use this strategy as
well (Nguyen, 2018.).
Distribution channels: It is the chain of a business through which the goods or a service
are passes until it reaches the final buyers. As the quoted firm operates its business at global level
which means that it is tie up with wholesalers, retailers, distributors and can sell the product
using Internet as well. Because its target market is youngsters and they mostly prefer online
shopping. Thus by dealing with this, will help to maximize the products and sustain its brand
image.

Promotional tools: in order to promote the product, it uses social media and modern
promotional tool that helps to reach large group of mass. Further, using advertisements,
billboards and website, the chances of promoting the products is increases, and it directly creates
impact upon the firms brand image as well as it also helps to improve its financial performance
and reach with large group of mass easily (Wuttke, Donohue and Siemsen, 2018).
In context of Women in Technology an organisation needs to concentrate primarily on
promotional activities as it will provide business entity an ease in launching the new product
successfully in the market.
Packaging and Program
Packaging is the most important elements which attracts customers and influence them to
buy specific product. In context of Women in Technology an enterprise need to concentrate on
packaging of the products. The VR devices can be packed in innovative box (Pero, Rossi and
Terzi, 2018).
Marketing program
Marketing objectives Tactics Time
To successfully launch VR
box in the market
Marketing campaign can be
conducted by Women in
Technology before as well as
after the launch of product in
the market.
Six weeks
To reach wide number of
target audience and to
influence them for buying the
products
An enterprise can utilise
social media for reaching to
the wide number of target
audience and for
communicating with them.
Within three weeks
To increase sales Cost leadership strategy can
be adopted by Women in
Technology .
Six months
To increase customer base Digital media cab be utilised 6 months

for promoting the products.
Product launch
In Context of Women in Technology it is required by marketing manager in an
enterprise to design a social media strategy. In addition to this, marketing manager in an
organisation can to create a viral market campaign as it will assist them in launching the product
in successful manner (Laage-Hellman, Landqvist and Lind, 2018.). Product marketing launch
plan
Reference and
planning
Scheduled date Creation stage Approved
Confirm launch date
Schedule kick off
meeting
set launch target
16.5.2019 -18.5.2019 Complete
Complete
Reviewing
Yes
yes
NO
Positioning as well as
messaging
determination of
product name
Message prepared and
detail related to market
positioning confirm
20.5.2019-25.5.2019 In progress Yes
No
PB development of
Press plan
press outreach for the
purpose of launching
new product
Finalizing the press
release
26.5.2019-1.6.2019 No
No
NO

Web
Updation of homepage
Updating the pricing
page
No
NO
CONCLUSION
From the above report it has been concluded that planning is very much crucial before
launch of successful product in the market. The other fact which has been discovered from the
study is that marketing plays crucial role in the successful launch of the product in the market. It
has also concluded from the assignment that market research as well as campaigning can be very
much helpful in context of introduction of new product. The other fact which has been found is
that selection of the best target market as well as suitable target customer group is very much
essential in order to sell the newly launch product.

REFERENCES
Books and Journals:
Yassine, A., 2018, June. A Three-Dimensional View of Complex Product Development
Management. In 2018 IEEE Technology and Engineering Management Conference
(TEMSCON) (pp. 1-6). IEEE.
Eslami, M.H., Lakemond, N. and Brusoni, S., 2018. The dynamics of knowledge integration in
collaborative product development: Evidence from the capital goods industry. Industrial
Marketing Management.75. pp.146-159.
Hwang, S., ., Hur, D. and Schoenherr, T., 2019. Interorganizational information processing and
the contingency effects of buyer-incurred uncertainty in a supplier's component
development project. International Journal of Production Economics. 210. pp.169-183.
Gould, R.K., Mesquita, P.L. and Broman, G.I., 2019. Integrating sustainable development and
design-thinking-based product design. In Technologies and Eco-innovation towards
Sustainability I (pp. 245-259). Springer, Singapore.
Hilletofth, P., Reitsma, E. and Eriksson, D., 2018. Coordination of New Product Development
and Supply Chain Management. Innovation and Supply Chain Management: Relationship,
Collaboration and Strategies. pp.33-50.
Zahay, D., Hajli, N. and Sihi, D., 2018. Managerial perspectives on crowdsourcing in the new
product development process. Industrial Marketing Management.71. pp.41-53.
Nguyen, T., 2018. Risk management in new product development project: a case study of
Finnish video game companies.
Wuttke, D.A., Donohue, K. and Siemsen, E., 2018. Initiating supplier new product development
projects: A behavioral investigation. Production and Operations Management. 27(1).
pp.80-99
Pero, M., Rossi, M. and Terzi, S., 2018. Evolution of Global Product Development Networks:
An Exploratory Study. IEEE Transactions on Engineering Management. 65(1). pp.34-45.
Laage-Hellman, J., Landqvist, M. and Lind, F., 2018. Business creation in networks: How a
technology-based start-up collaborates with customers in product development. Industrial
Marketing Management.70.pp.13-24.