The marketing of a new product can be as successful as how the product is initiated into the market and how the organization developing the products makes contingency products.
In this case, the marketing of a hair band as a new product into the market would take a number of stages which may involve;
- Idea Generation- In this respect, the organization would generate the business idea through exploiting the opportunities that are available in the market. In this respect a formal or informal research would be necessary. For the case of the Hair bad, the demand for high quality hair band in the market would be the push for the choice of this product; however a number of options would be picked up.
- Idea Screening- Screening of the available ideas would be very important in order to come up with a probable course of action. Specificities on the product would have to be developed on the suitability of the available options. It is at this stage that the hair band would be selected.
- Concept Development and Testing- At this stage, the organization would come up with the marketing strategy for the hair band. For purposes of selling the hair band, product orientation strategy would best apply. This implies that the company would rely on the quality of the hair band and the acessib8ilty to consumers as a marketing strategy.
- Business Analysis- At this stage, the product would be analyzed with regard to the competitor’s products and the marketing orientation chosen. This will determine how the product would be launched into the market and hoe the marketing a strategy chosen would be applied with regard to the context of the market.
- Technical Implementation- This involves the actual launch of the product and the supply to the market. At this stage, the hair band would be launched and availed to various retail stores across the United States of America.
- Commercialization- This would detail analyzing the performance of the hair band. Contingency measures could be taken including expansion of the geographical are within which the initial batches would be supplied.
- New Product Pricing- New product pricing would be very necessary as the hair bad would be going thr0pugh the product cycle. In this respect, the company would have already sold millions of hair bands and gone way past the breakeven point. It is at this juncture that the company would reduce advertising and instead decrease the price of the hair band from $15 to $10 to maintain a lower profit margin, but all9ow the product sales to continue.