Description
Use the same company from your Week 2 assignment.
Your company has decided to launch a new line of products.
Create a 1,400-word report and include the following information:
- Choose the target market for your product, and describe your target market in detail.
- Create a new product that would appeal to your market.
- Develop at least one question for each characteristic of the target market (demographic, geographic, psychographic, and behavioral) that will be important for you as you determine the marketing strategy for this new product.
- Recommend the best methods of conducting marketing research to answer these questions. Be sure to include why you chose these particular methods.
- Outline the steps you will take to bring your product to market from idea generation to commercialization, using a multi-step product development process.
Format your assignment consistent with APA guidelines.
The paper is about 400 words off and need some touch and help.. Here is the paper
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Running head: MARKETING STRATEGY FOR A NEW PRODUCT
Marketing Strategy for a New Product
Name
Institutional Affiliation
MARKETING STRATEGY FOR A NEW PRODUCT
2
As the CEO of Geek Squad Company, there are some strategies I would choose in order to
expand to foreign market when marketing our company’s products need to be done. First, I
would need to plan very well on how I am going to expand my company to foreign market. This
kind of expansion would be looked on a number of ways. This include, increase of demand of
our company’s products, another thing is the increase in efficiencies, my line of production lines
to be new and my company should also have more diverse in the international market, and this
diversification needs to bring some kinds of function such as logistics or what we call
manufacturing.
As the company CEO of Geek Squad Company, I will be required to do the following:
➢ Identify the exact need for my expansion, and this needs planning.
➢ Come up with more defined estimates of the capital and the time that is needed for
implementing the efforts on expansion.
The steps in bringing the product in the market
1st step: look upon the exact reason for the expansion.
The main reason in planning for expansion in the foreign market ought to be looked toughly and
when the reason is found to be crucial is when I will move on with the procedure.
2nd step: look at the implication on the personnel regarding my expansion.
I will be required to hire workers on part-time basis to a point whereby full time employees
would be needed. I should also remember that the payroll for my workers should depend on the
increase in the revenues, not from the outside funding.
MARKETING STRATEGY FOR A NEW PRODUCT
3
3rd step: Develop programs in training my employee in the company.
I will be required to have facial communication for expansion and the goals with my
workers, and I will do this by having sessions on the training. I will choose my best employees in
the company and tell them to train.
Choosing the target market for the new product of equit...