New Product Market Analysis Before a marketing strategy can be developed, a market analysis needs to be conducted. The goal of a market analysis is to determine the attractiveness of a market. A comprehensive market analysis is a cornerstone of a successful marketing campaign. It’s common to see companies that are left to the alternative of guesswork due to the lack of thorough market analysis. A new product usually requires a more sophisticated and detailed market analysis after surviving the screening stage of new product development. Market analysis can provide an analytical approach to answering some of the most difficult questions such as who your customers are and how competitive the current market is. The analysis includes a review of the internal and external environment. The internal factors are categorized as strengths or weaknesses. The external environment includes demographic, economic, social/cultural, legal/regulatory, technology, and the natural environment. Kotler and Keller (2012) stated, “Good marketing is the art of finding, developing, and profiting from these opportunities” (p. 48). In order to determine the attractiveness of a market, a company must gain an understanding of the opportunities and threats as they relate to that organization’s own strengths and weaknesses. The purpose of conducting a market analysis is to identify positive forces that can be used to the benefit of the company and potential problems that need to be addressed and possibly eliminated. Beginning this week, you’ll start working on the milestone project. Before beginning this assignment, please read the outline for the milestone project in Week 8 so that you have a better understanding of how this assignment fits into the final marketing campaign. Marketing strategy formulation for the innovative product development process. Choose a new product and follow the outline below for this week’s assignment. (Information in this assignment can be used in the final milestone project.) Industry/Company Review Describe the industry in which your product competes. Provide a snapshot of the company that owns the brand. Product Review Describe the product that is the focus of your marketing plan. Competitive Analysis Identify and assess the important direct/indirect competitors for the product. Consumer Analysis Describe and analyze potential buyers in terms of demographics and psychographics. Problems and Opportunities Identify and analyze major problems and opportunities based on situation analysis and primary research. Target Market Profile Describe your target market for this new marketing plan and explain why this market is relevant and strong for your brand of product. Support your paper with a minimum of three scholarly/peer-reviewed resources published in the last 5 years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Length: 3-5 pages, not including title page and references
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