Commercialisation
In this stage of the New Product Development
Process it is vital that certain factors are taken into account before the
product is launched including the timing of the launch, where and how it will
be launched along with the scale of it (Learn Marketing, 2012).
Blakey (2014) presents that following the
previous test market stage, further analysis needs to be made based upon the
data received as this will determine necessary changes in the marketing mix. Marketing
and implemented strategy is the primary influence on this stage, which directs
the launch potentially producing increased business and product exposure
opportunities (Queensland Government, 2013). The full-scale marketing strategy,
plans and all factors surrounding the product has to be finalised and
initiated.
Commercialisation can bring about competitive
advantages if decisions are carefully implemented surrounding elements such as
warranties on the product along with the speed of acceptance into the market by
consumers (Blakey, 2014). Once the product is released, the NDP process comes
to an end diverging into the introductory stage of the Product Life Cycle.
Examples in the Industry
The Australian Institute for Commercialisation
(AIC) engaged in assisting RipCurl to search for new technologies and materials
to develop the second generation of the wetsuit line ‘H Bomb’ (Australian
Innovation, 2010).
Research gained from Universities lead to
increased thermal characteristics and heat retention enabling RipCurl’s introduction
to five Victorian manufacturers for collaboration opportunities developing
their product. RipCurl rapidly engaged with the further research outcomes
whilst reviewing the market in order to better its commercialisation strategy (Australian
Innovation, 2010).
This allowed further engagement enabling
outcomes to be achieved by providing samples offering technology advancements
in textiles and polymers from the five manufacturers. The AIC’s facilitation
was the sharing of knowledge with TechFast clients in different areas of sport
product design manufacturers. The companies combining allowed this
commercialization of RipCurl due to increased knowledge and information
improving networks and technologies (Australian Innovation, 2010).
Commercialisation of Reel Feel Trainer
The Reel Feel trainer will penetrate the market
as a performance trainer primarily aimed at female consumers who are looking
for ease and comfort whilst playing sport or even going to the gym and
therefore the final Marketing Mix will be mainly directed at them (Appendix A).
Prior to the Olympic Games, there has been increased participation rates of
people taking part in sport emphasised by females who are aiming for ‘the
perfect body’ due to increased media. Therefore the trainer will be accepted
into the industry by consumers at a fast rate with expected profit to be made
within the first 6 months of sales.
Distribution outlets will be situated in main
cities where the previous Test Marketing took place using the same stores however,
the product will be available to purchase online as well as in new cities to
generate interest (Appendix A).
Although Reel Feel is penetrating a competitive
market, the individuality and design of the trainer will be attractive assets
to consumers with a forecast to succeed if careful consideration of the
commercialisation stage is taken.
Appendices
Appendix A: Marketing Mix of the Reel Feel Trainer
References
Blakey (2014). SP0568. NPD Commercialisation. Northumbria University
