How do you launch a new product?
Ans: Launching a new Product:
Every product manager looks forward for launching a new product. A new product launch AA
is really a team effort. The product manager/officer is the person responsible for coordinating the whole process & many of the decisions.
The process starts may be many months/years before the actual launch date. Before then there must have been a thorough examination of the market, both customers & competitors.
The following timescale of events illustrates the lead up to a new product launch for an ideal case:
Months before launch
|• Clinical trial||
|• Market analysis||
|• Competitor analysis||
|• Regulatory affairs||
|• Forecasting budget||
|• Advisory boards/ Higher Management||12|
|• Contingency planning||
|• Field force training||
12 and onwards after launch
|• Post launch market research||
12 and onwards after launch.
The profiling and positioning of the new product is critical. If wrong
decisions/actions are taken at this stage, a change of direction is at best very difficult and at worst impossible.
All the data that is collected must be constantly updated and reviewed, assumptions checked for validity, dates set for completion. Of various stages & activities (S( progress monitored to identify delays or failure in the process. A very demanding job but a very satisfying one when all the plans are turning into sales.
Q: Mention some responsibilities/job description of product management department.
Ans: Responsibilities /job description of product executive:
(i) Developing the marketing plan of assigned product.
(ii) To undertake all activities regarding new product launching.
(iii) To formulate annual budget for assigned koducts.
(iv) To develop promotion and packaging materials of assigned products.
(v) To visit doctors and chemists.
(vi) To conduct training program and refreshers courses of field forces as internal resource personnel.
(vii) To conduct monthly sales meeting with sales promotion officers at different regions.