Question

Explain why Puerto Rico was chosen as the market to invest in

• Briefly describe the market in terms of their competitive environments.

• Do not describe the country in general, but focus on key factors that your client must take into account when offering the product in this new market. It’s not about what market you recommend, but why this market is better than other markets and what the client must know about the market to be successful there.

Answer 1

According to the Puerto Rico, there are many important market factors to consider when launching a new product, including good customer competition, sales proposals, testing, media campaigns, and understanding of the product life cycle. By understanding these factors, you can create a marketing plan that helps your company succeed in introducing new products. Without using these items, it is possible to launch your new product before it has a chance.

Understand the competition

If you do not create a new product, there is competition in the world. Do a lot of research on the products that the competition offers you. Evaluate how they advertise products by reading websites, brochures, online advertising and other marketing materials.

Think about how your product is the same or different from the products offered by the competition. Seeing what marketing efforts may or may not work for the competition can guide you on how to market your product effectively. If you are introducing a new product to the market (for example, an innovation), put yourself in the shoes of potential buyers and consider what benefits the product offers or what is needed.


Enter the right customer

Focus your marketing efforts on potential customers who buy your product. Think about why customers will want or want your product and use it in your marketing message. It is easier to target the right customers who need and desire for your product than to try to create a market for the product. For example, if a competitor sells to a specific group of people (mothers, for example), determine how your product serves a better purpose for the group, and then use that information to sell to mothers.

You may want to do some market research to learn about your target market. Focus groups and surveys are two ways to find out more about the needs and desires of your target audience.

Special offer for sale

According to Kim Gordon, marketing consultant for Entrepreneur Magazine, the unique selling proposition is what makes customers want to buy from non-competitors. Determine how your product serves the needs better, faster or easier than the game. Use your unique selling proposition to create marketing messages, create a brand for your product and differentiate your product from the same or similar to your product.

When researching your competition, study carefully the characteristics of the product. Pay attention to how the competition puts its product on the market. When you compare your competitors' products with your own, you can list the differences that exist. Determine the benefits your product provides that your competition lacks.

Try before you jump

Your perception of the product and the perception of potential customers can be very different. Test your product perception by leading a focus group or gathering feedback from testers can provide guidance for your marketing efforts. Focus groups can show that the colors you use for product packaging do not appeal to potential customers, so you can change the packaging to make it more attractive before you start. Product testers may understand that this product is not effective for certain uses, but works well for other uses. Use this information to focus your marketing efforts on what products work best or modify the product to fix problems before launching.

Public relations and media involvement

When it comes time to launch a product, public relations and the media can play an important role. Disseminating information in magazines and newspapers or in news programs that reach your goals helps create noise. Publicity is third-party endorsement for your product, which many consumers may find more valuable than the advertising and marketing materials that customers know your business is creating.

Product life cycle

The product goes through a life cycle. This cycle includes stages of development, initiation, growth, maturation, and decline. Understanding and monitoring where your product is in the life cycle directly affects the marketing efforts that occur in stages. For example, marketing in the introductory phase is oriented to reach product goals and generate demand for the product, while in the growth phase the market involves the creation of brand preferences.