This television interview of Hofstra University’s Distinguished Professor Joel Evans (of the Zarb School of Business) very recently appeared on Fios1’s Money & Main$treet program. The interview was conducted by host Giovanna Drpic. It deals with launching new products. There are many tips and graphics.
Evans on Marketing Consumers and Their Behavior, Distribution, Marketing Communications, Product Management, Trends Fios1, Giovanna Drpic, Hofstra University, innovation, joel evans, tips, video, Zarb School 12
I think it is important to be optimistic when launching a new product or service. Really believing that your product will be successful is critical. There are so many different versions of products and levels of services currently for sale that it is important to believe that what you have to offer is unique enough to attract customers. However, as Dr. Evans mentions in the video, it is also important to be realistic. Realistic expectations need to be set, and a realistic sense of the financial commitment moving forward needs to be recognized. The importance of the internet in your launch also cannot be overstated, as the internet can be used to introduce your product or service, as well as advertise your product or service.
I think from watching this video that in order to be successful when you are launching a new product or service, there are two very important things you need to be, optimistic and realistic. You need to believe your product or service is going to be successful and is going to be enticing to the consumer to buy. You also need to be realistic with your product or service. If your product is very unique and the service is great your prices should be middle to high range. If not your prices should be the lowest price in order to win the low price category.
Have always wondered about the impact of similar products on small business owners. Indeed, It is certainly very hard to have your product noticed unless it is unique somehow. Being as interested in the music industry as I am, I have noticed this issue being very prevalent with new and upcoming bands. If their music is generic and has nothing notable for people to tie them to, as talented as they are their music could never be considered worthwhile to high music industry executives.
I think this is a great interview because our professor talks about ways to promote new products. He said for us to consider consignment and we must be prepared to take a financial where with-all just in case the product doesn’t succeed as fast as we expected. We also learned that to get your product out there you really need to advertise. This is extremely important because if you don’t want to advertise then your product wont be able to succeed to the full extent. You also need to be prepared to have a supplier that can help you continue to supply the product that you are selling.
First of all this is a very useful interview for us to learn. I agree with the idea that for restaaurant it is more about a service experience that people are paid for. In other words, people paid for a unique experience than cooking at home. And for startup business, being realistic is one of the fundamental characteristics to keep the business survive in the hardest first year. Too much expectation will make entrepreneur feel anxious unnecessarily and being realistic can help them to improve their business model step by step.
I have learned more things from this video. on the one hand, only the new and innovate products and service can survive in fierce competition. However, on the other hand, even though products and service are enough new and innovate, the success will not come soon, especially for the start-up firms.
I like that you point out in order for the launching of a new good or service to be successful, it must be different. Recently on Long Island, a company called Late Night Chauffeur was introduced. Late Night Chauffeur has been successful because there it no company like it on Long Island. What the company does is if you are out to dinner and had too much to drink, Late Night Chauffeur comes with two people and one drives your car back to your house, while the other worker follows behind. I think that this is a good example of a service being successful because it is different. As mentioned in the interview, dining is a very big market on Long Island, and people tend to drink; this service helps prevent drunk driving incidents and criminal records.
I personally feel this video gives very useful information to any start-up companies. Professor Evans highlights the key components for a business to do well, especially on Long Island. The correct marketing and advertising techniques are needed in order to succeed.
You crushed that interview, great job!
LOL
The video could have a great help for those companies who want to develop new products or going public new products. Through this video, I think the new product needs to have its own unique features. Through these features, consumers can quickly remember the brand. In addition, more important is how to get consumers paying attention to your products, allowing consumers to know that you can give them unique features or services. Big companies can take new products with brand’s culture or history. Great brand ability is almost a good media. For small companies, small businesses are facing financial problems and have no loyalty consumers. How to stand out from many new and existing products will be very cruel test.