Choose the button corresponding to the market in which you want to introduce the new model of product. The form shown in Figure 41 will appear. The name of the new product is automatically filled under the designation of the based product name with a model number (1, 2, 3 etc.). The role of this new model in your portfolio should be entered as well; although it has no impact on product performance, it has proven to be quite useful. As a new product launch, you must indicate the base R&D project of the product, i.e. the product’s technical specifications. It must be selected from the list of available R&D projects included in the form. Finally, you have the choice of keeping the based product or to withdraw it.
Once you have launched a new product, you need to make marketing mix decisions for that product, and you must allocate commercial efforts to it, in the channels where you want to distribute it.
Figure 41 – Product portfolio decisions – New Model of product launch