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Your Product or Service

Marketing a new product or service is very challenging, because billions of dollars are spent regularly developing and launching new products and services all over the world.

Companies and entrepreneurs are rolling out new items and ideas daily and they flood the market on regular basis. The cold reality is, you have to target the right customers with the right product and message at the right time in order to succeed. Also, a quality product or service that offers benefits desired by customers is necessary.

Market failure is the most common reason for a product or service to fail. The other common failures are: financial failure (when product or service doesn't make any or enough money, cost of production and implementation of the service have not been sufficiently thought out in the specification stage, waste of time, etc.); organizational failure (poor management, miscommunication, lost productivity, failure to innovate, poor or bad collaboration, etc.) technical failure (when it doesn't work properly, wrong concept, poor implementation etc.) and political failure (when the source of failure is action by the government).

To increase your chances of product or service success, you must know many important things about your product or service before it is on the market. Visiting the competitors, testing manufactured goods or the services of potential competitors is an informal and very valuable process.

Keep a record of the answers to these questions:
  1. Is there a need for your service or products? If yes, is that seasonal or year-long?
  2. Do you know what to charge to cover your costs?
  3. Are your prices competitive?
  4. How important is low price?
  5. Is service more important?
  6. Must you include delivery cost in your price?
  7. What will discounts do to your markup?
  8. Must you give discounts for cash, volume, distributors, salespeople?
  9. Are your products unique, eye appealing, higher quality or better designed?
  10. Must you offer a guarantee?
  11. What will be your return policy?
  12. Must you stock parts for service?
  13. How much is normal advertising costs for your products or service?
  14. What media? How often? Seasonal?
  15. Is any free publicity available?
  16. Do you have a trademark or logo? Is it registered?
  17. Will you need an advertising agency?
  18. If you are buying how much of each (size, color ) will you buy? From whom?
  19. Can you return unsold merchandise?
  20. Have you stock control plan to avoid overstock, under stock and out of stocks?
  21. Have you established a line of credit with your suppliers? How long?
  22. If you are a manufacturer how will you sell - through dealers, distributors, sales agents or direct to the your consumer?
  23. What type of distribution is common in the industry?
  24. Do transportation costs dictate the best method of distribution?
  25. What percentage of the market will you get?

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