To introduce a brand new product into the market, one will have to analyze not only the demands of the target audience, but also the challenges that the launch of the given product will trigger, the opportunities for creating an intriguing promotion campaign and the threats that the high competition rates pose to the product.
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Speaking of offering customers a candy bar that will be linked to sportswear and, therefore, related to the concept of healthy lifestyle, creating a promotion campaign that appeals to people’s willingness to keep trim and be on a healthy diet seems reasonable enough.
To increase the growth of the product popularity, one will have to create a viable legend behind the product, therefore, molding a brand. At the point when the promotion of the product starts leading to its growth, a steep rise in competition can be expected. The given issue can be dealt with by providing customers with additional options, such as customized bar filling (e.g., peanuts, raisins, etc.). Thus, the goods provided by the given company will stand out of the range of similar snacks flooding the market.
The stage of maturity will show how well the brand coined previously works. At the given point of the product promotion and retail, one can assume that it will become recognizable enough so that it could be sold to a gym, which is linked to the MySportsClub chain for $2.5. Since the gym will be allowed to sell the protein bars for $3, it can be expected that the gym owners will be excited about the idea of making quick money on a regular basis.
Unfortunately, sooner or later, the tidal wave of the fascination with the Nike protein bar will die down, and it is necessary to shape the product strategy in order to address the given phase adequately. It will be unreasonable to spur the product’s popularity artificially as soon as its novelty wears off.
Therefore, instead of forcing the no longer interesting product onto the audience, it will be reasonable to come up with the means to market the product so that it could become a household name and, therefore, become an integral part of everyday routine. The examples of numerous cereals, which have been claimed to be a part of a complete breakfast so frequently that the given phrase has become a household name.
Product Strategy and Its Impact on the Channel Strategy and Decisions
In many ways, the effects that the product strategy has had on its popularity define the future channel strategy for the product in question. To be more exact, the less encouraging the effects of the product strategy are, the less funds are invested into the channel strategy.
Involving the issues related to the product distribution, product channeling is extremely time-consuming; moreover, it takes much money, which means that there is no need to use the given strategy once the product was considered unviable. In the given case, channel strategy will depend on how many people will buy it in the course of the first two weeks. Once the number of people reaches the required mark (e.g., at least 50 people buy the snack), the product will be considered worth being promoted even further.