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Creating and marketing a new product. - Essay Example
Pages 5 (1255 words)
Creating and Marketing a New Product Table of Contents 1. Introduction and Purpose of the Study 3 2. Marketing Strategy 3 2.1 Market Entry Strategy 3 2.2. Target Market and Segmentation Strategy 4 2.3 Marketing Mix Strategy 5 2.3.1 Product 5 2.3.2 Price 5 2.3.3 Place 5 2.3.4 Promotion 6 3…
In relation to the present trend of this respective business industry, it can be viewed that customers are highly inclined towards buying handmade soft toys including souvenir items and stuffed animals among others for different purposes (Toy Industry Association Inc, 2012). In this regard, the primary purpose of this essay is to create an effective marketing plan for new product i.e. handmade soft toys, which could be legally sold in the UK business market. 2. Marketing Strategy 2.1 Market Entry Strategy An effective market entry strategy typically involves various strategic decisions in relation to various influencing factors of host country. The organizations in the present competitive business world tend to incorporate adequate measures while seeking to expand their business units into different overseas business markets (Kotler, 2001). In order to attain a large consumer base in the growing handcrafted or handmade soft toy industry, the initial stage of the play will be focused on analysing the present trends along with the demands of the consumers towards the respective industry. In this regard, an effective consumer analysis will be conducted, which in turn can enable the organization in identifying the desired needs along with the preferences of the target customer group in the market. ...
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