Know-How Exchange : Student Questions

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apologies Jay, but still would like to share some ideas...

I have to prepare a case study to solve the questions below, if you can help in this regard would be a great help for me:-

As a marketing manager you have given a task to introduce a new product (which should be a unique one) in the market and formulate the marketing mix strategies for that product.

Introduction of new product- question needs to be asked are what product it will be? how it would be different from the others? what target market it will attract? what category it will fit in? etc.

Source of idea: use theories like Ansoff Matrix.

• As a producer of new product what questions you have answered before introducing the product in the market.- do a thorough 'PESTLE' and Porter analysis, it will answer your questions.

• Segment and target market of your product- again its upto to you what product you have selected, and accordingly comes the target market.

• Marketing mix strategies- have a look at the 4p's and find out what will be the USP of your product.

o Product strategies should include type of product, unique features of your product, product name and slogan.
o Pricing strategies should include type of pricing strategy and the pricing method.
o Promotional strategies should include media selection for your product and sales promotion method.
o Place strategy should include distribution channel for the product.


Until you dont have a product in mind, you cannot go ahead for forming any ideas. select a product and ask yourself why have you selected this product. you need to read more Marketing Management books, i'd say Kotler will tell you everything what you've asked.

hope this helps.

thanks
Pankaj