what product information you will need and how this information will assist with
ID: 340038 • Letter: W
Question
what product information you will need and how this information will assist with the development of the marketing plan.
The organisation for which you work is developing a new set of products. It is quite different from any other product generally sold by the organisation. You have been asked to head the marketing team. Before you and your team can develop a marketing plan you must identify the key characteristics of the products and their variations.
These products will, of course, be aimed at a specific market. How will you identify the target market, how will you estimate the significance of these products to that market and why is it necessary to do so? (600 words)
Explanation / Answer
Product information like pricing, promotion techniques, place of distribution (Market) and most important product sepcifications and quality is important to know before developing any kind of marketing plan of a new product range.
To identify the target market, it is first import to categorise the type of product company is about to make. The set of product suppose belongs to beauty category then the targeted customer will be women’s and girls of young age who wants to look good. It further depends on the value of product and specifications like high priced and high quality beauty cream for young ladies. In this case, the target audience is young girls and women’s and suppose the product range is beauty plus anti-ageing cream then target audience is middle and old ladies who wants to look younger again.
Then, after identifying the target market and customers, it is important to estimate the significance of such products to that market which can be done through survey or by conducting personal interviews of selected market. Through interviewing the sellers of such products in the market, their response can be collected on important points which will be helpful for marketing the product and knowing the actual position of demand of such and related products in the market. It is necessary to do this because without knowing the actual position of market, products cannot be offered. It involves high failure risk. To avoid this risk, knowledge about market is very important.
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