The first phase of marketing a product is to identify its target market. Then the company determines how to reach that market. The second phase is to create a marketing plan. This plan must include the most important components for marketing success. These components include the product itself, the advertising, and the sales and distribution process.
The third phase of the marketing plan is to test and evaluate the plan in real-world environments. These tests will provide estimates of marketing plan productivity and will also provide recommendations to improve the plan. These measurements will include consumer awareness, product trial, and repeat purchases. The goal of this phase is to determine sales volume, market share, and the product’s profitability.
Marketing a product can be difficult for businesses, as consumers are no longer constrained to one store or location. As a result, it is important for a marketer to understand the buying habits of the target market and make themselves available everywhere they are. However, the main objective of any marketing plan is to gain an advantage over competitors.
In order to create a marketing plan, the company must first develop an ideal new product. After this step, a preliminary profit plan is generated, based on an estimate by an experienced marketing executive. Using this estimate, the company can eliminate product candidates that fail to meet a minimum payout period. In addition to product development, the company must also develop a strategy and communication plan to implement the marketing strategy.