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As a marketing consultant, a prospective business man has approach you to advise him on his intention of venturing into the market with a new product.
1. Illustrate to him the potential stages of the market his product needs to survive to be successful on the market.
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- As a marketing consultant, a prospective business man has approach you to advise him on his intention of venturing into the market with a new product. 1. Explain to him the approaches he can consider 2. Analyze the factors that need to be consider for each approach. 3. Illustrate to him the potential stages of the market his product needs to survive to be successful on the market.Test marketing plays an important role in providing an opportunity to test a new product or a new marketing plan under realistic market conditions to measure sales or profit potential. However, it is an expensive procedure because it involves so many aspepects , for instance, developing local distribution, arranging media coverage and monitoring sales results. Your boss is concerned about where to conduct Test marketing for the new product. describe a detailed presentation during staff meeting to explain what the company should consider before selecting where to conduct Test Market.As a marketing consultant, a prospective business man has approach you to advise him on his intention of venturing into the market with a new product. 1. Explain to him the approaches he can consider
- A marketing plan may be included as part of a larger business plan. A solid marketing strategy is the foundation of a well-written marketing plan that will allow goals to be met. While a marketing plan contains a list of actions, it is useless to a business without a solid strategic foundation. The marketing plan will assist in determining who the target market is, the best way to reach them, the price point at which the product or service should be sold, and how the company will measure its efforts. Construct a marketing plan for your organization using marketing model canvas.What are the most effective methods for developing a marketing plan for a new product or service that has no existing market or competition?Read the following extract and then answer the question below Assume you are the marketing manager of Kgoro chain restaurants that serves Setswana cuisine. Your Chef has just completed a tour of local restaurants and has identified three new dishes that he believes will be top sellers in your chain. Before introducing the product, you must go through the steps in the new product development process to determine the sales and profit potential of the new dishes. Outline the steps in the new product development process and explain what you will do at each step to evaluate the new dishes before putting them on the menu.
- Discuss what are the most effective methods for developing a marketing plan for a new product or service that has no existing market or competition?Twenty-Nine Production Group wants to launch a new album by one of its artists. The album will be geared toward young adults. The production team is looking for ways to effectively market the album through its life cycle, and it wants your advice. How would you brand, package, and label the product during the intro, growth, maturity, and decline stages of its life cycle?When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process? defining the mission conducting a situation analysis identifying and evaluating opportunities implementing the marketing mix evaluating performance
- Reflect on how the concepts in advanced marketing can be applied to real-world situations and can increase your chances to career or life success?Determine the marketing concept for two products below. For doing so, you have to find the following: Objective of the business: A Features of the product: Benefits of the product: Target segment of consumers: Type of marketing management orientation Objective of the business: DON'T TALK ÜF LOVE & PEACE Features of the product: Benefits of the product: WHEN YOU HAVE A DEAD ANIMAL ON YOUR PLATE Target segment of consumers: Type of marketing management orientationYou are developing a one page business plan for the idea. Explain the concept of a one page business plan. Explain one key component you would include as a 'selling point' for your particular business idea and why