Question

As a marketing manager who is working in a multinational company make a report for a new product to be produce in the company

1. Introduction - background of the company (company history) and new product design (description of the new product)

2. Market Segmentation analysis for the new product design (geographical, demographic, behavioral and psychological segmentation analysis) and justifications.

3. Target Market strategies - types of targeting strategies and justifications

4. Positioning strategies - types of positioning strategies and justifications

5. Future Recommendation – in related to marketing mix elements

Answer 1

1.Intoduction-----

Developing and successfully launching new products is an important part of a small business growth strategy. New products provide additional sources of revenue by enabling the business to sell more to existing customers, attract new customers or enter into new markets.So you want to bring a new product or service to market. You've done your homework and decided exactly what you plan to offer; You have to start by taking a serious look at your competitors. Make a list of the businesses that offer products or services similar to the one you plan to launch.

, you should have a clear understanding of what you must offer in order to stand apart from your competition and who will want to take advantage of your offer. But do you know why customers will want to buy from you vs. Generally, multichannel marketers achieve the greatest success because customers who can shop when and however they like tend to spend more and shop more often. Suppose your strategy is to market a low-cost workout device to people who can't afford gym memberships or high-priced home equipment

2...Market segmentation i​​​​​​s the process of dividing a target market into smaller, more defined categories. It segments customers and audiences into groups that share similar characteristics such as demographics, interests, needs, or location.The importance of market segmentation is that it makes it easier to focus marketing efforts and resources on reaching the most valuable audiences and achieving business goals.

Demographic segmentation

Demographic segmentation is one of the most popular and commonly used types of market segmentation. It refers to statistical data about a group of people.

psychographic segmentation

Psychographic segmentation categorizes audiences and customers by factors that relate to their personalities and characteristics.

Behavioral segmentation

While demographic and psychographic segmentation focus on who a customer is, behavioral segmentation focuses on how the customer acts.

3.Target Market strategies-----

How to Create a Market Segmentation Strategy----

1..Identify market segment opportunities.

Once you have a buyer persona that describes your ideal customer, start looking for market segment opportunities.

Identify a few potential market segment opportunities, and then research to confirm that they are viable.

2..Research your potential segment.

Before you launch a marketing campaign for a new segment of your market, verify that it is a good option. Research to see what competition exists and if audiences are interested in your new market.

3..Test and iterate

Once you find a new market you want to explore, don’t go all in just yet. Create a few campaigns to test your idea.

Try new markets and track your results to see where you can find a sweet spot that resonates with audiences. Small market tweaks can lead to big results, so continue to go through this process, test, and iterate based on what you learn.

4.Positioning Strategy------

There are several types of positioning strategies. A few examples are positioning by:

• Product attributes and benefits: Associating your brand/product with certain characteristics or with certain beneficial value
• Product price: Associating your brand/product with competitive pricing
• Product quality: Associating your brand/product with high quality
• Product use and application: Associating your brand/product with a specific use
• Competitors: Making consumers think that your brand/product is better than that of your competitors

1. Positioning based on product characteristics

Using product characteristics or benefits as a positioning strategy associates your brand with a certain characteristic that is beneficial to customers. For example, in the automobile industry, Toyota’s position in the market is reliability, Porsche’s position is performance and Volvo’s position is safety.

2. Positioning based on price-

Positioning your products or services based on price is associating your brand with competitive pricing.

3. Positioning based on quality or luxury

Often the price and quality of a product align, certainly in the mind of the consumer, as the high price is often associated with high quality.

4. Positioning based on product use or application

Associating your product with a particular use is another way to position your brand in the market. For example, meal replacement supplements can be of use to anyone lacking time or wanting a quick convenient meal.

5. Positioning based on competition

Competitor based positioning focuses on using the competition as a reference point for different products.

​​​​​​​5.Future recommendations---

Here are some emerging marketing trends which are going to rule the future of marketing.

#1. MAKING USE OF THE STATE-OF-THE ART GADGETS THAT HAVE CHANGED LIFE AND CONSUMER HABITS

#2.Building relationship with costumers

#3. USER GENERATED AND FRESH CONTENT (UGC)

#4.Effective use of social media

#5. BRAND EARNS THE CUSTOMERS

CONCLUSION

From the brief discussion above, of the viable strategies which are going to work in the time to come, we can clearly see that marketing is not a way to foist things on simple customers but rather an exercise directed to find ways to reach prospective customers and convince them about the utility of your product/service, effectively showcase your offerings, keep the target market well-informed about what is special about their offerings that sells, sustain a loyal clientele as well as increase it through serving their interests in ways discussed above.