Question

Consider this situation. You are the Marketing Director for a large, global company (you may choose the type of industry your company is in). Your supervisor, the Chief Executive Officer (CEO) for the company, has asked you to develop and implement a new product for the company. This product might be a completely new product that currently does not exist, or it might be a modification of an existing product.

Given your idea, you decide to formulate a preliminary marketing strategy. Specific elements to include in this preliminary marketing strategy follow:
Market Segmentation (a summary of how you would categorize your new product into these respective areas)
Demographics (1-2 paragraphs)
Psychographics (1-2 paragraphs)
Geography (1-2 paragraphs) Behavior (1-2 paragraphs)
Target Markets
Assess which market-coverage strategy you think would provide the best opportunity for your new product (1-2 paragraphs)
Positioning (1-2 paragraphs)

Answer 1

To develop and implement a new product, as the Marketing Director, you would start by formulating a preliminary marketing strategy. This strategy includes market segmentation, target markets, assessing market-coverage strategies, and positioning.

Step-by-step explanation:

As the Marketing Director for a global company, to develop and implement a new product, you would start by formulating a preliminary marketing strategy. This strategy would include market segmentation, which involves categorizing the new product into different areas such as demographics, psychographics, geography, and behavior. For example, you could segment the market based on age, income, interests, location, and buying habits. Next, you would identify your target markets, which are specific groups of customers that you want to focus on. This could be based on factors such as customer needs and preferences, market size, and competition. Assessing different market-coverage strategies, such as mass marketing, differentiated marketing, or niche marketing, would help you determine the best opportunity for your new product. Finally, positioning involves creating a unique and distinct identity for your product in the minds of consumers. This could be achieved through branding, pricing, product features, and marketing communications. By effectively positioning your product, you can differentiate it from competitors and attract the target markets you have identified.