A product's marketing strategy can impact the success of an innovation. Even the best product will be hard to sell if no one knows about it. To be commercially successful, a product must satisfy consumer demands.
The marketing strategy explains how a business plans to market a product. It involves evaluating the market environment, determining the demand, making decisions about supply of the producty and setting achievable goals.
The elements of marketing are often described as:
| People | Who are the potential customers? |
| Product | What are the aesthetics, function and special features of the product? |
| Price | What is the appropriate level to set the price at? |
| Promotion | Where will you advertise your product - TV, radio, magazine advertisements or other? |
| Packaging | Including information about the product, protection and presentation of the product |
Each of these elements interacts with the others in the marketing strategy. To be successful, a new product must stand out from its competitors. A good innovation will have unique selling points.
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References
Business.gov.au. (2021, August 3). Market your business. https://business.gov.au/marketing/market-your-business
Campaign Creators. (2018). Ironing out your strategy [Photograph]. Unsplash. https://unsplash.com/photos/yktK2qaiVHI
Plenio, J. (2017). [Lightbulb] [Photograph]. Unsplash. https://unsplash.com/photos/fmTde1Fe23A
Pratama, E. (2016). Design smartphone definition [Photograph]. Unsplash. https://unsplash.com/photos/T6fDN60bMWY