The purpose of the Product Launch Procedure is to document the plan for developing, assigning, and coordinating activities for your company’s product launching, including schedule and budget. The product launching plan provides an effective and successful introduction of your products into the marketplace.
The Product Launch Procedure applies to all company departments involved in activities that launches a new product. (10 pages, 1485 words)
The launch plan establishes important aspects and milestones of the product launch. It should be created to include the following:
It should include clear objectives like initial sales goals and Introductory Phase sales goals, customer and market place awareness, and Industry and analyst awareness.
Detailed tactics for advertising, promotional and trade show activities, and public relations should be developed. These tactics should be based on market research and answers to basic strategic questions such as: What customer problem is solved by the product? What is the product from a customer’s viewpoint?
Product Launch Responsibilities:
The Product Manager is responsible for planning and coordinating product launching activities through completing the PM1020-1 PRODUCT LAUNCH PLAN.
The Marketing Manager should coordinate with the Product Manager while creating the PM1020-1 PRODUCT LAUNCH PLAN, and participate at a high level during its execution.
Top Management is responsible for approving the PM1020-1 PRODUCT LAUNCH PLAN.
The Product Manager is responsible for directing their departments’ participation in the PM1020-1 PRODUCT LAUNCH PLAN.
Product Launch Definitions:
Product Launch – Activities designed to garner attention and awareness of the introduction of new product or service, and to provide for a smooth and coordinated introduction.
Strategic Plan – Overarching goals for achieving product launch (i.e. creating awareness of the product for existing and potential customers).
Tactical Plan – Specific activities planned to achieve strategic goals (i.e. create content, select media mix, and allocate budget for advertisements).