Is it possible to market a product without identifying their market? If so, is it possible to identify the target market after a few months of operations? Explain and elaborate and give examples if possible with your discussion.
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Is it possible to market a product without identifying their market? If so, is it possible to identify the target market after a few months of operations? Explain and elaborate and give examples if possible with your discussion.
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Solved in 2 steps
- “Continuous market study and analysis can help a company to gain from taping new opportunities, maintaining existing consumers base and competing with market rivals in the changing market by developing, adopting and improving its product or service.” In light of the above statement explain why it is important to study market?What production, warehouse, and distribution resources will you need to manufacture and distribute a product?Think of a famous company or product in the Philippines that provides multiple market segmentation (offer products in different target market). Explain. Do you think providing those multiple market segmentation has a huge impact to their strategy? Explain.
- As a marketing manager of the chosen company, you are required to prepare a marketing plan for the company’s new product or service to be launched in Hong Kong. Gather background information aboutthe industry, chosen company, its new product/service, market(s), competitors, and competing/ substitute products; Formulate a marketing plan for the new product/service carefully and intelligently; andA company has implemented a new product launch strategy to introduce a new product to the market. However, the product has not received the expected response from customers. How can the company evaluate the success of its product launch strategy, and what changes can it make to improve the product's performance in the market?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.
- How would you define market positioning? and How would you position your product/service in the market?Explain the strategic option that takes the organization away from its existing products and markets showing its main advantages and disadvantages and the appropriate methods for its implementation?Explain the meaning of the rule below: "Find the opportunity first before coming up with a new product or service in the future."
- In terms of product differentiation, why does Taco Bell test market its new products for months before deciding whether to introduce them in a wider area?When talking about the Homzart company of Egypt , what is the customer need of the target group of the company ??In terms of product differentiation, why does Taco Bell test-market its new products for months before deciding whether to introduce them in a wider area