Create a SWOT analysis for a new product or service that you are going to introduce. Use information from the text to identify strategies for introducing the new product and/or service. List tactics used to create and/or produce the new product or service. Write a paper of approximately 750 words that addresses the following components:
- What is your plan for introducing the new product and/or service?
- Summarize your SWOT analysis, including the strengths, weaknesses, opportunities, and threats.
Sample Solution – Implementing New Financial Software
Strategies for introducing the New Product
The new product to be introduced in this case is a New Financial Software. This is software that is used to manage business financial operations. The introduction of the new software highly depends on the identified problems in the market or organizations. The introduction must have been initiated by the identified need for this product to solve an advance problem in various organizations. This implies that, while introducing a new product, one must consider a specific strategy that assist in defining the best product to introduce. The strategy involves conducting a market research to determine the problem being faced by the majority in the market that may be solved by your product (Cliffconsulting.net, 2001). The researcher should gather detailed information on the problem to determine if the newly developed product fits the majorities’ problems or it may need some modification or creation of a new product all together. The other aspect to consider is timing. A new product should be introduced when it is needed most. For instance in this case, financial software should be need when accuracy, efficiency, time and fraud curbing are the main goal of majority of organizations in the market. The product should then be made available to a few influencers who can include organizations or individuals. The influencer should invite analyst and the product owner should take critics and consider modifying the product. Advance industry analysis should be conducted to ensure that the product completely match the industry problems. Marketing which include announcing the product launch in social space and giving a brief on what the product is all about will also be necessary. Advance marketing of the product should then be done to ensure that more and more people know about the product. The marketing should focus on easing the process in which people get more information on the product and product itself (Cliffconsulting.net, 2001).
SWOT Analysis of the New Product
The growing use of technology in various organizations creates a great need for the development of reliable software that can be used to aid in various management roles. To heed to this call, various programmers have come up with a number of systems that assist in easing business management tactics. Financial management has not been an exception. There has been rising need for a reliable financial management system that would assist in reducing accountant work complexity, increase accuracy, efficiency and lower financial frauds in various large organizations (Bal&Nunes,R. 2010). These rising needs for efficiency pushed me into the development of a financial system that will assist in capturing all financial transactions in a business, making all necessary computations and giving responses within a very short time period. The software eases in computation of daily, weekly, monthly and yearly financial data based on the request. It is also able to do complex financial mathematics to ensure complete elimination of the manual computations (Bal&Nunes, 2010).
The main weaknesses of the financial management software is that they are considerably complex to use and hence thorough training may be required to ensure effective utilization of the applied software. The software use may also need basic computer knowledge to be able to be trained effectively. Another weakness is that unlike other software, financial management software is considerably complex especially due to the use of extensive mathematical function and hence it is hard to ensure that they are perfect. Any small error in the software development especially in the mathematical section may result to great loss or misinformation in financial related matters and thus, demanding a high level of expertise in the software creation.
The main opportunity with this product is that it can be modified to fit a specific company’s situation or needs. This means that this product can be edited to serve various organizations in the region. This is considerably possible among the organizations that apply similar accounting rules. The most common financial statements are developed in a strategic way which is common in most places, meaning with a well-developed system, only small adjustment will help the product owner to serve a number of companies locally and internationally. Thus it can be a good source of earning. The product owner can also earn a system maintenance bid and hence ensuring a long-term earning from this product. The product complexity may make it hard for any organization to pirate the product and hence the owner personal involvement may help in advancing the product popularity and the developer expertise in the market and hence expanding the product market.
The threats include the possibility of experiencing stiff competition from large companies that have been in business for a long time. Another threat is that financial systems are considerably sensitive since they serve as the backbone of companies. Thus the product runs a risk of being rejected due to lack of trust on the system. Most organizations may consider known and certified similar product producers than a new comer without a legacy. Developing this legacy may take forever, especially in a situation where, none of the most influential companies is willing to take risk.Virus attacks is another main threat to this software.
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