Marketing strategy development

Definition

Marketing strategy development is the stage of the new product development process in which a three-part marketing strategy plan is developed:

1. Define product position, including target market size, structure, and purchasing behavior. Identify initial sales goals in terms of market share and profits.
2. Specify year-one price and distribution strategy, and marketing budget.
3. Describe ongoing marketing mix strategy and future sales and profits.

 

References

1. Kotler, Philip, and Kevin Lane Keller, Marketing Management 12th edition, Pearson/Prentice Hall, 2006, pp 654-655.