THE ARGUMENT

The Argument

The Argument

Introduction

This essay is an argument for the statement “A new product must be launched by our company”. In today's competitive environment, it has become crucial for every company, to continue changing their strategies in order to keep up with the market trends. One of the aspects is the development of new products, as it helps the organization to keep the customers attracted in comparison with the competitors. This essay argues that why it is important and beneficial for our company to launch a new product.

Discussion

I observed in past few years, that our competitors have gained tremendous success by continually developing new products. Although their products almost have the same features as ours, even some of our products are better than theirs, but they have larger sales. It is mainly due to the presentation strategies, which they are following to highlight that, they have come up with a novel idea. A new product creates the psychological impact on customers, as if they are getting some “new” features or quality, which was not available prior to that. Many times, even the previously loyal customer, wants to change the brand just for testing the “new” features. By using this strategy, undoubtedly our competitors have captured many of our customers.

We already have a large number of profitable products; still we need to develop some new. There are numerous benefits of launching a new product. From a business point of view, it will bring us new possibilities. It will provide us the opportunities of getting a fresh start, finding new customers, developing new markets, gaining customer retention, growing more, and top of all, generating additional revenue sources (Mei-Fang et.al, 2011, p.5922). It will reduce our risks of loss and diversify those risks by having one more dimension. If ...