Marketing strategy development

The fourth step in the new product development process. It involves designing an initial marketing
strategy for a new product based on the product concept. It consists of three parts; the first part describes the target market; the plant product positioning and the sales market share and profit goals for the first few years. The second part outlines the products planned price, distribution and marketing budget for the first year. The third part describes the planned long run sales; profit goals and marketing mix strategy.