Developing a marketing mix for a new product or service essay

A far better strategy is to catch pain points and missing solutions and develop a product idea that fills that gap better than any existent solution does. Describe the stated benefit that a product has for the customer.

These may offer the same benefit or have shared characteristics. These are the brand, the packaging, and the associated services. The company needs not only to identify an USP, but also to clearly communicate this to the potential audience so that it is understood why the product is superior to other similar ones.

It needs to be clearly understood what the key features and benefits of the product are and whether they will help ensure sales. Describe the targeted audience for the product. Checking competitors pays off in other ways, too.

To ensure a marketing mix that is based in research and combines facts with innovation, a manager should go through the following systematic process: September 15th, by Meltwater Related Posts. Product development traditionally includes the following steps: These are items that has no physical presence but can be felt indirectly.

Role of Marketing Manager A mature, intelligent and innovative marketing manager needs to be at the helm of the marketing mix. In countries outside the U. There also needs to be clear communication to users and potential customers regarding its benefits and features.

Your competitors may have unsuccessfully tried to launch product ideas that resemble yours. Understanding the Competition The next step is to understand the competition. The prices and related benefits such as discounts, warranties and special offers need to be assessed.

Look more closely at the type of venue where the product will be featured. Features and Value creation Every product should have certain characteristics that separate it from its competitors. Narrow the focus of the product by identifying who will be buying. Cross-check of the Marketing Mix A step back needs to be taken at this point to see how all the elements identified and planned for relate to each other.

Lack of Focus on Services The conventional marketing mix tends to be applicable to tangible goods i.

Competitors For all you know, one or more of your competitors may have already hit on your idea, or seen the gap and proposed some viable solution. A product line is made up of product items which are individual units that have unique appearances, functions or price points.

Understanding the Marketing Mix Concept – 4Ps

The basic decision here to identify how strong the design will be in the entire product mix. Understanding and Creating Benefits Given the importance of product in the marketing mix, it is good practice to understand who is the target group, what are the benefits of an offer, how is this product to be positioned in the market, and what will the USP be?

They come out with the product idea; then, adopt traditional marketing strategies such as polls or focus groups, to supplement their research. Is the promotional material in keeping with the distribution channels proposed?

How to Develop a Marketing Strategy & Marketing Mix for a Product

Unfortunately, most people begin new product development with an already existent idea that they then proceed to market. To maximize time, I listed the 12 most popular blogs and groups on Facebook and Twitter and spent two days reading comments of the past two-three months.

Gather this market research and study it to ensure that you do not overprice — or underprice — the product. Describe a USP for each product to help narrow down your marketing focus for that product. The social media platforms that best fit your needs include Facebook, Twitter, Tumblr, and blogs.

Product has a vital role in developing the strategy for the overall marketing mix which includes place, price and promotion. Two main criticisms and their solutions: Guide to Social Listening for Smarter Business.

All marketing mix variables are interdependent and rely on each other for a strong strategy. This includes both the creation of an entirely new product and modifications to an existing product. But any additional features or strong branding can offer a better product.The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering.

The marketing mix is purpose of the marketing mix, 4) key features of the marketing mix, 5) developing a marketing mix, 6) key challenges, and 7) marketing mix Marketing mix for new product line. The first step of new product development requires gathering ideas to be evaluated as potential product options.

The manager should also outline specific strategies for such marketing mix elements as new products, field sales, advertising, sales promotion, prices, and distribution. Marketing Essay Writing Service Free Essays More. "How to Develop a Marketing Strategy & Marketing Mix for a Product." Applying the Eight P 's of the Marketing Mix in the Service Industry.

Make a Marketing Plan for a New Product. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. Campaigns flounder because organizations haven't put the research into crafting a good marketing strategy for new product development.

Product has a vital role in developing the strategy for the overall marketing mix which includes place, price and promotion. Through a definition of the product features and benefits, the rest of the marketing mix elements are determined and agreed upon.

Developing a marketing mix for a new product or service essay
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