What are the most effective methods for developing a marketing plan for a new product or service that has no existing market or competition?
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What are the most effective methods for developing a marketing plan for a new product or service that has no existing market or competition?
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- An effective marketing plan is critical to the success of product and/or service. What are the key components of an effective marketing plan?Select an existing company and create a new product or service. The product or service you select must encompass all components of the marketing planSelect a product you are familiar with. Do research about that product. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?
- The first step in implementing the marketing concept is to provide a product that satisfies customers; True or FalseWhat strategies can companies use to extend a product's life cycle and maximize its profitability?Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?
- Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.A product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want. Products can be classified into consumer products and industrial products. List and briefly explain the four classifications of consumer products and provide examples for each.What can be a particular product (goods or service) that can be offered in the market that can eventually gain customers' loyalty?
- As most businesses have the objective to sell as many products as possible, outline key factors that a company should consider in determining the product component of the marketing mix.What are the potential risks if the marketing mix is not considered?When presenting your ideas to a potential buyer, what are some ways to stand out and have them choose your product.