entrep1240

 CONTEMPORARY WAYS TO PROMOTE A NEW PRODUCT

SAVICA DIMITRIESKA
ALEKSANDRA STANKOVSKA
KYRIAKOS ILIOU

 

 

Abstract

Consumers like new products. According to Nielsen's report, around the world more than six in ten respondents say they like when manufacturers offer new products or services in the market and more than half (57%) say that they purchased a new product during their last grocery shopping. This confirms that consumers have a strong appetite for innovation. They are increasingly demanding and expect more choice than ever before.
However, new products often do not make it on the market. The estimate is that up to 90% of new products fail due to the mistakes of manufacturers. Manufacturers can produce the best product in the world, but if they do not promote it properly and educate consumers adequately then no one will know about the product and the companies will be at a loss.
Even though it seems that there are endless options for promoting a product or a service, for companies it is very difficult to decide where and how to get started and which methods of promotion give the best results. Companies must use a variety of marketing techniques to ensure that the right message is communicated through the right medium and to the right audience. However, what is good for one business doesn’t necessarily mean that is good for another.
This papers aims to explain the traditional and contemporary ways of promoting new products and services and to elaborate on their effectiveness.


Keywords

new product, innovation, promotion, education, marketing techniques, medium, communication, contemporary ways of promotion


JEL Codes: M31, M37

References

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