New Balance Case Study

One of the largest challenges that New Balance will face will be the marketing of their new product to a group of people that have already been able to purchase a very similar smartwatch from other companies. Coming in this late in the game could be a risk for New Balance and in order to mitigate these risks, the product will need to be differentiated enough for customers to see value in their purchase of this particular smartwatch. Another risk that will need to be addressed is the environmental risk associated with opening up a new facility within the U.S. This could lead to negative public relations for the new product if not done correctly. There are also financial risks for the company if the product is recalled, not demanded as projected
In order to most effectively utilize the skillset of employees, a cross functional team will be set up. This will allow for the skills of various employees to be used at each set of the product launch process, so each team is aware of how goals can be achieved together (Boundless). Each unit involved in the product launch should be included within the set up cross functional team including; marketing, quality improvement, manufacturing, research and development, etc. Another stakeholder that should be introduced into the team should be the customer. Although not an employee of the company, they will provide extremely valuable feedback on wants and needs and including them throughout the product launch for insight (surveys, group participation, etc.). Since the product is new for New Balance, having the customer participate in the product launch from beginning to end phases will help in understanding how New Balance can best position itself in the market. Customer suggestions will be communicated through representation of the marketing department on the cross functional
A team with a representative from each key unit for the product launch will be involved for a total of no more than 10 employees (Russell & Taylor, 2014). There will be team leads to run the meetings and open communication between the cross functional team and their unit’s employees. This will allow the rest of the company to benefit and learn from what was decided on in various meetings. For example, if the customers participating in a sample survey let the marketing department know that they want their smartwatch to be linked to New Balance running shoes, this should be brought up to the cross functional team. From there, the team can review the information and see how each unit will be able to help in achieving this enhanced product. Since marketing alone might not be aware of various technological, financial, or mechanical concerns this may present, other units have the ability to discuss and problem solve around this openly with the