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Description
Imagine that the retailer you chose for the first assignment is about to offer a new product that is exclusive to that retailer for twelve (12) weeks. Develop a plan to get the product into stores as quickly as possible to take advantage of the fact that no other store will have access for twelve (12) weeks. Try to get the product into stores within four (4) weeks.
Write a six to eight (6-8) page paper in which you:
- Describe how you would go about selecting the right channel members and how you would get that product to your stores.
- Create a channel design strategy. Describe how you will motivate channel members to make this a successful endeavor in a short period of time. (Address long hours, timeline, etc.)
- Identify two (2) pricing issues in channel management that you will have to deal with.
- Apply a push promotional strategy to this situation.
Explanation & Answer:
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Explanation & Answer
Attached.
Week 8 Assignment: Product Introduction
Student’s Name:
Professor’s Name:
Course Title:
Date:
1
Introduction
New products are being introduced into the market based on changes experienced in the
needs of the customers with time. Each product seeks to solve a challenge that potential
customers are experiencing. However, some companies produce products that have already been
introduced in the market. In many instances, introducing a new product into the market is an
issue for many companies, both new and established. The biggest challenges arise when an
established brand, solving similar challenges, is already in the market. However, with proper
strategies, the product can get into the market quickly and compete successfully with other
established products. A proper market entry strategy involves understanding the market,
recruiting good promotion members’ channels, employing the best promotion channel design,
motivating channel members, and analyzing the pricing issues that may pose challenges.
Right Channel Members Selection and Understanding the Market
As mentioned in the introduction, selecting the right channel members is a crucial aspect;
thus, it has a massive influence on the success of a new product in the market. However, it is
good to understand the market to address all the needs without leaving gaps entirely. Below are
the main elements that we need to understand the market.
Market Behavior
While considering a proper marketing channel, it is vital to understand the Market
Behavior (MB). The key reason for understanding the MB is to get an understanding of how
good or bad the potential consumers will approach a new service or product (1). Since we are
targeting a growing market, the complex consumer behavior model is best suited while
determining the best marketing channel members.
2
Market Geography
Market Geography (MG) is an essential factor to consider while determining the
development of a proper marketing channel. For small and large businesses, understanding MG
enables them to understand the specific needs of their customers in a specific location (2). While
selecting members for the marketing channel, we need to get a specific number, location, and
basic requirements in all areas individually.
Market Size
Market Size (MS) must be considered while recruiting marketing channel members. MS
can be defined as the total volume of a given market (3). The number of...
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