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Lesson Objectives
LESSON 7
• Use SMART tool for reliable and adaptable objectives
UNIVERSITY OF ECONOMICS & FINANCE
• Clarify Marketing Strategy Process
• Identify failures
PREPARING A MARKETING
PLAN FOR A NEWPRODUCT

Lecturer: Luu Thanh Thuy

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Use SMART for reliable and adaptable Marketing strategy process

objectives

Marketing
Strategy
Process

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Marketing strategy process

Marketing strategy process
3. Analyze the Competition
1. Understand Your Customer
• Ask yourself what other choices your target customers
Develop a clear picture of your target customer using
have to solve their pain point. Research and assess the
market research and analysis. Understand their pain points
strengths and weaknesses of each.
and the benefits of your solution.
• Evaluate how your product differs or compares to current
2. Analyze the Market
product offerings and determine the ways in which your
Some basic market research should allow you to find product/company excels. Identify the reasons customers
market data such as total available market, market growth purchase elsewhere and the ways that you can entice
(historical numbers and projections), market trends, etc. (persuade) them to purchase your new product instead.
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Marketing strategy process

Marketing strategy process
4. Research Distribution Channels
5. Define Your Marketing Mix
• What is the best way to deliver your product or service to
Product, Price, Place and Promotion.
your target customers? This will impact your sales strategy
and your financials, as well as your marketing mix. 6. Analyze the Financials
Put together your marketing budget and evaluate projected
marketing ROI, customer acquisition costs, operation
costs.
7. Review and Revise
Continuously evaluate the effectiveness of your marketing
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strategy, and revise or extend as needed. 8
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Why most product launches failed? Why most product launches failed?

• Flaw 1: The company can’t support fast growth. • Flaw 3: The new item exists in “product limbo.” – no
The Lesson: Have a plan to ramp up quickly if the progress
product takes off. The Lesson: Test the product to make sure its differences
will sway (move) buyers.
• Flaw 2: The product falls short of claims and gets
bashed. • Flaw 4: The product defines a new category and requires
The Lesson: Delay your launch until the product is substantial consumer education—but doesn’t get it.
really ready. The Lesson: If consumers can’t quickly grasp how to use
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your product, it’s toast.
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Why most product launches failed? Summary

• Flaw 5: The product is revolutionary, but there’s no
market for it.
The Lesson: Don’t gloss ( do not provide a clear
explanation) over the basic questions “Who will buy
this and at what price?”
• Using SMART tool to establish reliable and adaptable
objectives;
• There are 7 steps in a marketing strategy process;
• There are 5 common flaws in product launching.

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