Challenge and Selection

The tool I am going to use is learning launch. A learning launch is a carefully  designed experiment or prototype designed to test the key underlying value- generating assumptions of a potential new growth. I am a chemist wholesaler and  an expertise in marketing techniques. My challenge is to launch a new product of  my own in order to improve my income. My daily income is not as much as  contributing as it should be despite of all hard work and time dedication. The  project scope includes marketing research, customer need, offers and schemes to  make the sales of the product. The time period of 60 days has been kept as a  benchmark to determine the compatibility of the product into the market. The  main motive is to make the product more long lasting and to increase sales.

Selection

I have already gone through several design thinking tools/ techniques i.e.  manufacturing and packaging of product. Thus, the learning launch is an  experiment meant to quickly test the prototype.

Application

First of all, I have decided to provide schemes and offers to fascinate our product.  This includes as follows- A) On purchase of one box, one blanket will be free. B)  Cancelling payments of debtors up to Fifty thousand rupees and supplying them  with this product. C) Rewarding the person who is making sales of 30 boxes per  month. So, these were some of the ways in order to induce the sales of the  product. The objective of increasing sales can only be increased by making the  product distinguishable from that of the competitors. This can be only possible by  marketing efficiently and satisfying the customer needs. So, the marketing  strategy is to influence major groups i.e. retailers, medical representatives (MRs),  business partners, friends and some clients of reputed companies. Additionally,

advertising was done by articles in newspapers. Hence, in this way some  assumptions relating to the launch of the product was done.

For our second learning launch, a survey was conducted by touring once a week  to sell the item at doorstep individually. Also, to review about the sales target  customers have done in a week and to inquire about their opinions.

Insight

By applying the learning launch tool, it was identified that my product was able to  stand in the market and also increased the income by 8% which is fairly  acceptable. Additionally, we thought through anticipated results, that there  would be more demand of the product as it was manufactured by leading  company and the target customers will appreciate the incentives offered. Our  actual results were slightly different from anticipated results in a way that there  was lack of communication between the target consumers and me (the owner)  itself. Also, there was insufficient manpower to conduct the marketing process  effectively. Besides, advertising was not done properly due to lack of sufficient  money which created unawareness among the local people. Moving forward, I  would like to conclude that the above reasons led to the some failures in this  learning launch but can be rectified with small initiatives to make it an  accomplished one.

Approach

As previously mentioned, there is a need to rephrase some techniques and  enhance the earlier ones so as to generate more sales and create the monopoly  of the product with the help of learning launch.

