Table of content •Importance of rationale of product •SWOT analysis •Objectives for development of new product •Marketing mix •Budget and monitoring •Conclusion •References
Introduction All the promotion activities used for making people aware of the product are known as marketing principles. The present study will cover Marketing objectives and strategies of new product.
Importance of rationale of new product •For expansion and growth of the business. •For surviving in market for a long run. •To cover a larger share of market. •To increase profits of the company.
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SWOT analysis Strength New product has a strong base of global brand. Diversified income is also strength of the company. Weakness Its main weakness is the negative publicity among consumers. Also, it has high employee turnover. Oppurtunities They have an opportunity to make new product more attractive. Also, they can plan to make health drink more beneficial. Threats The rising threats fornew health drink is increasing competition. Health consciousness of perople is becoming a threat.
Objectives for development of new product •Decisions about colour, design, size of the product can be made. •Products which have become unprofitable are removed. •Existing products are improved. •To improve the overall growth of the business.
Marketing Mix •Product- Company is offering consumer's needs satisfying products. •Price- New health drink has offered and maintain a competitive price. •Promotions- Various sales promotions activities are adopted for development of new product. •People- It ensures friendly and healthy experience to the people. •Place- Assessment of new product for people is made easy.
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Budget and monitoring Budget of new product will cover the following points- Development Production Promotion Contingency budget Total budget
Conclusion From the above presentation importance of rationale of a new product is determined. The SWOT analysis and various objectives for development of new product is concluded. Marketing mix elements of new health drink have been presented.
References Hamzah, S.B. and Sutanto, J.E., 2016. The Role of Marketing Mix (7P) for Consumer Buying Decision Pastry Cake in Malang City. Sulaiman, J. and Syahrivar, J., 2018. The Influence of Marketing Mix 4A and Ethical Consciousness towards Ethical Consumption.
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