Launhcing new product to market: Importance of product' characteristics, market and marketing activities

Abstract

The new product serves as the foundation for ensuring the long-term survival and growth of the company, as well as being a driving force for the economy and a critical factor in the competitiveness of national economies. The launch of a new product on the market, or its commercialization, is a crucial phase in the development process, requiring a strategic approach to decision-making and activities related to sales. The research subject in the paper are various factors related to the launch of a new product, with a particular emphasis on consumers' perceptions of the product's characteristics and its market acceptance, as well as elements of the marketing mix and marketing activities of the company, and characteristics of the market and its segments. The research objective is to identify the key factors that can influence the level of acceptance of a new product in the market, as well as differences in how users perceive the importance of these factors. An empirical study was conducted from June to August 2023, involving 101 respondents from the Republic of Serbia that use of Apple Iphone. The results of the study indicate that compatibility, complexity, quality of marketing efforts, and market characteristics are the key factors in the successful launch of a new product. Furthermore, there are differences in respondents' perspectives on these factors based on age, type of phone used, and categories of new product adopters.