How To Market A New Product - Product Marketing Strategy

To launch any product in market there arise strong needs of marketing strategy. The strategy should be able to fulfil 4 P’s of product i.e. promotion, pricing, placement and product. This can be achieved by following, the under mentioned steps: -

Analysing the consumer

The aim of manufacturing any product is ultimately for the consumers. For this purpose following should be understood: -
1) What the needs of the consumer are
2) Are the consumers willing to pay that much price for the product
3) Does that product hold enough to meet the consumer requirements
4) Can the product be replaced by

others available in the market? Etc.
For market success the above mentioned are necessary to be considered by the product developer/manufacturer.

Analysing the market

Product should always be launched in its potential and right market; if the market is not right then product rarely becomes successful. For example if in a market refined oil is launched while the people prefer coconut oil from centuries and is better in terms of health as they feel then the success of product may lie in jeopardy unless some exceptionally revolutionizing steps are initiated.

Analysing the competitors

Other products that present competition to our product available in the market are analysed under competitor analysis segment.  Here it is also taken into consideration the difference between the nature of these products and their compatibility.

It has to be ensured that other product is not the replacement of our product. In competitor analysis evaluate various competitors with in the existing markets and also the competitors that may rise in the future.

To choose and review the distribution channel

While deciding distribution channel the length of the distribution channel should be the foremost consideration. It shouldn’t be very lengthy as ultimately the cost comes on to the manufacturer. It should be such that it has a

wide range with least wastage of time consequently ensuring thorough supply.

Developing marketing mix

It should be borne in mind whether the product is available in different sizes and shapes and attractive promotion strategies to meet everyone’s attention. It should be easily available. Selection of location should be based on the class of consumers in that particular area.
The range of pricing should be such that it matches with the competitors as well.  Consumer should always be able to distinguish your product from the others available in the market. Also to make sure a wide range in product specification.

Evaluating the economy

While launching the product keep in mind the target group. If they don’t have enough money to buy the product that you are manufacturing then it is of no use. Keep in mind the range of price that is about to be manufactured.

Feedback/Going back

Lot of organizations nowadays focus on obtaining feedbacks from various groups.  On these decisions they decide the reaction for the product and probable future of the product. Sometimes the product requires a small change in order to achieve success while sometimes their failure is the major indication of upcoming failure. For example if the test product fails in the feedbacks then reasons need to be investigated.

Feedback should always be taken in heed. Organisation or manufacturer can always go back to above steps if the product is not making success to bring some noticeable change.

Article Written By archit

I write because I like writing and hope that someone benefits from the things I have learned from my teachers and the learned people I have met so far. The purpose here is not to attract any requests for horoscope analysis but just to share the thoughts. Astrology and spiritual matters are my areas of interest.

Last updated on 22-07-2016 66 0

Please login to comment on this post.
There are no comments yet.
How To Manage Your Manager?
What Is Royal Rumble Match?