Magazines are one way to advertise a new product
If you own a business, you may want to develop a new product. All products go through stages, or product life cycle, that begins when the product is developed and ends when the product is no longer viable on the market. After you have developed your new product, you have to decide how you are going to advertise that product.
New-Product Development
Ideas for new products, product improvements, product modifications and new brands can come from within your company, or you can listen to ideas from outside sources like customers or distributors. Each idea can create several product concepts. You present each concept to a sampling of consumers to determine the most potentially profitable. You don't have to have a physical version of the concept to present to consumers; a worded description works, too.
Marketing Strategy
You will then create a marketing strategy for the viable concept detailing which consumers would buy the product; how you are going to advertise; profit goals you have for the product when it first comes out and over its life cycle; at what price you are going to sell the product; where you will be distributing the product; and how much you plan to spend on marketing in year one and over the product's life cycle. You then determine if the costs are worth the investment in comparison to potential sales.
Creating a Product in Advertising
When you are developing your product, think not only of what your product is immediately accomplishing for your consumer but also what will go along with your product, such as freebies or aspects of customer service. This will be part of your advertising as a way to differentiate your product from your competitors.
Packaging and Labeling
The product's packaging is the product's container, while the label tells the consumer what the product is and what it contains. You should design the packaging and labeling to be distinctive from those of your competitors so your customers know what your product is when they see it.
Branding
When you brand a product, you create an association between your company and the products you provide. If the consumer likes your brand, the consumer will want to pick your product over a competitor's. You can brand a product based on the product's features, what your product can do for the consumer or what your product can do for your consumer long-term. The best brands create the last association.
Product Life Cycles
The product's life cycle begins when your company starts developing the product. Next is the introduction, when the product first goes on the market. Growth happens as the product becomes more popular. Maturity takes place when the product's profit no longer shows growth. Decline happens when consumers are no longer buying the product. Product life cycles are unpredictable, however, so you never know when you will need to introduce a new product.
Tags: your product, life cycle, what your, what your product, when product, product life