Purpose The main purpose of a product launch is business development.

A successful new product launch requires a good amount of research, appraisal ,planning and an experienced marketing team. By introducing new products, a business can target previously untapped customer markets. The resulting growth allows businesses to hire additional sales and support staff. Product launches build sales and revenue through expansion of customer base. Every business, small or large, will be more successful with a business plan. And the key component of abusiness plan is the marketing plan. A good marketing plan summarizes the who, what, where, when, andhow much Nothing is static during a launch process; change is the rule, not the exception. Long gone are the days when announcing a new product was simply a matter of putting together a news release, sending it off over the wire and counting on major news outlets to spread the word. Today, because consumers are able to get information from a variety of sources and platforms, a successful product launch requires an integrated approach; one that includes traditional, social and online marketing tools. Selling successfully depends upon relationship marketing so one of the first keys to success is to create a grass roots awareness of your new product. The product must fulfill consumer needs and provide an emotional connection through its promise and brand. Todays savvy consumers demand products that satisfy them on many levels including quality, price, status and function. Stages A product launch strategy defines several stages of the launch including development, internal testing, external testing, objective and goal setting, positioning, excitement building and event timing. A good marketing strategy provides specific goals and can include: a description of the key target buyer/end user competitive market segments the company will compete in distribution channels the unique positioning of the company and its products versus the competition the reasons why it is unique or compelling to buyers price strategy versus competition marketing spending strategy with advertising and promotion possible research and development market research expenditure strategies.

Key Launch Activities There are a various activities that involve resources and attention in order to launch. Some of these activities that should be considered are as follows:-

1. Relationships Public Relations (PR) is an important component of product marketing whether before, during or post launch. PR is not just writing a press release, portraying a rosy picture of the product, far from actual truth. It includes a range of specific activities that surround multiple target audiences and deliver on specific goals to support all marketing mix activities required for a successful product launch. There are a number of key outcomes PR can help achieve:

Awareness:Assist in generating a positive awareness and help in educating the target audience about the product. PR is one component of the marketing mix that can assist in this regard.

Credibility:Assist in establishing the products credibility to the target audience and paint a picture in the customer minds, with help of press support, to place the product in customers purchase consideration mind set.

Assist in building excitement in the marketplace. A well-planned PR strategy can create anticipation in the market . Build and enhance key partnerships and show a critical mass of support for your product.

The pace of the PR activities and the strategy to release information will help convey the momentum and grip the product is gaining in the marketplace, providing evidence for analysts, which could lead to positive reviews.

Competitive tool :

PR can be used as a powerful competitive tool to shift a opponents attention and its other resource investments to ones own advantage so once the product gets to market the threat of competition is diminished.

Relationships including Critical Partnerships: A company needs to develop relationships with close partners whose products, services, or technologies will help ones product to reach the market . These relationships formed are better known as market-making relationships,which can be of assistance in pre and post launch activities.Like

Providing market credibility ,recognition ,expertise either technical or customer related, if the launching firm is new to market.

Strategic relationships like these do not develop overnight and will have to be created over a period of time before the product reaches the market.

Key Processes that are important for the launch process and that can make or break a launch, and are important to a successful launch need to be managed : Quality of a Launch: During preparation for the launch there are qualitative aspects which need to be focused upon. Such aspects include strong leadership, strong executive sponsorship, excellent communications, and planning, these should hold the core of the launch and all the teams must possess these skills. Customer Identification: a detailed understanding about the target customers including their needs purchasing power, and how and where they purchase.The customer definition is basis of all marketing activities will eventually shape the market strategies and performance of the launch. Market Situation which includes size, growth trends of total market, and key segments. Justification to be provided for estimating the trend of the market, including key industry developments,introduction of new technology or new products, increased marketing spending by key competitors, etc. Building a Successful Marketing Plan

The key issue is not how the plan is physically structured and delivered,rather,it is making sure that all the important considerations are understood and defined in the plan. The financial forecasts contained in a companys business plan are based on the beliefs contained in the marketing plan. Marketing plan should contain details of and when expenditures will be made, levels of sales expected,when it will require to spend funds on advertising and promotions. major elements of a marketing plan: 1. Situational analysis -- defines the total marketing environment in which the company competes and the status of company products and distribution channels. 2. Opportunity and issue analysis analyzes the major external opportunities and threats to the company and the internal strengths and weaknesses of the company, along with a discussion of key issues facing the company. Uniqueness or Positioning for Launch: Lack of clarity in marketing communication, with the related negative consequences, requires the communication to be in the right from the beginning, until the launch of the product. Good positioning undertakes that the level of customer knowledge is available. Determination of the customer behavior is essential and plays a vital role in the success of the launch. Team management is another important process to be managed speacially the team which will be directly responsible for the launch of the product.Working on a project to launch a product can be different from the routine business activities,and this work may require a different approach and set of skills which will ensure that the human error element does not appear in any of the tasks. Selection of Metrics

Marketing analytics are the tools needed to measure marketing performance and marketing metrics are measures of performance. A body temperature (analytic) of 98.6 degrees (metric) tells us the body temperature is normal. We use our speedometers (analytic) to manage our speed (metric) in order to conform to the posted speed limits for different driving situations. Likewise, a marketing metric such as Marketing ROI tells a manager and company the marketing profits produced per dollar of investment in a marketing and sales strategy. If a company is investing billions of dollars in marketing and sales strategies, it is critical to understand the return on that investment. ( GETTING STARTED USING MARKETING METRICS by Dr. Roger J. Best)

Implement Execute And Monitor Fundamental Pre-launch Customer and Channel Partner Programs: Programs generally intended to generate pre-launch feedback, early awareness, and trial of the product in the target market. Pre-Launch Partner Programs: Programs intended to create, train, and sustain a broad partner and channel ecosystem before launch. When all the parameters are in place now the focus should be on defining a prelaunch customer and partner programs and getting the essential marketing program arrangement activities executed. These programs and activities are referred in the marketing plan Building Marketing tools & Launch Activities: The major activities include: To refine product concept Key promotional messages Creating and producing marketing and sales tools Ensuring that a customer and partner product support infrastructure is in place Defining and managing pre-launch events Creating and launching the public website Finishing and rolling out training and readiness content and delivery mechanisms Planning and executing the big launch event Developing product packaging

Sustaining Marketing Plan To be in place during the pre launch period .The sustaining marketing phase of the launch begins as soon as the product is launched. Now the market share, revenue, and units that were devoted to in the plan must be attained. To do so, sustaining marketing plan to be in place that will drive the launching of the product through the various hurdles which are often observed after the product reaches the market . To shift into marketing execution, there are a few key goals and focus areas that need attention as the post-launch marketing plan is executed, including: Analyze effectiveness of tactics and effectiveness of message Analyze competitive response Driving and managing the channel and your partners to sell and market your product effectively, while growing and training your core partner base Gathering product feedback from customers, press, analysts, and customer support Continuing to drive sustaining post-launch momentum hrough positive PR and strong analyst support

Driving market awareness and demand generation throughout your target cu stomer segments, and generating leads

Basically, a complete new product launch strategy provides a plan for sustaining the momentum gained during the pre-launch activities and launch event. This plan must consist of post-launch promotional campaigns and customer incentives, as well as information on the history of the products development, challenges won along the way and experiences. Making sure a concrete plan covering these areas is in place and it is mandatory for a successful launch and post-launch business success.

The below I found quite interesting and therefore quoting Recency, Frequency, and Monetary Value (RFM) analysis helps to answer the most fundamental question in database marketing: Who are my best customers? Using past transactions each customer is viewed simultaneously in three different dimensions. Recency: Decades of statistical analysis have shown that customers who have made a purchase recently are more likely to purchase again in the near future. Frequency: Frequent purchasers are likely to repeat purchasing into the future. Monetary Value: Customers with high spending in the past might spend again in the near future. This dimension is different from frequency in that it identifies customers who place infrequent but high value orders and, therefore, could be highly profitable.(E-SourceBusiness Metrics for the new economy/Net Genesis)

In launching a new product, one of the most important elements for success involves the effective implementation of adequate launch measures. Effectively implementing these measures requires the active participation of nearly every employee at the company, so that everyone feels that they have a vital stake in the outcome of the launch - because they do. Failed product launches have sometimes resulted in huge financial losses, and corresponding layoffs and work reductions. Knowing how critical any product launch can be for the company bringing it to market should provide the mightiest of incentives for companies to make the product launch a priority for every member of their team.(Article Source: Product launch)

References:1. http://www.netgen.com/emetrics/accssedon April 272012 2. MarketBased Managementby Roger Best, 5thedition, (Pearson Publishing, 2008) 3. An evaluation model of new product launch strategy Yi-Chia Chiu_, Benson Chen, Joseph Z. Shyu, Gwo-Hshiung Tzeng,available online www.elsevier.com 4. Strategic Innovation by Derrick Palmer and Soren Kaplan accessed on web innovationpoint.com 5. GETTING STARTED USING MARKETING METRICS article by Dr. Roger J. Best 6. Article found in library Marketing Strategy for Start-Up Businesses or New Product Launch ,author unknown.