Free The Post-It Note Essay Sample
The Post-It Note has been of the very successful in terms of its sales outlook. Basically the Post-It Note adhesive was developed first in 1968. It was a wonderful adhesive since it was capable of sticking into a surface and at the same time capable of remaining clean and leaving no mark. It was used first in the church to bind papers together but was otherwise later discovered to be important binding office work. It was basically used in organizing the office work and at the same used for presentation. The 3M cooperation did commercialize the product and in the first debut in the market, there was little interest from the customers' hence poor sales. However product maneuvered in the market sometimes later where it became a popular brand everywhere (Anil Mital 53).
Development of a new product is one of the major challenges that are faced by most of the manufacturing companies. Basically coming out with a new product that is readily acceptable by the consumer is a major task since the product has to be innovated to the standard that beats the exiting product then the product should then be market to the consumers so as to come up with a marketing strategy that wins the customers to buy the product and the eventual success in marketing the product (Smith 102). Sometimes a product might be outstanding in its modeling and development but the marketing may be poor therefore the product is rendered unsuccessful. In other times, the product might enter the market with low expectation of being successful but the product eventually becomes a success overwhelmingly leaving the product a scarcity the market with the customer getting stranded in trying to acquire one (McGrath 51).
The trend then might change if the customers resort for the older product instead waiting for a product that will eventually be a disappointment to them to their demand. Increasing the product in the market might be a disappointment to the customer who has already resulted in a product that is easily available. Product management should be the driving force in getting a product in the right market position therefore there are some of the values that emerged from the Post-It Note is that a product should taste the market first before being fully manufactured or rather making it in bulk. For instance the 3M Company made a few products that for the initial commencement however the company should be ready to deal with .both positive and the negative outcome of the initial market offers (Anil Mital 53).
The Post-It Note is a product that was much affected by the risk of it doing poorly in the market. At first the product was developed whereby it satisfied the consumers well especially in the church whereby it was meant to be used in. the satisfaction among the few people in the church and eventually in the office advanced the product to a commercial motive. There was risk involved since the wider market was basically uncertain in its reaction. Therefore the 3M company took a little market survey whereby the outcome was negative therefore the product was put on hold for sometimes before a massive marketing was done. The outcome on the product was an overwhelming support for the product whereby the demand for the product shoot to its high with the product gaining popularity allover the market and product almost taking the monopoly. The best merge for the study for the product is the identity of the product drivers and risks that involved in developing a product (Smith 102).
Basically the lessons on the demand and supply balance aid in solving the problem experienced in the first marketing of the product whereby the outcome was negative. The product introduction in the market brought was uncertain. As the product entered the market, the risk involved was uncertain since the market was different from the first impression of the product was actually a positive. If the assumption that the product was going to be welcomed by customers, it could have been a big blunders since the product never got attention at the first impression in the market. Therefore the evaluation of risk was very important in making the first debut of the product in the market. The impression gave the markers of the product an important hint over the weaknesses that needed to be evaluated before it was the product was reintroduced in the market (Robin Karol 78).
The entry of the product in the market on the second time was a surprise as it was an unexpected that the product was going to gain enough market share. It was expected that the product gain the market share slowly before it gained enough fame but it was actually a different story since the product gained the market share faster than expected to a state whereby it overrode the existing projection of the product dominance in the market. Basically the product was different from the rest. Development was a replacement of other complement products but the market wasn't that competitive since the product by itself was different and that the consumers did had the distinctive value in it. The pricing strategy of the product was just normal to the prevailing market price but the uniqueness in it was the value that attracted the attention of the customers (McGrath 51).
There are some of important considerations that the 3M Company took in order to gain its market share and the eventual success. Basically the environment that the product was developed had the demand in various offices and also in the church it is actually the first test of the product was tested. The product was actually an improvement of the technology of the previous product serving the same purpose therefore it was just a competition between the products of difference technological times therefore technology, it was replacing the existing technology. Therefore the product competition is an advancement of the new products since it was actually competing less. The main problem may be was the marking of the product. The price posed was actually satisfactory to most of the customer; this was witnessed by the number of sales recorded over the product acquisition by the customers (Anil Mital 53).
The release of the product happened twice. At first, the product was not welcomed that first since the technology had not rooted in the customer market but the second release was actually the best since it was actually at the best time possible. Market of the product is gaining popularity as indicated by the way the product enters the market. The product is capable of reaching a wider market in the future and since it is technologically oriented, the product can improved to suit technology whenever there is any change in technology. The flexibility of the customers over technological changes enhances the penetration of the 3M Company into the market and therefore enhances their market share over its competitors. The supply of the product in the market increased due to its marketability and a good strategy of sales in future. Basically the strategy of sales in the future depended on the innovation that the company initiated. Basically product development should be done in a way that make the risks are avoided especially for a new product in the market (Anil Mital 53).