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Essay on New Product
Marketing Mix
Marketing Mix are factors that help a company or firm sell its products (Carthy, 1999). Four elements are normally distinguished: getting the right product to the market; selling the product at the right price; ensuring that the promotion is right—that is, advertising and marketing for the product; and ensuring that the product is distributed to the most convenient place for customers to buy it.
Pricing:
Determining the price for a product is a complex and inexact task, frequently involving trial-and-error decision-making. This process is often even more complex in international marketing.
Product
This mix defines the characteristics of product or service that meets the needs of customers.
Promotion
The goal of advertising is the same in any country, namely to communicate information and persuasive appeals effectively. For some products, the appeals are sufficiently universal and the markets are sufficiently homogeneous to permit the use of very similar advertising in several countries (William, 1986). It is only the media strategy and the details of a message that must be fine-tuned to each country’s cultural, economic, and political environment (Carthy, 1999).
Place
The route of distribution or the distribution channels shall be well defined for getting the product or service to the customer. The strategy shall include location, as it holds true for new products more so than any other type of product. The consumers have to be well familiarized.
Marketing Research Methods
There are two types of research: qualitative and quantitative. To gain a general impression of the market, consumers, or the product, companies generally start with qualitative research. This approach asks open-ended rather than yes or no questions in order to enable people to explain their thoughts, feelings, or beliefs in detail. One of the most common qualitative research techniques is the focus group in which a moderator leads a discussion.........
