Essay Example on Process of Bringing a Product or Service to Market

Paper Type:  Course work
Pages:  4
Wordcount:  831 Words
Date:  2021-07-02

In order to bring a service or a product to the market, one needs to undertake the process of commercialization. Commercialization means that one has to make the concept or the idea into a business opportunity that is viable. In order to achieve this process, it is necessary to describe the service or the product being brought to the market. An individual who is unfamiliar with the service or the product should easily comprehend the features and the benefits of the service or product.

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Secondly, one has to ensure that they protect the intellectual property of the service or the product. It is vital to comprehend that the third parties discussing the product or the service will not divulge any confidential information.

The third step that must be taken is knowing the market. It is imperative to identify the market, competitors and the customers that the service or the product will face. One has to use a marketing plan to draw up a strategy whereby they will identify and reach their customers.

The fourth step is to identify the commercialization pathway that the service or the product will go through. One has to make a good decision regarding how the service or the product will be brought to the market. It is imperative to comprehend that the choice of either manufacturing, licensing or assignment can affect strategy to be implemented in the future.

The final step in bringing a service or a product to the market is the design and completion of a working prototype. In this process, one has to outline the objectives of the project and what it has to be undertaken to achieve these objectives.

In the healthcare environment, there is need to use both marketing research and marketing plans to achieve the intended goals. It is vital to comprehend that marketing research and marketing plans are conceived to extend no longer than a year. This is to ensure that the plans are assessed and reassessed for additions, modifications subtractions or the entire reinventions as the market is dependent on evolving business.

The marketing definition of a service or a product is the item that has been offered to the market for sale. The service or the product can be in cyber form, physical, or virtual. It is imperative to comprehend that each service or product is made at a certain cost and is thereby sold at a certain price. The price that the service or product is charged is dependent on the quality, market and the marketing segment that the product is targeted at.

Product design is the creation of a new product with the intention of selling it to customers by a particular organization. The product design process can be considered as the process where an idea is transformed to suit the needs and wants of customers or in other instances the marketplace. The product that is designed needs to satisfy such wants.

Product engineering process can be defined as the methodological series of various steps that engineers use in developing a particular product or service. The process is often an iterative decision-making process.

Idea generation can be defined as the process whereby ideas are developed, created and communicated. The ideas have to be either visual, concrete or abstract. Idea generation involves many processes, but the ultimate aim is to bring the concept to reality.

In order to determine the strategy to be implemented in the market, it is necessary to consider the following competitive forces in the market. One of the major competitive force to be considered is the supplier power. One has to assess how suppliers can drive the prices of the product or service up. The second force is the buyer power. In this force, its necessary to consider how buyers can drive the prices upwards.

The third force is the competitive rivalry. In this force, one has to consider the number of their competitors and their capability. The fourth force is the threat of substitution of the product being introduced to the market. The fifth force is the threat of new entries to the market.

Marketing research process contains six steps that are vital and need to be accomplished while conducting a market research. These steps include the development of an approach to a problem, the definition of the problem, the research formulation, data preparation, field work, analysis and finally report presentation and presentation. Marketing analysis, on the other hand, is making inferences about the data that has been gathered.

Due to the highly complicated, competitive and technological health care arena, there is a need for physicians to provide quality healthcare that is at a lower cost. In the bid to achieve this feat, there is need to find information from a limited resource. Healthcare managers have to collect data from various sources, and through technology, they can achieve this. In order to make decisions about nursing and any other health related issues, there is need to collect data from patient admissions.

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Essay Example on Process of Bringing a Product or Service to Market. (2021, Jul 02). Retrieved from https://midtermguru.com/essays/essay-example-on-process-of-bringing-a-product-or-service-to-market

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