NEW PRODUCT LAUNCH

New Product Launch

New Product Launch

Introduction

Strategic management has grown largely in size despite of the fact that it is a very young discipline and has influenced a lot over the past few decades. Likewise, it has influenced the performance of the companies with regard to the new products. New product is an indispensable element for the company. The launch of a new product is a crucial stage that determines the efforts the company has taken to bring its new product into the market. The reason for initiating a new product into the market is to grow business, attain a competitive advantage or stick to the notion of asset utilization.

Overview of the Company

Marks & Spencer is a well-known UK based retailer, headquartered in the City of West minister, London. M&S is engaged in offering many house hold products, furniture. In addition, it specializes in clothing and food sectors offering a wide range of food products and attires. Currently, the company is seeking to cater a new product “MT watches” for its wide customer base. The new product MT watches will exclusively target the corporate world. MT watches will be specially designed for the female professionals in UK. This new product will lead the renowned company M&S to deal with the heightened competition offered from its rivalry. It is presumed that Marks & Spencer will be able to achieve more market share through the launch of MT watches.

Hypothesis for the Project

The launch of MT watches will be lucrative for the company as well as entice the customers to increase their revenue and improve the financial standing of the company. Hence, the hypothesis of the project will be that MT watches will not only increase the customer base of the company but also the profitability level of the company will boost.

Brief Description of the Topic Area

This paper comprises of a research proposal on the launch of MT watches; a new product of Marks & Spencer. Marks & Spencer has got immense fame across the globe. The competitors of Marks & Spencer include Debenhams, Derry's BHS, House of Fraser, Oasis and Next. In the following paper, research methods are discussed and how the research will be conducted is highlighted.

The new product that is going to enter the market has to be something special in order to provide a competitive advantage to the company. It is uncertain that the new product that Marks and Spencer will launch in the market in the near future is a powerful one or not. The research before the launch of the new product will be able to tell the capability or the potential of the product to be successful and consumed by the consumers (Aledda, 2010, p. 173).

Reasons for Your Investigation

It is pivotal to take precautions rather than wait for the damage (Annacchino, 2011, p.49). The reasons for conducting research before product launch entail that the new products are safely launched and any loophole that is present in the entire process of launch is ...