Marketing Strategy Development

Marketing Strategy Development

Designing an initial marketing strategy for a new product based on the product concept.

Marketing Strategy Statement

Marketing Strategy Statement

Describe Overall Target market Planned product positioning Sales, market share, & profit goals Describes First Year Product planned price Distribution Market budget Describes Planned Long-run Sales Profit goals Marketing mix strategy

Overall

Target Market

Planned Product

Profit Goals:

7,000,000

First Year

Product planned price

Php100/ item

Distribution

120,000 boxes

Market budget

Php5,000,000

Long-run Sales

Profit goals

10,000,000

Marketing mix strategy

Business Analysis

Cost Sales Profit Projections

Business Analysis

Business Analysis

If not, eliminate product concept If yes, move on to product development

(Project to see if they satisfy objectives)

Product Development

Product Development

Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.

Test Marketing

Test Marketing
Product and marketing program are introduced into more realistic market settings. Process can be very expensive. BASIC PURPOSE: To test the product itself in real markets. The amount of test marketing varies with each new product. NOT ALL products are test marketed. Simple line extensions and copies of competitor products are often NOT test marketed.

Test the following:

Positioning strategy Advertising Distribution Pricing Branding Packaging Budget levels

Commercialization

Introducing the New Product into the Market

When is the right time to introduce new product?

Where do you launch a new product?

Market
Summer Season Many people use whitening products Most are teenagers