Target is a key factor to consider when setting up the strategy for the entry of products in the market. New products in the market have some forces that make them remain in the market but do not automatically qualify them to dominate the market. There are specific requirements that a new product should meet to succeed in the market. Companies, therefore, aim to have their products meet these requirements. Other key factors that are considered when developing a product launch plan are market needs, potential, and growth. Companies wishing to succeed in the competitive market must evaluate the potential market to determine if the product can satisfy the needs of the consumers. In addition, a market that is favorable for a new product is the one that grows with time to make the product sustainable. This paper will evaluate such factors involved in developing a product launch plan for Nano Antennas. The paper will also evaluate these factors about the products domestic market (Japan) and international market (Germany).
Target
A company that is introducing a new product to the market should evaluate the possibility of a new product selling to make it a market winner. Many ways can make a new product to be a market winner. Such factors are innovation and quality improvement. However, even with such factors in mind, a product can fail. Kotler & Keller (2007) identified the following criteria that a new product should meet for it to win the market:
- The company requires to consider the economic viability of the product even after considerable benefits have been made and the number of potential customers has been identified.
- The number of willing buyers and users of the commodity should be quite high in order to justify the launch
- The value of the product to the consumers should be higher when compared to substitute products
During the evaluation of the target, qualitative research should be employed to determine such factors as the availability of the market for the product and the size of such market. The research should aim in finding out the specific customers and how they can be reached. This is particularly important in the case of Nanoantennas whose market is both domestic and international. Considering the characteristics of Nanoantennas, its possible target is the businesses that aim at generating large quantities of energy. The other category of a target is the residential homes that have the financial ability to buy the product. However, most of these residential homes in Japan may not be able to buy the new technology due to the prices offered. This product can collect heat from the sun implying that it can be a reliable source of renewable energy. As such, the product should aim to fetch market from the business community which is actively involved in the use of renewable energy sources in line with combating climate change.
Market needs, potential, and growth
Both the domestic and international markets of Nanoantennas are expected to grow or decrease. The ability of the market in Japan to grow is dependent on the number of customers who can buy the product. The potential of the international market which is Germany to grow should also be evaluated. The international market will grow because of the characteristics of the product. Nanoantennas are considered to use the modern state of technology to function and they also use renewable energy from the sun. These two factors will ensure that it is recognized by the customers in both Japan and Germany. Many international organizations that address the issue of renewable energy and environmental education emphasize the use of renewable energy. Nanoantennas will benefit from these factors because it is user-friendly and it uses the recommended energy source.
The needs of the consumers keep on changing depending on the satisfaction that they get from a product. The demand for the product should match its supply. When designing to launch the new product, this factor should be considered to determine the size of the product that will be expected to be sold for a particular period. Consumers in the domestic market will show interest in the product but may lack the financial ability to buy it (Grant, 2007). The factors that can limit the ability of the domestic product to buy the commodity are, for instance, the price of substitute goods. Consumers who are not well-informed about the new product will continue to use the product they have been using since there is some level of satisfaction that they get when they use the current product. As such, communication strategy is important to create product awareness to the customers. The new product should be marketed using new technologies like online marketing to fetch customers from the international market. This would ensure that consumers in Germany are aware of the new product even without coming into contact with it.
References
Grant, J. (2007).The Green Marketing Manifesto. Hoboken, NJ: Wiley & Sons.
Kotler, P. & Keller, K. L. (2007). A framework for Marketing Management. (3rd Ed.). Upper Saddle River, NJ: Pearson Prentice Hall.