Marketing Starts Long Before a Product Is Produced. Explain

INTRODUCTION Marketing must play the leading role in shaping business strategy as Philip Kotler said, marketing is the social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging product and value with others. A product is anything that can be offered to a market for attention, use or assumption that might satisfy a want or need. It includes physical objects, services, persons, places, organization and ideas. Marketing holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors do. Thus marketing starts with identifying consumer needs ,†¦show more content†¦* Do we have adequate, trained and skilled personnel to carry out the new product development or we have to employ new staff. * Do we machinery instead of human * Do we have enough capital to produce new products MARKET SEGMENTATION Means dividing a market into distinct groups of buyers with different needs, characteristics or behaviours’ who might require separate product or marketing mix. The company identifies different ways to segment the market and develop profiles of the resulting market segments. Consumer markets can be segmented by many variables: * Geographic :nations, states, regions, countries etc * Demographic : age, sex, gender, family etc * Socio-economic: income, occupation, education etc. Having segmented the market, the company will know which segment to target and the components in that market. The product that will be relevant to their needs and the means by which the company can serve them better. POSITIONING TEST MARKET Test marketing gives the marketer experience with the marketing the product before going to the great experience of full introduction. It lets the company test the product and its entire marketing programe COMMERCIALISATION If the product is successful, then the product needed to be launch. There are certain factors to be considered before launching a product. That is, timing : * How the product is to be launched. * Where the product will beShow MoreRelatedMy Coursework1079 Words   |  5 PagesInternet cafe business plan †¢ Landscape gardening business plan †¢ Retail business plan †¢ Sandwich shop business plan A. INTRODUCTION What is a Business Plan? It is important that a Plan is produced to ensure that the proposed business idea has been thought out before the start up and all aspects of the business have been considered. 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