A tech company called TechNova is planning to launch a new product called "NovaPhone".The product is a high-end smartphone with advanced features and is expected to be a majhit in the market. The company's marketing team has come up with a detailed plan tolaunch the product successfully.Question 1: What are the key elements of a successful product launch plan? Question 2:What are some potential risks or challenges that TechNova may face in launching the newproduct?12.45

A successful product launch is one that achieves its business objectives, meets customer needs and…

Answered: A tech company called TechNova is…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Q2: Radiant Technologies is a known name among home electrical appliances in India. With franchises all over the country, the company enjoys a market share of 30% in home electrical appliances. After several years of research and planning, the brand recently introduced new features into its products -- from appliances that are custom-made for domestic use, to smartphone-linked and AI-supported appliances. Prior to introducing the advanced features in appliances, Radiant had hired leading market consultancies to do research and had acted on their recommendations on implementing the new changes. However, for the last one year, the sales of its leading products have plummeted unreasonably. Even after factoring in market slowdown due to the COVID 19 pandemic, the company has struggled to explain these low sales figures. The company wants to know the reasons for the drop in sales, and is looking for recommendation from experienced market researchers to weather the situation. Assume that the…
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