New Product on the Market Research Paper Example | Topics and Well Written Essays - 1000 words

New Product on the Market - Research Paper Example To come up with a new product, a company may consider optimizing the things their customers need and the various other resources they have, which can facilitate production without making losses. To succeed in the different areas of the business, the companies a company need to carry out a proper market research that will lead them to understand the customers to whom they intend to supply the new product. This process of production and presenting new products to a market needs to be planned so that each step can help raise the number of customers who show interest in them and buy them at any time in their lifetime (Wesley and Barczak 23). In producing a new product in the market, a company needs to implement a strategic plan that will put into consideration all the needs of the customers and weigh them against the potential of the company and the goals they have to develop a product that is preferred by customers. Through strategic planning, a company produces the products that fall w ithin the goals it has for the market and which attracts potential buyers, to whom it intend to sell its products. Strategic planning in a company aligns itself with its mission statement, which implies all things that company targets to achieve in their delivery of the services to customers. These goals of a company do not focus on their customers but it speaks of what the company is able to accomplish to any person in the society regardless of the choice they make concerning their products (Brooke and Mills 34). In producing some products, a company needs to have a consideration of the different interests that arise from the different social classification of the customers. The social classification characterizes the different things that different people do in the society as well as their behavior of buying different commodities in the market. For this reason, a company will be in a position to determine the different the sizes of the product they intend to produce so that they c an preserve the prestige of the people in specific social class. In this respect, social classes determines the quality, quantity and the variety of a product that should be presented to the market at any time as well as the population of the potential customers (Annacchino 127). This ensures that the company will implement a marketing strategy that will not only help customers to know the product but also the one that will conform to their needs and interests. Marketing can be done through different media so long as they ensure that all the intended people get the information they need to provoke their choices to buy a product a company has produced. In the current market, some of the most popular methods of communication and advertising in the social media network where different people can supply information that can reach many people within a short time. In communicating to different customers, a company aims to provide promotional sales that could be necessary to ensure that ma ny people are able to change their motives concerning what they need to purchase to meet their needs. Marketing offers sales promotion, which are the incentives that manipulate the different beliefs of customers and ensure that they purchase the products. The information that a company supplies to its clients to ensure that they change their perception about the quality of the new product it