Product launch is the rollout of a new or updated product to a target market. It is a component of product development that can be seen as a moment of truth as the product is received by customers and reviewed. Planning for product launch typically begins in the concept phases of a product and runs in parallel with product development. The following are common elements of a product launch.
Determining sales objectives, goals, strategy and a plan. This includes things such as a sales forecast, sales budget and sales incentive plan.Operations planning such in areas such as information technology, manufacturing, quality control and supply chain. The operations plan relies on sales forecasts.
A plan for communicating the product to generate demand using techniques such as advertising, events and engaging influencers such as lead users.
Leads Generating and qualifying leads.The process of planning and deploying sales channels. For example, an international product launch may leverage dozens of distribution partners in retail and ecommerce channels.
Planning inventory for each distribution channel.Product training for sales teams and other customer-facing employees.Deploying customer service functions for the product.Launching elements of customer experience such as point of purchase displays and store windows.
Developing pricing objectives, strategies and structures. New products are often launching with a price designed for skimming or market penetration.Identifying and managing product risks.
Controls & MonitoringDeveloping controls and monitoring to manage the launch.
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