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MKT 571 Week 6 New Product Launch Marketing Plan, Part 1 and 2

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Marketing

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Homework

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Running head: NEW PRODUCT LAUNCH MARKETING PLAN, PART 1 and 2 1
MKT 571 Week 6 New Product Launch Marketing Plan, Part 1 and 2
MKT 571

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NEW PRODUCT LAUNCH MARKETING PLAN, PART I 2
New Product Launch Marketing Plan, Part I
Executive Summary
The marketing plan is one of the best activities in the management process for new
product launch in the market. It helps to make recognition about a new product that is going to
be introduced to sell. The discussion about the marketing plan has chosen the market needs, and
market growth of American and Canadian market to introduce a vitamin product (Silk, 2006).
These markets are very suitable for business growth because of the extensive use of vitamins by
consumers in their daily diet to maintain healthy lifestyles. But, the American and Canadian
market is filled with competition that is providing tough challenges for the company.
Further, the target market of consumers, buying behavior, and decision motivators has
included in this paper to analyze the suitability of the new vitamin product in the challenging
market. Additionally, the PLC tools have been introduced by the company to grab the market
opportunities for a long-time in the American and Canadian market. Alternatively, to grab the
American and Canadian Market, company has adopted a product mix strategy in its marketing
plan of new launch product of vitamins. Further, this paper has included the best possible
strategies in the marketing plan to explore the suitable business environment for new product
launch in both American and Canadian market.

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NEW PRODUCT LAUNCH MARKETING PLAN, PART I 3
Introduction
Presently, every organization follows an effective marketing plan that is the most
important strategy to introduce a new product in the market for making awareness among target
group of consumers. The marketing plan helps an organization to show its presence in the
competitive market (Silk, 2006). In this concern, a unique and effective marketing plan is
required to launch a new product because of the competition among other products that already
exists in the market and most of the consumer purchases according to their requirement. Further,
it is most important for the organization to be careful in the selection of marketing tools and
techniques because of the new product.
When, the organization would use less effective marketing ways or tools to promote its
product, it has possibility to lose the credibility at beginning stage. Therefore, the effective
marketing tools such as electronic and print media would be the best way to launch a new
product in the market (Beamish & Ashford, 2005). Now, this paper would discuss about the
marketing plan of a new product launch (A new line of Vitamins) effectively and efficiently in
American and Canadian market. Further, this paper would be helpful for new researcher to
increase their understanding and knowledge to make another marketing plan for a new product
launch in the market.
The launch of a new product is a challenging process. There are eight components of
developing a marketing plan that will ensure that the endeavor is set for success. Learning Team
B has decided to develop a marketing plan for the launch of a new line of vitamins, a product for
which there is a growing interest by consumers from all ages and backgrounds. The chosen

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