Marketing strategies have continued to evolve in response to changes in the external environment . Marketing activities are significantly impacted by changes in the external environment relating to economic , competitive , political , regulatory , natural , socio-cultural and technology factors . The rapid changes in technology for instance , have impacted society in many ways .

All these changes have influenced consumer behavior and transformed the way marketers work . Additionally , the changes have presented new opportunities for businesses to introduce new products that are more aligned with the evolving environment .

Many new products are designed to meet emerging consumer wants , as well as changing lifestyles . Even in 2020 , which turned out to be a year like no other because of the disruption of production , distribution , and other marketing processes due to the Covid-19 pandemic , product innovation and modification continued . Much as we expected new product launches to be postponed because of the pandemic , some companies did not see how they could delay the birth of new products that were ready to come into the world and serve society .

While many new products of 2020 sought to address the challenges brought about by the pandemic - from hand sanitizers , to face masks , do it yourself kits , and vaccines , there were new products in many other categories . We saw new meeting apps , online courses , ecommerce platforms , mobile phones , cameras , sound systems , games consoles , books , banking products and all manner of new products . Some of these were introduced to the market through virtual launches .

What was notable , however , was that many new products introduced in 2020 , entered the market quietly , without the

What was notable , however , was that many new products introduced in 2020 , entered the market quietly , without the kind of hype we have become accustomed to during product launches . Marketers obviously learnt a new way to go to market , as a result of the challenges posed by the pandemic . We could say that , necessity became the ‘ mother of invention ’ literally . kind of hype we have become accustomed to during product launches . Marketers obviously learnt a new way to go to market , as a result of the challenges posed by the pandemic . We could say that , necessity became the ‘ mother of invention ’ literally .

Many new products are meant to solve the problems associated with the many changes in society . Still , the success of a new product in the market is determined by how well consumers respond to it . A key factor that impacts new product adoption is Consumer Personality . In addition to conducting consumer research , developing the right product , placing it in the right channels , setting a good entry price , and communicating effectively , it ’ s important for marketers to consider the role personality plays in consumer acceptance of new products . With this in mind , they will seek to strategically direct their early efforts in new product introduction to the more innovative consumer types .

Strategic targeting of new product marketing efforts is important because research shows that , only a small proportion of people are willing to try new products in any category . The pivotal research by Everett Rogers on diffusion of innovations , reported that , less than three percent of consumers are willing to buy a product first when it comes to the market . The majority of customers want to wait and see others buy and use the products before they commit . They require social proof before they decide to buy new products . They want evidence that others are also using the product as a way of resolving their perceived risks .

Some are even concerned about what

32 MAL40 / 21 ISSUE

MAL40:21 | Page 34

Marketing New Products In A Changing Landscape : The Role Of Consumer Personality