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New Product Marketing Plan Prepare - Essay Example

The 7Ps is an acronym for Product or service, Place, Promotion, people, process, physical evidence, and the Price. This paper will discuss how a company launching a product can prepare a marketing plan by making use of the 7Ps. Product The product or service is the core component of any business. When designing the marketing plan, the organization should ensure that the product offers a solution to the problem facing the society. Therefore, the designed product should reflect the needs of the people and the demand for the product. A company can be able to identify the need, preference, and demand by carrying out research. On getting the information, the company can decide on the different varieties and the quality of the product to develop. Knowing the needs and preference of customers ensures that a company develops a product that gives those customers maximum value of their money (“The Chatered Institute of Marketing,” 2009). Price Price is an important aspect that determines the marketability of a product. When designing the marketing plan for a new product, the company should ensure that the price allocated for a product is competitive and reasonable. The price should reflect the value of the product. While deciding the right price for a product, a company should ensure that the price takes account of the cost of production, promotion, and other activities such as advertisement. The price allocated to a product should realistic, affordable, and give the customers value of their money

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(Ivy, 2008; The Chatered Institute of Marketing”, 2009). Promotion When launching a new product, the company needs to create awareness. Promotion entails acquainting people with the new product. The promotion strategies should aim at creating excitement and interest among the prospective customers. The best ways for the company to use in marketing a new product should be through advertisement. Additionally, the company can organize events to provide details on how the product works. All the promotion programs should aim at creating exposure of the product to prospective customers. The company should aim at attracting customers and extending the brand identity without spending too much money (Ivy, 2008). Place The positioning of a product determines how easily it will gain acceptance. When designing the marketing plan, the company should decide on the best places to locate the business especially if the company wants to deal with one product exclusively. The company should select a place where they expect to find many customers. The location should be accessible and noticeable to ensure that people visit the business premise and acquaint themselves with the product (Ivy, 2008; Merrikh, 2011). People When designing the marketing strategy for the product, people should be at the core of the plan. They determine the success of the product from its initial launching. Additionally, the sale process will include use of people who will act as employees. Therefore, the company should identify the needs of all the people who will be involved in ensuring that the product is launched successfully and gains wide acceptance. Addionally, the compa


Designing the Marketing Plan Using the 7Ps Date Introduction Marketing mix is a marketing strategy used by marketers to introduce a new product into the market or increase the sales for an existing product. Marketing entails having the right product that is required by a particular group, placing the product in the right place where the group can locate it, fixing the appropriate price, and using the right people while launching the product…
New Product Marketing Plan Prepare
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