Marketing strategies for the development of new products

Running Head: MARKETING & MANAGEMENT
Marketing strategies for the development of new products

MARKETING & MANAGEMENT
Introduction
The paper identifies the strategies required to develop three categories of new
products that are actually dissimilar. The products are, ‘really new products’, ‘new products
in existing product categories’ & ‘new varieties of existing products’. The paper also
expounds the Product Life Cycle and its strategies for the development of new products.

MARKETING & MANAGEMENT
A marketing manager parts a crucial role to develop products in the marketplace, and
the success of the product relies on the competency of the role played by the marketing
manager. The role of the marketing manager differs for the three kinds of products; new to
the world products (really new products), new to the firm products and additions to the
existing product lines.
The role of the Marketing Manager
Some of the prime roles and responsibilities conceded by a marketing manager are:
 Determining the market mission for the product in accordance with the company
objectives
 Forecasting market program
 Synchronizing the marketing activities with finance, warehouse & dispatch.
 Organizing selling functions
 Reviewing competition
 Resource allocation, using marketing mix components
 Analyzing the Product Life Cycle and strategize accordingly (Stark, 2015).
The stages involved in the PLC are portrayed below:
Figure 1: Product Life Cycle
Source – (Quick MBA, 2019)