In this article, you will find several aspects of launching a new product into the market and will get the information on how to choose the major factors of marketing.
Selecting a Market Strategy
If you want to get a new product on the market, you need to have a good marketing strategy. It has to be a strategy on how to “attack” the market. For finding a target group, it is important to use certain instruments. They are often referred to as The Four Ps: Product, Price, Place, and Promotion.
Choosing a market strategy is the first stage in creating a marketing plan. To realize it, one requires a budget, time schedule and entrusting assignments to the employees.
Before starting to produce and market a new goods or service, one should explore the carefully and understand whether it is ready for a new product. There are several important factors that involve these criteria. One needs to find out if there are any similar products on the market; how long it will take to launch it; whether this type of goods or services is facing a saturated market; if this person is able to reach the consumers, and whether they need such a product.
The Four Ps
One must realize that the Product is the main factor of The Four Ps. It is not a just simple collection of components. The product also includes design, quality and reliability, its benefits and features. It is the major factor that defines the price and a kind of a distribution canal that is required.
For setting a price on this particular type of goods or services, one also has to consider such factors as customers’ ability to pay, the price charged by the competitors and the volume of sales required. Also, it is vital to consider competitors’ choice of distribution and the distribution costs. Besides, one has to think about the product’s size and functionality.
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If you see that the market is ready for the goods or services you are offering, you should prioritize promotion and place of distribution. Considering the product and the target group, you must choose the right promotion. Think whether it is something that requires both sound and vision, only vision or only sound. Or maybe it would be better to make an advertisement on the Internet.