Strategic Marketing Plans for a New Products - Essay Example

One of the very popular marketing strategies is to offer big prizes such as cars, bikes, ovens, etc through a lottery system of a form containing a certain number of coupons. This type of marketing propaganda attracts old and new customers alike and sales of the products usually shoot up.

In essence, creative and innovative marketing strategy is always preferred to promote the sale of new or product of services. A good database of customers always helps in introducing new products and increasing sales. It is always good to give something extra along with the product with the basic principle of giving less and getting more out of the customers and this strategy is always behind all the schemes that the company may come up with.

 Answer 2

 Strategic marketing plans are a crucial part of promoting the products and services of an organization. The market plans are focused on the 4Ps (product, prices, place, and promotion) and a good market strategy always takes these points on a priority basis. It is equally important that while planning appropriate market strategy, proper use of SWOT (strengths, weakness, opportunities, and threats) analysis is taken up. Awareness of strengths and weaknesses in the company’s resources facilitates and matches the opportunities and threats so as to provide a competitive edge to their rivals. SWOT analysis is an important tool to upgrade the internal strengths of the company to meet external opportunities and exploit them in a manner that would provide the company with a cutting-edge advantage over its rivals.

In the present case if the concept of the coupon key ring is patented, nobody else would be able to copy this technique and it will present P&G with a great opportunity to exploit this unique discount concept where customers need not bother with the regular discount coupons whenever new discount scheme or product is launched.

Answer 3

            Product is of vital importance and its pricing makes it a salable item. Maintaining a good database of customers is an important part of a market strategy which helps one to know the changing preferences of the customers in rapidly changing times. Prices may not be a very important part of the strategy with the old customers but competitive pricing helps to bring in new clients. Whenever new products are to be launched, it is important that trends in the customers’ needs and requirements are studied in advance so that appropriate strategies could be developed.

In most cases, creativity in ideas and implementation techniques become crucial in the successful launch of new products and services. Apart from the advertisement through various media, the innovative concept of introducing coupon key ring may prove to be the most attractive sale and marketing campaign which may increase the sales figure considerably mainly because one single key ring is a permanent tool for getting old and new products as and when discount coupons are introduced. Other types of public relations, like keeping their customers informed about their new products and services, are encouraged within the organizations because they help forge a personal bonding with them which gains their trust and helps them to become their committed customers.