Pest Analysis For Amazon.Co.Uk

What are the factors involved in marketing a new product?

Executive Summary

There are many factors involved in Marketing a new product in a particular market in the UK. However, there are essential basic marketing steps and strategies ‘Goldsport’ can take to make their product successful and this will require a good understanding of each one. This will enable the company to analyse and asses each factors and Identify the benefits and drawbacks that can later have an impact on the process and progress of the new product (The SmartTrainer).

The aim of this report is to therefore assess the following elements of marketing by explaining how each one will be incorporated into marketing the SmartTrainer.

Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.

Secondly, we will discuss more about the product itself. Goldsport will need to evaluate its product thoroughly if it wishes to meet the needs and wants of its consumers and hence customer satisfaction. Analysis of product design, packaging, branding and legal protection will be emphasised.

Introduction

Marketing a new product can be a challenging experience and time consuming for a business. Especially, new businesses starting in a market. Which is why Goldsport will need to follow specific marketing strategies in oreder to market their product successfully in the market. These strategies will help guide them in the right track as they will know what to produce, whom to produce for and how to produce the product so that the needs of the customers are met and satisfied.

The Target customer

Market segmentation:

“A segment is a set of buyers who share common needs or characteristics”(Marketing by Tony Gray (2000))

This approach would be more preferable for Goldsport because, “it will help target customers” (Marketing by Tony Gray (2000)) unlike mass marketing, which promotes the same product to the whole market and treat every consumer the same in terms of needs and wants.

Segmenting the market will allow the company to focus more clearly on targeting the right customers with the right product that better satisfy their needs.

There are a range of segmentations that allows a company to target potential customers effectively.