EBK PRINCIPLES OF MARKETING
EBK PRINCIPLES OF MARKETING
16th Edition
ISBN: 9780133850697
Author: Kotler
Publisher: VST
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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.

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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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