Marketing strategy development is the stage of the new product development process in which a three-part marketing strategy plan is developed:
- Define product position, including target market size, structure, and purchasing behavior. Identify initial sales goals in terms of market share and profits.
- Specify year-one price and distribution strategy, and marketing budget.
- Describe ongoing marketing mix strategy and future sales and profits.
- Kotler, Philip, and Kevin Lane Keller, Marketing Management 12th edition, Pearson/Prentice Hall, 2006, pp 654-655.