Gsrm 7223 Marketing Management|Product Assessment Answer
Market development strategies To grow further using market development strategy, construct marketing tactics for the company to enter a new region or country by answering the questions listed below. Explain why the new place is the best to go in. Support with facts and trends. i. Place: - Where and how will the company be selling its product? (Different countries, sometimes require different ways to sell convenience product) ii. Product: - Which product would the company try to bring to this new foreign market? - Why do you think this product will be successful in this new market? Support your reasons with facts based on any of these, but not limited to demographics, Socio-cultural, etc. iii. Price: What pricing strategy will the company use? What is the appropriate price to set in this new market? Justify and support with evidence. (For example, compare with competitor’s product in terms of price.) iv. Promotion: How do you intend to promote this new place? What are common promotion methods that you think is suitable to promote the product? Justify with reason.
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