Pest Analysis for Amazon.Co.Uk

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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).

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