What are the factors involved in marketing a new product?
Executive Summary
There are many factors involved in Marketing a new product in a particular market in the UK. However, there are essential basic marketing steps and strategies ‘Goldsport’ can take to make their product successful and this will require a good understanding of each one. This will enable the company to analyse and asses each factors and Identify the benefits and drawbacks that can later have an impact on the process and progress of the new product (The SmartTrainer).
The aim of this report is to therefore assess the following elements of marketing by explaining how each one will be incorporated into marketing the SmartTrainer.
Firstly, one of the most
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“These variables include: ‘purchases’ occasion such as birthdays or wedding, the use the product is put to(Marketing by Tony Gray (2000)) Goldsport should aim to target these customers to win customer loyalty and increase the brand image.
The product
Consumers needs:
After gathering enough information about the consumers requirements, Goldsport will find it easy to discuss and analyse what needs the product will satisfy. This will reduce time wastage and the company will be working to produce the product with the customer in mind which means less mistakes.
Product design:
Goldsport has already tough competition in the market, ‘Nikeplus’, this is an already established company in the UK. It is therefore very important that Goldsport emerges in the market with a product that has a unique selling point, otherwise, consumers will be tempted to think, “why should I buy Goldsport when I can buy Nike”, even if Goldspport is cheaper than Nikeplus. There needs to be some product differentiation that will make The SmartTrainer stand out. It is only through analysing the needs of consumers that Goldsport will be able to use the information to its advantage.
The company should also test its products before launching it. “Unilever experienced a setback in 1994, when it failed to test the new launch of Persil Power and found that, when used it tended to rot some clothes” (Tony Gray 2000, Marketing).
The use of PEST analysis can be seen effective for business such as their strategic planning, marketing, and product development. Furthermore, PEST ensures that company`s performance is aligned positively with the powerful forces of change that are affecting business environment (Porter, 1985). PEST have four factors which are Political, Economic, Social, and Technological. However, we use these factors to check how they interplay to the business or the activity of an organization.Using PEST analysis is important when a company decided to enter its business operation into new markets and new countries. In this case, using PEST will help to adapt effectively to the realities of the new environment and to make contingency plans for threats by preparing business and strategic plans (Byars, 1991; Cooper, 2000).
If you are looking to purchase new windows for the home and your budget is tight, you can get high quality and efficient windows without having to purchase the most expensive windows on the market. Instead, you can choose what meets your budget and still get great windows as long as you take the time to research reliable options.
In conclusion, this essay has outlined the six key elements of the marketing process: (i) situational analysis; (ii) market research; (iii) establishing marketing objectives; (iv) identifying target markets; (v) developing marketing strategies; and (vi) implementation,
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