Many firms incur significant expenditure to research and develop new products but it is equally importation to pay even more attention even more ton the product prior to and after launch into the market. A product is a bundle of attributes that gives some form of satisfaction to consumers one way or another. Consumers derive utility out of the consumption of different products and services and this utility may change over time for better or for worse. The latter scenario is the most likely to happen because products and services lose their taste and lustre with time. This is compounded by the fact that new products would be brought on the market by competition, requiring the firm to be proactive in terms of its product portfolio. The progression and performance of a product over time can be best understood within a Product Life Cycle (PLC) framework and from this it is clear that the research and development of new products is a key undertaking on the part of the firm.
It goes without saying that some products that the firms churn out onto the market will be quite successful while some will not. Therefore, the question is what inspires such variation in performance. Different firms may enjoy different market returns from the launch of new products while within the same firm different products may deliver different performance levels. Thus there is within firm and between firm differences in the returns to R n D. To ensure that the products that the firm launches on the market are successful and it is possible to recover R n D costs, the costs should make further significant investment that aim to support them. Failure do that would be jeopardizing the prospects of the product. At this stage the market is largely unaware of the products therefore setting up an online presence for the newly launched product is a prerequisite and approaching an expert for LA website design may be a prerequisite. This enhances the chances of early adopters helping to improve traction from a sales point of view.
Such an action would open up other avenues that the product or services could be bolstered from. Finding an LA Branding agency will help ensure that more opportunities to promote the product or service are unlocked. The company can advise the business on the most suitable Public Relations (PR), advertising and even packaging options given the fact that all these variables have an important influence on the way in which the market perceives the new product. Without enlisting kind of help as discussed here, it may be very difficult for the firm to make significant headway in terms of recouping the R n D investment. This does not mean that there are other products and services which on their own have the potential to make it big on the market, but prospects for these as well as much higher with expert advice.