The steps we follow for the launch of a new product in a foreign market:
- Ensuring product availability based on excess capacity we have in production.
- Starting with target market, geographical area and then examine which consumer group we will be addressing to.
- Researching online for the target market. There we can find out more about the competitors, their pricing strategy and distribution channels.
- Monitoring competition. During this step we study and note:
-shelf prices
-the launch strategy followed by competition
-in which product packaging is sold in each market/ country
-consumers preferences regarding flavors and packaging
- Select a distribution channel in which we will promote it.
- We examine if our product can be introduced directly to retail or if it should be sold through a local distributor. We look at the following 3 factors:
-The shelf life of the product
-the conditions of its storage and distribution
-the price of the product
- Send samples to customers for further testing and tasting.
- Create of promotional material. Depending on the channel in which the product will be distributed, we formulate the appropriate product promotion plan.
- Promote it.
- Analysis of results. We analyze the data from the market, including figures and feedback of consumers in order to improve the product performance.