Principles of Marketing (16th Edition)
16th Edition
ISBN: 9780133795028
Author: Philip T. Kotler, Gary Armstrong
Publisher: PEARSON
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Chapter 9, Problem 9.1DQ
Summary Introduction
To discuss: The activities that are performed in the marketing strategy development of a new product and the requirements of a good marketing strategy statement
Introduction:
A product is a service or physical item that can be offered or made to a customer in order to satisfy their wants and needs. Product life cycle is the progression of managing the product phase and decision regarding marketing mix.
Expert Solution & Answer
Explanation of Solution
The activities that are performed in the marketing strategy development of a new product are as follows:
- Creating an initial marketing strategy for the purpose of introducing a new service or product in the market.
- Preparing an outline for the products planned cost, distribution and marketing budget for the first year.
- Describing the sales in long run, profit motives, and the marketing mix strategy.
The good marketing strategy are as follows:
- Explains the market targets.
- The proposition of the planned value.
- The share and profit goals of the sales market for the first few years.
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