pm- lesson 7

• Product Launch and Marketing:

  • involves the strategic planning and execution of activities to introduce a new product or service to the market.
  • generate awareness, interest, and demand among potential customers.
• Planning in product launching- strategic process of preparing and organizing all necessary activities and resources to ensure a successful introduction of a new product into the market
• The strategic process- systematic approach used by organizations to formulate, implement, and evaluate strategies that enable them to achieve their long-term goals and objectives
• The strategic planning process:

  1. monitor or evaluate- where are you today?
  2. set direction- where do you want to go from here?
  3. set goals- how will know you are getting to where you want to be?
  4. create strategies- how will you get there?
  5. plan action- what will you need to do to get there?
• Key aspects of planning in product launching:

  1. Market Research
  2. Setting Objectives
  3. T
  4. Creative Concept Developmentreative Concept Development
  5. Channel Selection
  6. Budgeting and Resource Allocation
  7. Timeline Development
  8. Risk Assessment and Contingency Planning
• 1. Market Research:

  • understand consumer needs, preferences, and trends
  • includes analyzing target demographics, identifying competitors, and assessing market demand
  • to inform strategic decisions throughout the launch process
• 2. Setting Objectives:

  • Clearly defining specific, measurable, achievable, relevant, and time-bound (SMART) objectives- guide to your product launch
  • Objectives- sales targets, market share goals, brand awareness metrics, or customer engagement benchmarks- providing a clear direction for the launch strategy
• customer engagement benchmarks - measurable standards or criteria used to assess the level of interaction, involvement, and relationship-building between a business and its customers
• types of customer engagement benchmark:

  1. Quantitative Metrics
  2. Qualitative Indicators
• Quantitative Metrics:

  1. Website Traffic
  2. Social Media Metrics
  3. Email Open and Click-Through Rates
  4. Customer Satisfaction Scores
• 1. Website Traffic- number of visitors to a company's website or specific web pages, indicating the level of interest and engagement with online content.
• 2. Social Media Metrics- Metrics such as likes, shares, comments, followers, and reach on social media platforms provide insights into the level of interaction and engagement with brand content.
• 3. Email Open and Click-Through Rates- The percentage of email recipients who open marketing emails and click on embedded links, indicating the effectiveness of email campaigns in capturing attention and driving action.
• 4. Customer Satisfaction Scores- Ratings or scores obtained from customer satisfaction surveys or feedback forms, reflecting customers' perceptions of their experience with the company and its products or services.
• Qualitative Indicators:

  1. Customer Feedback and Reviews
  2. Customer Interactions
  3. Brand Sentiment Analysis
• 1. Customer Feedback and Reviews- Direct feedback from customers, including reviews, testimonials, and comments, can offer valuable insights into their satisfaction levels, preferences, and areas for improvement.
• 2. Customer Interactions- Observations of customer interactions with sales representatives, customer service agents, or brand ambassadors can provide qualitative insights into the quality of customer engagement and the effectiveness of communication channels
• 3. Brand Sentiment Analysis- Analysis of social media mentions, sentiment scores, and online conversations about the brand can help assess the overall perception and sentiment of customers towards the company and its offerings.
• 3. Target Audience Identification:

  • Identifying and understanding the target audience is vital to tailor marketing efforts and messaging effectively
  • segmenting the market based on demographics, psychographics, and behavior patterns
• 4. Creative Concept Development:

  • Developing a creative concept that encapsulates the brand essence and communicates the unique value proposition of the product is key to capturing audience attention and generating excitement.
  • involves brainstorming ideas for branding, packaging, messaging, and promotional materials that align with the brand identity and align with the target audience
• 5. Channel Selection:

  • process of identifying and choosing the most appropriate marketing channels through which a company can reach its target audience and deliver its products or services
  • serve as pathways or mediums through which businesses can communicate with and distribute offerings to customers
• Type of channels:

  1. Traditional Channels- Print media, television, radio, direct mail, outdoor advertising, events, and trade shows.
  2. Digital Channels- Websites, social media, email marketing, search engine optimization (SEO), search engine marketing (SEM), content marketing, mobile apps, and online marketplaces.
• • search engine marketing - paying to boost a website's in search engine
• Types of search engine marketing:

  1. Paid advert- with ads- Example is acme auto insurers
  2. Unpaid search result- no ads
• • title tags- first thing that appears in search tab
• 6. Budgeting and Resource Allocation:

  • the process of planning and allocating financial resources, manpower, time, and other resources to ensure the successful introduction of a new product into the market
  • involves estimating the costs associated with various elements of the launch, such as marketing, advertising, event planning, production, distribution, and staffing, and ensuring that resources are allocated in a way that maximizes return on investment (ROI)
• 7. Timeline Development:

  • involves creating a structured schedule or roadmap that outlines key tasks, milestones, and deadlines leading up to the launch of a new product
  • By establishing deadlines for key tasks, such as market research, creative development, production, distribution, and promotion, companies can ensure that the launch stays on schedule and meets its objectives within the designated timeframe.
• 8. Risk Assessment and Contingency Planning - help identify potential challenges and develop strategies to mitigate or address them effectively.
• Marketing:

  • serves as the backbone of any successful business endeavor and helps in achieving key objectives essential for sustained growth and competitiveness.
  • At its core, marketing encompasses a diverse array of strategies and tactics aimed at enhancing brand visibility, driving sales, and cultivating lasting relationships with customers
• Marketing strategy:

  • to the plan or approach devised to achieve the marketing objectives of a business or organization
  • It involves setting specific goals, identifying target markets, and outlining the methods and tactics that will be used to reach and engage those target markets effectively
  • provides a roadmap for how the organization will position its products or services in the market, differentiate itself from competitors, and ultimately achieve its desired outcomes
• Marketing tactics

  • specific actions or activities implemented as part of the overall marketing strategy to achieve the defined objectives
• Tactics

  • tangible steps taken to execute the strategy and can encompass a wide range of activities across various marketing channels.
• Marketing Strategy Objective- Increase user adoption and subscription rates for the new fitness app
• Marketing Strategy Target Market: Young professionals aged 25-35 who are interested in fitness and health but have limited time for traditional gym workouts
• Marketing Strategy Positioning- Position the app as a convenient and personalized fitness solution for busy individuals seeking flexibility and convenience.
• Marketing strategy Differentiation- Emphasize the app's unique features, such as customizable workout plans, real-time progress tracking, and access to certified trainers.
• Marketing strategy Marketing Channels- Utilize a mix of digital channels, including social media, search engine marketing, influencer partnerships, and email marketing.
• Marketing strategy Messaging- Communicate the app's value proposition through messaging that highlights convenience, personalization, and results-driven workouts tailored to individual goals and schedules.
• Marketing strategy Measurement- Track key performance indicators (KPIs) such as app downloads, user engagement, subscription sign-ups, and customer feedback to assess the effectiveness of the marketing strategy
• Marketing Tactics Social Media Campaigns:

  • Launch targeted advertising campaigns on platforms like Instagram and Facebook to reach the app's target audience.
  • Use engaging visuals and videos showcasing the app's features and benefits.