What are the steps involved in new product launch? Discuss with the help of a suitable example?

Market research, defining target audience and our goals - that's very important. Many companies  are just trying to push the product into the market (because it is working on other market) without checking the needs of customers. With new products, we shouldn't forget about marketing strategy and solid investment in marketing which will create a pull from the market. It's not all about good product, it's about the story which people want to hear and believe in.

Understand your market

Identify your goals

Define your audience and key message

Develop and test your minimum viable product

Create a marketing plan

Measure your results

Keep the momentum going

Thanksyou first

I think

1.     Start early

2.     Make the product or service available to important influencers 

3.     Brief industry analysts 

4.     Seed the social space with "leaks." 

5.      Don’t expect a "big bang" release 

6.      Keep the release rolling

7.     Do something unusual.

8.     Get partners involved.

9.     Make it easy for people to learn more about your product 

10.   Ignore the elements of the launch that do not drive business

agree with answer given by Mr. Sashikanta Mohapatra 

I agree with with the expert answers

Here are the 5 steps for product launch:

1)    Define Your Launch Objectives – Is this an internal launch or an external launch? Are you going to launch to your existing customers first? If you have an internal list, this is usually a great way to start and test your launch before investing in a full-blown launch to a wider audience of prospects. Get clear on the type of launch, and then get clear on your objectives. Are you trying to sell a product, or are you trying to build your list. These are really two totally different approaches. Without a solid and measurable objective, your efforts won’t be directed.

2)    Take Inventory – After you are clear on what you want to accomplish in your launch, it is time to take inventory of your launch assets. Your launch assets include your mailing lists, email lists, joint venture partner lists, video, audio, and any other assets you have at your disposal for your launch. If you are launching your product online, you may need to include assets like your website, Web copy, etc.

3)    Craft The Killer Offer – Now that you have taken inventory, it is time to create the offer.  If you haven’t done this yet, now is the time to dig deep and outline the features and benefits for your prospect. Why should they buy your product or service? What guarantee are you going to offer? How are they going to pay for the product or service? How is it delivered? You need to really identify the core drivers for your prospect to move to action and purchase your product. Think about the problem your product solves and make sure your offer speaks to the solution.

4)    Your “A” Team – You are going to need a team to help you with your product launch. Even if it is a small team, you are going to need help from your Web developer, copywriter, Web host, graphics designer, and fulfillment staff. Depending on the size of your launch, you might be wearing all the hats here. My advice is to identify where your strengths are, then outsource and assemble a team to help you be successful.

5)    The Launch Plan – Your launch plan is your blueprint to your entire product launch. It combines the tasks involved and, more importantly, the sequence of events in your product launch. Your launch plans should include email and print copy creation, video creation, landing page creation, and day-by-day plans for the release of content during your launch. One productive way to create the plan is to get your team together for a couple of hours to make sure you have a comprehensive plan covering all areas of your product launch.

As an example see how apple do it, use media, create teasers, slect top 5 locations to launch, ensure inventory and then o ahead with the event.

In addition to the answers I would like to briefly add the following steps:

1. Find the best advertising method

2. Specify the best time to launch

3. Survey market and customers

4. Use the most profession team

5. Follow up and amend when needed !

Thank You

Agree with above all answers. 

Six steps to successfully launch your new product:

Testing can help you verify that your product, company and audience are ready for your launch. Gary Erickson, owner and co-chief visionary officer of Clif Bar & Company, tested recipes for months before he settled on the first flavors for his energy bars. Remember, though, that perfect is the enemy of good. An early launch of a minimum viable product can help you get better data on what your customers actually want.

As you move toward the release of your product, your staff will have to adjust to new processes, which can be difficult. Maintain momentum throughout product development, and give your team members the time and resources they need to familiarize themselves with the new product and its customer support protocols. Set attainable goals so your staff can experience small wins that build motivation.

Related: A Blueprint for a Killer Product Launch (Infographic)

A new service can bring a sudden spike in sales. To avoid failure, you must ensure that your team is prepared for the increase in volume and complexity of work. Make sure you fill all necessary positions and educate team members on the vocabulary, processes and features of the new product.

Shifting your gaze to an exciting new product is only natural, but remember not to neglect your existing business. Strike a balance between giving the new product life and sustaining your established enterprise.

Set relevant goals, and regularly measure how well your service meets those goals. In extreme cases, don’t be afraid to scrap your product if it isn’t performing. Remember the principle of sunk costs: Just because you’ve already invested time and resources into developing a product doesn’t mean you should keep trying to sell it. If profitability becomes uncertain, it’s hindering your company’s growth.

Analyze customer feedback, then determine what changes you need to make to enhance your product. The University of Oregon, for example, conducted studies to improve the in-stadium experience. One improvement was the addition of 150 flat-screen HD monitors along the stadium concourse. Fans can now watch the game when they’re away from their seats.

Well answer add by experts. Thank you for invitation

I agree with Mr. Rami answer .