New Product Development Process Stage 4

Marketing Strategy Development

Designing an initial marketing strategy for new product based on product concept.

Marketing Strategy may consists of three parts
First to describe the target market this may involves positioning market share and profit goal for first few years.
Second part of marketing strategy outlines the product’s planned price, distribution and marketing budget .
Third part may includes planning for long term sales, profit goals and marketing mix strategy (4 P’s)

reference: principles of marketing by philip kotler and gray armstrong