Prepare a Plan to Introduce a New Product The time you ’ ve been dreaming of is finally here. All of that hard work and those sleepless nights have finally paid off. So everything is wonderful except for one detail. You aren ’ t sure how to introduce your remarkable product to the market 1. Well, don ’ t panic. Let me help you. Preparing a plan for the new product introduction is a relatively straightforward process. It is not easy, but is surely a worthwhile investment in your business success. 2. Make a clear statement What is the vision of your business? What are its goals and aspirations? And the most important is how your new product meets these needs? Establish the framework of your product introduction. 3. Analyze your Target Customers Who are your customers? What motivates them to buy your new product? What are their perceptions of value? After you carefully understand your target customers, you can position your product into their world. You can have the "latest and greatest" product available. However, if it doesn't meet a customer need, you wont win the customers. 4. Analyze your Target Markets Not all products will be successful in all markets. Knowing your customers' needs can make your product popular in the markets. 5. Analyze your competitors Even if your product is a major advancement, don't assume that you're going to blow your competitors out of the water. Rather, perform a careful analysis of your competitors' operations. 6. Create your action plan Now you ’ ll take everything from steps above and put it into a action plan-----which, in fact, will be a project. 7. Execute your action plan After all of the hard work invested in the previous steps, it's time to execute your action plan. Direction : Choose the best answer from the four choices below.