Answer to Question #159715 in Marketing for Muhammad Ali Syed Sadiqullah

Question

Evaluate the Current Pakistan Market Need and Launch a new product in the market as per New Product Development Process.

Answer 1

Pakistan's current market demand is significantly showing downstream due to the effects of coronavirus (COVID-19). The most affected sectors are micro, small, and medium-sized enterprises by reducing the physical customer, shortage of food and services supplies, unavailable labor forces and lack of raw materials, and interruption of the transport sector. Additionally, the self-employed persons such as shop owners, family businesses, and street vendors, among others, were also battered by the pandemic. Nevertheless, most organizations globally are experiencing vital impacts of the COVID-19 outbreak on their business because small enterprises always do not possess adequate resources, mostly managerial and capital. The market situation in Pakistan shows that there is a need to fill the market gap characterized by the shortage of energy drinks.

 The product development plan of the new product should be well planned through various stages that would lead to customers' access in the most convenient time, location, and economic size. The new product development plan should ensure that the brand is conspicuous, prices are affordable and practical. Finally, the supplies should be constant regarding the new world protocols of COVID-19 by the World Health Organization. Electronic business and virtual business activities that consider social distance are strategies to be tested on the product development process. However, marketing should be adequate to gain the market share suffering from an irregular flow of income.