Analysis of new product development decisions
May be required because…
- · An existing product is coming to the end of its product lifestyle.
- · There are new opportunities opening up due to changes happening in the market.
- · The business has a desire to build on the strengths of the brand.
- · It is a way of achieving growth.
- · To allow them to match what their competitors are doing.
Pricing decisions
- · Costs.
- · Positioning of the product.
- · The stage of the products lifecycle.
- · Price elasticity of demand.
- · The competitiveness of the market.
- · Other elements of the marketing mix.
Promotion decisions
- · The target market.
- · The message the business is trying to bring across.
- · The promotion budget.
- · The positioning of the business or the product.
- · The competitive environment.
Branding decisions
- · The brand represents a promise made by the business.
- · As customers, we recogniser brands and associate the brands with particular values.
- · The brand’s logo, slogan and anything else that makes it different from competitors recognised.
Distribution decisions
- · The degree of coverage (locally, globally and nationally).
- · Costs of different distribution strategies.
- · The target market.
- · Positioning
- · Competitors.
