Criteria for Marketing a Potential New Product
Before releasing a brand new product, it's a smart idea to first consider how you will market the item. Some products sound wonderful in concept, but without a solid plan to market a new product, you can't achieve sales success. When determining the criteria for marketing a potential new product you must consider the four Ps of marketing.
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Price
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One of the criteria you need to address when marketing a new product is how much you want to charge. This decision is based largely on the target audience you plan to reach. For instance, if you believe that this product will appeal to wealthy individuals, you may decide to charge a premium on the item. If you believe the product appeals most to everyday working class people, you may find it more beneficial to price it at an affordable level.
Product
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The next element to consider when marketing a new product is the product itself. You might want to add special design features that would appeal to the potential target audience. The product packaging is also an important consideration --- for example, something as simple as the shape of a bottle or the color of the wrapping could affect a customer's perception of the product. You may want to hire a product design consultant to help with this step of marketing a new item.
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Placement
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Where you choose to sell the potential new product could also affect its success on the market. Selling a high-end product in a low-end discount store could decrease its worth in the eyes of potential customers. You may decide that the item will sell faster if you offer it online over selling it in a physical retail location. You should identify potential distribution locations well in advance of releasing a new product on the market.
Promotion
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You must figure out how you plan to promote the new product if released. Without proper promotion, potential customers won't know the product even exists, and no amount of distribution, price or packaging changes would matter. Brainstorm promotion activities that will bring the maximum attention to the product if it hits the market at the most economical cost possible. For example, some companies choose to promote new products by placing text and image ads on websites frequented by members of the target market. In the case of a pay-per-click promotion you only pay if someone visits the product link, which is sometimes more economical and effective than spending thousands upfront on a billboard or print advertisement.
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