Description of my new product
The new product under my consideration is basically a software, which helps people to enjoy movies from different languages. The software under my consideration may have the ability to translate the original language of the movie to the viewer’s native language. It requires computer and other accessories like high definition monitor of big size and an advanced sound card or audio system for deriving maximum enjoyment out of this product. The success of the product may depend on the quality of the audio visual equipments connected to the computer. One of the major advantages of this product is that people all over the world can enjoy movies made in other languages in their language itself. This product does not require any license agreements and the user can use the product as many times he likes. Since this product is software, it is easy to handle and anybody with basic computer knowledge can use it. It can be used anytime anywhere if the user possess a laptop or desktop. Moreover it can be used in the latest advanced cell phones as well.
My strategy for entering the markets
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Target market should be analyzed thoroughly in order to formulate marketing strategies. Size of the market segments identified, possible growth rate, competition in the market, attainable market share, sales potential and the expected profit etc should be evaluated before introducing the product in the market (Net MBA, 2007). Organizational strategies must be formulated based on the feedback received from the market. For example, since this product is computer software, some people may face problems in using it. Organization should formulate strategies to support such customers through telephone or online. After sales support is an important aspect which determine the success and failure of a new product in the market. It is quite possible that during the initial stages of the introduction of the product, lots of feedbacks the company may receive about the product. Beta testing is necessary for each new product in order to make it faultless. The organization should be ready to make necessary changes in the product based on the initial feedback received from the market in order to make it more acceptable to the customers.
Potential barriers I may encounter
The success of a product in the market depends on the answers of three questions; Is it real, Can you win and is it worth it.
The answer to the first question is not a positive one in this case. The product is a real one whereas the effects or the utility of the product is a virtual one. At the same time, it is impossible to develop a product which provides real movie pleasure as the atmosphere in the theatre cannot be manipulated inside a room. Under such circumstances, even if this product gives only the virtual pleasure, it will fit in the market. The product definitely develops a real market since many of the movie lovers are currently looking for one such product.
The answer to the second question can you win is “Definitely Yes”. There are no such products like the one mentioned above in the market now. In other words, virtually no competition will be there for this product. At the same time the demand might be huge because of the enormous interests of people in enjoying movies form different countries in their own languages. Since this product is software, the cost might be slightly high. But at the same time, the company can set the price of this product because of the absence of any other similar product in the market.
The answer to the third question is also positive. This product is definitely worth both for the customers and the product developers. The product developers may not have any manufacturing cost unlike many other physical products. Once the software is developed it can be easily copied to the disc and the product manufacturing cost is negligible. At the same time, since it is software, anybody can copy it on discs just like any other software. In other words, people will use pirated copies of this software like many other software. So the company should take necessary precautions to avoid duplication of this software.
Ensuring the success of my product
Branding of a product is important for the successful movement of it in the market. Brand is a name or symbol which is used by the companies to differentiate them from others. “A well-known brand is generally regarded as one that people will recognise, often even if they do not know about the company or its products/services. These are usually the businesses name or the name of a product, although it can also include the name of a feature or style of a product” (What is Branding?, 2009). The above software should need an attractive branding for its smooth selling in the market. It is better to use an attractive visual or a caption for the branding of this product. Most of the companies like Microsoft, IBM, Virgin, etc use text logos for their branding purpose in order to market their product successfully. On the other hand, Apple uses an apple with a bite as their corporate logo in order to spread their brand. Samsung uses a combination of text and symbol for their branding purpose. Movie translating software can also follow the path of Samsung. They can use a combination of image and text in building their logo for brand development purpose. It is better to use an image as the background and an attractive text at the foreground. Brand development can be done through advertisements and sales promotions. Internet ads might be more useful as this product is software oriented one.