Developer/New Product Packaging

DEVELOPER/NEW PRODUCT PACKAGING Student's Name: Professor's Name: Course Title: Date: Introduction New products have become the lifeblood of most companies' growth strategies. A company needs enormous investments in research, development and also advertising in order to successfully launch new products. Despite most companies' attempt to invest heavily in its research and development of a product, most new products fail significantly in the market. In fact, only about 5% of new products are actual successes while more than 80% of them are failures. Astonishingly, effective packaging for new products is the major reason why the few new products succeed in the market. This means that the over 80% of the new products that register market failure probably have inefficient packaging standards. Established products have an upper hand when it comes to their selection by shoppers (Rundh, 2009). Many shoppers always recognize an established product by its packaging. Indeed, product packaging in an established brand or product provides reassurance to the consumers that it is the product that they (consumers) know and trust. New products, however, face challenges in establishing themselves when their packaging is wanting. It takes a long time before the products become fully known and trusted by the consumers. Therefore, it takes a lot of research in product packaging to bring out the best in a particular product. Print Methods to Consider There is a strong relationship between product visibility and sales. For a new product to be seen by consumers on the shelves, its packaging must have strong contrasting colors that are distinct from those of its competitors. In order for a product to have clear visibility on the shelves of a supermarket, visual contrast plays a critical role (Baker, 1963). Normally, visual contrast can come from several sources, namely: color blocking, utilizing unique packaging structures, and use of bold visual icons. However, the use of color blocking appears to give the best outcomes as in Wrigley's 5 gum strategy that bore great success in achieving large volumes of sales. Additionally, a new product should appear more differentiated than its competitors in terms of its packaging. A better way of differentiating the new product would be by embodying a visual dimension by making the packaging look more premium (more appetizing or fun) than its competitors. Structural innovation in a product packaging possesses one of the strongest attraction elements that are important in achieving a product's high sales volumes. Structural innovation involves crucial aspects such as new delivery systems, new structures among others. Versioning Once a product has moved f...