Communication Strategy on Launching New Products
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I believe that a firm has a very pivotal role to play in the launching of a product and its success and especially so in today’s market where the dynamics of the market reaction are so intertwined with the actions of the firm. The authors of the journal article ‘The Impact of Communication Strategy on Launching New Products: The Moderating Role of Product Innovativeness’ Yikuan Lee and Gina Colarelli have observed in their study of product launches and the kind of communication the firms are engaged in prior, during and after the product launch has come to play such a crucial role in its success (Lee, Y., & Colarelli O’Connor, G., 2003). One of the most interesting observations that the authors make and comment on in detail is about how there is a fine balance between the advantages and the drawbacks that can arise out of communication that is innovative in nature because it can make the consumers that much more fearful due to unproven technology and its claims and the doubts on its effectiveness. Thus, I believe that firms have a very important role to play be that considering the timing of the launch, the pricing of the product or service offerings, place it is promoted at or the and the promotions and the people it is targeting to sell this product to. It also has been found that with increased innovativeness, comes negative experiences for the consumers due to the uncertainty and hesitations that surround the launch. Thus when companies aim to appeal to a larger audience and the overall market as a whole, keeping things less ambiguous by eliminating excessive innovativeness will go a long way in making a product launch a success.
Lee, Y., & Colarelli O’Connor, G. (2003). The Impact of Communication Strategy on Launching New Products:The Moderating Role of Product Innovativeness. Journal of Product Innovation Management, 20(1), 4–21. https://doi.org/10.1111/1540-5885.t01-1-201002.
Koren, R., Prester, J., Buchmeister, B., & Palčič, I. (2016). Do Organisational Innovations Have Impact on Launching New Products on the Market? Strojniski Vestnik / Journal of Mechanical Engineering, 62(6), 389–397. https://doi.org/10.5545/sv-jme.2016.3470
White, L., (n.d), 10 Things You Must Know When Launching A New Product. Retrieved from https://expert360.com/articles/10-things-must-launching-new-product