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Bringing a Product to Life

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Submitted By notsob8621
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Bringing A Product to Life

When the idea of developing a new product presents itself, there is one of six categories that this “new product” will fall into. The first is new-to-the-world product, new product lines, additions to existing product lines, improvements or revisions to existing products, repositioned products, or lower-priced products. New-to-the-world products create a new market that no product has previously created. A company may create a new product line when it creates a product that allows them to enter a never before entered, established market. When a company adds products to supplement its already established lines, it has made additions to its existing product lines. Some companies may take an existing product and create a “new and improved” version. Other may try to take an existing product and target new markets or market segments through repositioning. Still other companies may just offer a product whose price is lower. Regardless of the new product that a company may offer it still faces the same challenges to bring the product to life.

The marketing strategy has already been identified during the new product development process. The marketing strategy consists of the selection and description of one or more target markets and the development and maintenance of a marketing mix. Before the product has been developed, the target market has already been identified. The target market is the market segment or a group of individuals that share one or more characteristics. The shared characteristic would identify them as having similar product needs. The marketing mix consists of a unique blend of product, place, promotion and price. The most important part of the marketing mix is the product. Without knowing what your product is, it becomes impossible to choose place, promotion or price. Place is defined as to where and how you will

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