Final answer:
To promote new products, marketers employ advertising, use product differentiation, capitalize on physical features and strategic locations, develop brand loyalty, and might use various strategies to overcome market entry barriers.
Step-by-step explanation:
Marketers use a variety of strategies to promote new products. Advertising is a common technique, which may include creating advertising campaigns that highlight the product's unique features such as an unbreakable bottle or a nonstick surface. Companies can leverage both physical aspects of a product and situational advantages like a firm's location. For example, highlighting a gas station's convenient location at a busy intersection is a way of using location to attract customers. In a monopolistically competitive market, firms can enhance product demand by focusing on differentiation and the development of brand loyalty through quality, customer service, and unique selling propositions.
In perfectly competitive markets, advertising typically plays a limited role because products are largely undifferentiated. However, a company might still use short-term advertising to garner some attention. If a company were introducing a web browser in a market with high barriers to entry, the focus might be on innovation, partnerships with established companies, or leveraging unique features that fulfill unmet needs.