Launch planning is the process of preparing for the introduction of a new product or service to the market. It involves setting clear objectives, identifying target audiences, and outlining marketing strategies. This phase ensures that all team members understand their roles and responsibilities, helping to streamline efforts for a successful launch. Key components of launch planning include market research, budget allocation, and timeline development. By analyzing competitors and customer needs, businesses can create effective messaging and promotional tactics. A well-structured launch plan increases the likelihood of achieving desired outcomes and maximizing the impact of the product or service.