What will you measure to determine whether or not your new product plan for MMIS a success?

We will use metrics to compare results achieved against the objectives that we set
during the initial stages. Objectives will come in handy in tracking the progress
being made by the new product (Awwad & Akroush, 2016). For instance, if our
target is to sell 30% of all manufactured phones within the first thirty days, then
we will know how the new product is performing, checking how much we will
have sold after the first 30 days. Other than using objectives to track progress, we
will also talk to customers and get real and direct data from them. When coming
up with the new phone, we stipulated that customers would use the features put in
it and that they would find them impactful. We need to talk to them and find out
whether our assumptions about them were correct. We will also find out how they
find the phone useful to them. Further, we will also consider market share. There
are many other phone brands in the market already. We will determine the
percentage or portion of the market that our product will be capturing. By using
the market share key performance indicators (KPIs), we will know how well the
product is performing. Another key way to determine the success of the new
product is by collecting internal feedback (Awwad & Akroush, 2016). We will
talk to marketers, sales representatives, and product managers and get it from
them on how the product is performing in relation to the set objectives.

 What about a contingency plan?

o We will need a contingency plan for various reasons. First, it will enhance our
flexibility as a company in case any foreseeable challenges arise in the future after
launching Koolphone. Through contingency planning, the company will be well
prepared not only for any challenges but also for the exploitation of opportunities
in the future. We will have planned on how to exploit opportunities methodically
through analyzing different market parameters and identifying some of the
available opportunities that the company may exploit. In case of a crisis, a
contingency plan will provide us with a guide on how to resolve the issue
(Bokhari, 2016). This will go a long way in improving the reputation and
credibility of the company. Our customers will have more confidence in us as
they will know that we are well prepared for any eventualities.

 Do you need to make recommendations for MM if things do not go the way you
hope and expect them to?
o I hope and expect that the product launch will be successful. However, in case
things do not turn out as planned, then we need to understand that there will be a
real and quantifiable reason for the failure of the product launch. In case that
happens, then we will need to analyze data and use all information that will help
us understand the cause of the failure. Some of the things to do are to use Google
Analytics (Guinot, Evans, & Badar, 2016). We will look at metrics by checking
the bounce rate or people who visited the website but did not click any other page.
We will also want to look at the exit pages so that we know where exactly we lost
our audience. Lastly, we will consider the entry pages or pages most visited by
our audience. It will also be important to directly talk to our audience, through our

social media platforms or one on one to find out what exactly about the new
product turned them off.

References

Awwad, A., & Akroush, M. N. (2016). New product development performance success
measures: exploratory research. EuroMed Journal of Business.
Bokhari, S. A. (2016). Contingency Planning. The Innovation Tools Handbook, Volume 1:
Organizational and Operational Tools, Methods, and Techniques that Every Innovator
Must Know, 107.
Guinot, J., Evans, D., & Badar, M. A. (2016). Cost of quality consideration following product
launch in a present worth assessment. International Journal of Quality & Reliability
Management.