Answer to Question #267827 in Marketing for panda

Question

1. Tesla Model 3 is planning to launch in December 2021 in India. As a Marketing Consultant explain the steps that you will suggest for the New Product Launch?

Answer 1

Answer

Steps to Suggest for the New Product Launch

1. Identify target customers.

These maybe the ones buying similar products and may appreciate the additional features that this new

product offers.

2. Identifying potential competitors.

This is looking at existing businesses offering similar products.

3. Create a unique value product.

The new product bundle should be unique and meet the needs of the potential market.

4. Defining sales and marketing strategy and tactics.

Selecting a marketing channel that will increase the sales volume as compared to competitors.

5. Concept testing and marketing approach.

Examining product bundle and marketing materials and message.

6. Rolling out product campaign

This is launching the product to the potential customers.

7. Determining product's life cycle.

This is knowing product maturity and also diminishing returns.