How do marketers assess the need of a product to market it… In today’s competitive, global environment, new products and innovation are critical to a company’s growth and sustainability. Many companies today focus only on cost reduction. Generating revenue via new, differentiated products should also be part of the corporate strategy. Product development must be done within a strategic context that takes into account emerging market trends, environmental and regulatory rulings and trends, customer and employee needs and wants, and financial considerations.
The development and launching of new products is perceived as a risk due to uncertainties of success after significant investments. In addition, the product development process is not well understood by most firms. Finding, developing, and exploiting new product growth can help corporations to maximize latent value in their new innovative products and growing markets, while diversifying risk. It also allows businesses to focus on evolving macro and micro markets and to enhance customer satisfaction and competitive advantage. Begin market planning by clearly identifying the market you want to target.
This may or may not be the market you are working with now. The idea is to think creatively about your product to determine what set of customers are going to give your business the cash flow, profit and growth it needs. Suppose I am going to start a business of “DRY SHAMPOO” as it is quite a new product for Bangladesh perspectives… The so-called “French shower,” that curious Napoleonic custom of applying perfume or deodorant over unwashed flesh, went out of style with pantaloons, and certainly never spread to these more hygienic shores.
Right? Hello, dry shampoo. Touted as a water and timesaving way to stay quote-unquote gorgeous on the go, these wildly popular shampoo substitutes allow the busiest exec to head straight from the bedroom to the boardroom without a pesky shower in between. Just apply a cumulus of powder to the scalp, wait two minutes before brushing it out, and Fabulist achieved. Dry shampoo is a powdered substance used to clean the hair when you want to extend the length of a blowout or when it is not practical to use water and traditional shampoo.
The market for dry shampoos, which are sold in both spray-on and powdered formulas, has exploded over the past few years. Name a high-end hair-care brand—Frederic Fekkai, Bumble and bumble, Oscar Blandi, Rene Futerer—and the chances are good that a revolutionary new dry-shampoo product is one of the top-selling items in the company’s inventory. Their average price overs around $20 for about 3 ounces—not exactly a bargain. So, how well do they work? Old-fashioned wet shampoo cleans hair of all of the assorted gunk and free radicals that accumulate over the course of a day, as well as its natural oils, which are known as sebum.
Dry shampoo, which usually has a base of talc, cornstarch, potato, or rice, soaks up rather than washes away sebum and dirt. When you brush out the powder, you’re also (allegedly) brushing out the grime, too. Because the soak-up/brush-out method doesn’t rid the hair of as much sebum, you can safely use dry shampoos once or several times between regular shampooing. But alert: Because dry shampoos are essentially spray-on powders, they can, even after vigorous brushing, lighten the crown of your head, which can be good or bad, depending on your desired hair color.
Why Use Dry Shampoo? Fab Hair, Fewer Washes Over washing your hair can dry it out and cause hair color to fade. To preserve your color and maintain moisturized, sleek hair, it is best to wash your hair only 2-3 times per week. Additionally, if you’re strapped for time and you need to freshen up your locks (after the gym, before a night out, etc. ), dry shampoo serves as a fantastic option. Modern, busy women swear by dry shampoos! So the question is.. Who will buy my product? Why will they buy my product? What will they pay for my product?
Where do they expect to find this product? When spoke to a half-dozen dry shampoo devotees about their reliance on these potions. One “natural” said dry shampoo helps her disguise suspicious roots on the brink of her next highlight appointment, since the powder tends to lighten the hair. Another turns to it when she can’t submit to the 45-minute blow-dry required to tame her frizzy curls. Then the third one who use it after midday workouts and the partygoers who want to refresh their appearance in the office bathroom.
The marketer may recruit 2 or three testers for analyzing the range of hair types who are chemically enhanced one with thick hair and a schedule that only allows her to hit the gym during lunch. The second has thin hair that looks flat and oily by the end of the workday; she’d prefer to take a second shower before any nighttime assignations. The third one has thick, wavy, jet-black hair that requires herculean efforts to manage. All three work full-time and shampoo daily. generally obedient hair that never, ever wash on a daily basis, having been taught early on that too-frequent washing strips and damages hair over the long run.