Marketing strategies for a new product?
If an engineering company(e.g Sony) wants to release a new product(e.g. an entertainment device) what should the marketing department start doing?
I mean if there is a necessity for a survey to be conducted about the product(before it is launched) what should the survey include?
What marketing strategies should be used?
Pricing strategy – skimming or penetration depending on whether they think competition will act quickly.
Product strategy – Not much point doing market research for brand new products. refer link to innovation material below.
Promotional strategy – depends on target market. Normally PR, probably social media to get early adopters on board and spread the word to mainstream.
Distribution – probably Sony approved distributors. Online retailers as well.
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What problems does your target market have that your product will solve? What media does your target market use where you can display this relevant information? If I could leverage the pulling power of Sony I would send the products to test to influential people in the industry. TV,Radio trade publications etc. A solid review from a sector expert who goes onto social media to give you a positive review is very powerful. Beware a bad review!
References :
http://www.alistairmarshallconsulting.com
review from a sector expert you can also take a look below.
References :
http://articles.directorym.com/Designing_a_Marketing_Plan-a1148237.html
http://articles.directorym.com/Importance_of_Marketing_Strategies-a1148226.html
http://articles.directorym.com/Avoiding_Online_Marketing_Mistakes-a1148470.html
Pricing strategy – skimming or penetration depending on whether they think competition will act quickly.
Product strategy – Not much point doing market research for brand new products. refer link to innovation material below.
Promotional strategy – depends on target market. Normally PR, probably social media to get early adopters on board and spread the word to mainstream.
Distribution – probably Sony approved distributors. Online retailers as well.
References :
http://fionamackenzie.com.au/marketing-strategy/marketing-strategy-how-to-innovate.html