Strategic Recommendations For Launching And Promoting A New Product (Essay Sample)

Strategic Recommendations for Launching and Promoting a new Product Student’s Name Institutional Affiliation Company and Product Overview Khalisi Inc. is a pet food and toys manufacturer and distributor. The company sells its products and services online using its website. The business has recently developed a new product line on the market. The products include new food for cats and dogs. The company offers free delivery services for its customers. Marketing Strategies Advertising and in-store marketing strategies are the most effective for launching a new product. It is essential to note that introduction of a new product in the market requires intensive promotion to ensure that customers are aware that the products exist (Novicevic, Harvey, Autry & Bond, 2012). Additionally, new products should be effectively promoted to generate sales. The marketing strategies adopted are appropriate as they support demonstration to should the benefits of the new product. The enterprise will use television ads to advertise the products. The marketing information will indicate the benefits of using the new product. Social Responsibility Corporate social responsibility involves the strategies that the organizations use to ensure environmental conservation and improvement of social wellbeing. Social responsibility is essential as it provides that firms use sustainable production techniques (Mahdavi & Daryaei, 2016). Consequently, reducing environmental pollution. Additionally, the CSR ensures that enterprises activities contribute to an improvement in social well-being. The concept is critical to marketing since engagement in CSR contributes to a development of the company’s image. Therefore, more customers demand products from a company that applies appropriate social responsibility strategies. Internal Marketing Factors It is important to note that internal factors influence the company’s marketing strategies. The SWOT analysis for the company indicates that it has a stable financial ability (Novicevic, Harvey, Autry & Bond, 2012). Therefore, the enterprise will afford to implement the marketing strategies successfully. Additionally, the business sells its products online consequently more consumers will purchase from the firm as it is convenient and time-saving. Moreover, the organization produces its products using natural ingredients. External Marketing Factors The external factors impact the business’ marketing approaches. The SWOT analysis on the market reveals that the customers have higher living standards and high income. Hence, their demand is price inelastic. Additionally, the level of competition in the industry is relatively low. These factors affect the marketing strategies used by the company. The higher earnings increase the purchasing power of individuals. Consequently, influencing the business’ pricing strategy as customers a willing to pay higher prices. The factors are important as they contribute to the growth of profits. Needs and Wants The target market needs pet food processed using natural ingredients. On that note, the company will ensure that the ma...