Individual assignment 2: marketing issues summary
When creating a marketing plan for a new device, there are certain key elements that need to be accounted for in order for the campaign to be successful.
The first element is understanding the target audience; this involves researching their needs and preferences, as well as any potential influencers in order to tailor the messaging of the product. Additionally, it’s important to identify which channels will be used to reach them (e.g. television commercials or social media campaigns).
Once these have been determined, then pricing must also be taken into consideration since setting too high of an amount may discourage customers from buying whereas prices that are too low may not generate enough profits; thus finding balance between demand & profitability is essential when establishing such strategies.
Furthermore promotion strategies should also included so that people aware about product even if they haven’t seen advertisements/posters etc.; this can done by giving incentives such as discounts or free products/services upon purchase thus ensuring higher conversion rates amongst consumers.
Overall developing comprehensive yet concise marketing plans requires careful analysis various factors associated with particular device; by doing so individuals/organizations are able create effective campaigns which help maximize returns while minimizing any losses derived from incorrect calculations/judgements.