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Television entertainment busi-ness in India is highly com-
petitive. With ever increasing customer awareness and
demand, succeeding in this business has become very difficult.
Since there are many competitors, identifying and
catering to specific needs of the viewers is very crucial for the upcoming
channels. New product development and successful launching of the same
has turned out to be a key factor for success in the entertainment sector.
Since time immemorial, companies have been innovating and launching
new products. But, in the current phase, the penalty for failure at
developing and launching new products has become very heavy. The penalty
would not only in terms of cost, but also in terms of damage to the brand
image and of lost market opportunity.
Thus, it has become very important for all companies to ensure
that they keep developing new products regularly and to also ascertain
that they are successfully launched in the market. Earlier, effective
utilization of promotional tools would reasonably ensure that the product
launch was successful. But now, with cut-throat competition, companies
need to be more innovative in product development and launch. They need
to change the age-old rules of the game and play on their own terms.
An innovative management of the introductory phase of the product
life cycle would be very important in ensuring the successful launch of a
new product. A peep into the history of the entertainment business
provides many examples of successful new product development and
launches. This article highlights the same using the example of Colors
Channel, which is an excellent case of developing and managing a new
product launch with an effective and innovative promotion mix. |
