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Product Marketing - Admission Essay Example
Pages 2 (502 words)
Competition is an essential element in business.This is because it determines the quality of product and controls the price of various products in the market. Competition is determined by consumers’ needs and preferences (Ferrell & Hartline. 2010 Pg. 615)…
2010 Pg. 615). It is therefore important for companies to have an idea of the market before releasing products. The first step in ensuring that a new product survives in the market is to design marketing strategies which will involve the right channels and segments that the product would have to adapt once it is officially released. This document looks at the market plan of Arimount Company on a new product.
Marketing channels are links that connect manufacturers and consumers (Ferrell & Hartline. 2010 Pg. 617). Arimount Company has developed a plan strategy that involves the use of several channels in its marketing of the new product. Communication is the most vital element in the introduction of new products in the market. This entails the using of proper words and language to convince customers on the essence of using the product and the reasons as to why it outdoes products that are currently popular in the market. The company has a budget that involves investing on a magazine that well be published with name of the new brand product on its headlines. Media groups will be used to advertise the product in various commercial breaks. The company will also ensure that the products are transported to places all over the world in order to gain popularity quickly. The other channel is the price control aspect. The new product is expected to have customer friendly prices since it is being introduced I a competitive field of market. ...