Marketing Concept Development

Marketing Concept Development

Marketing Concept Development

Marketing Concept Development
Phase I: Generating and Screening Ideas
Stage 1: Generating New Product Ideas

God created the human brain with an innate ability to see, analyze and create innovative ideas. Basically, creativity is a peculiar way of thinking which unleashes the limitless human imagination and enables us to think beyond the possibilities.

The human mind thinks of countless possibilities, yet only a few of them have the potential to turn into good product ideas.

Nowadays, companies have multiple internal and external methods and tools to pinpoint potential product ideas by evaluating marketing dynamics.

SWOT analysis may highlight the plus points in existing marketing products and services which may lay the foundation for new products. Analysis of market dynamics and customer-based studies might assist companies to recognize their prevailing trends among customers.

Similarly, competitive statistical analysis of the market’s products may identify some deficiencies which might shatter the company’s repute in the market.
Sometimes, newly generated products may fail in achieving the projected marketing goals.

But they may prove beneficial later for the company by addressing un-intended market requirements. An excellent example of this miraculous happening is Dr. Spencer Silver, a well-known scientist at 3M.

Dr. Silver’s multiple failed attempts to create a super-strong adhesive eventually led him to design Post-It Notes. The trick behind generating innovative ideas is the awareness of the fact that not all ideas have the potential to turn into market products.

Stage 2: Screening Product Ideas

Idea screening is the second crucial step in the course of product development. Multiple marketing ideas regarding the product are usually transferred to the R&D department of a company.

At this stage, no one knows about the strong points, weak points, or future outcomes of the product that is going to launch in the market. Ideas that have the potential to cope with the company’s future goals are selected while others are rejected.

This selection stage is very important because the marketing future of a company depends upon this selection. The selection of the least potential idea will lead to wastage of money, time, effort and ultimately results in marketing failure.

Another worst scenario is the failure of selecting a potential product idea that has the potential of fulfilling a market window in the future.

Both scenarios can deprive a company to get maximum output and eventually lead to the company’s failure.

For this selection stage, a criterion is developed which consists of different marketing attributes. Ideas presented to the selection committee will be evaluated based on this criterion.

Ideas with maximum final score get selected for further development while low final score ideas get rejected by the selection committee.

Stage 3: Concept Development and Testing

Many companies nowadays prefer to do simulation studies by running a pilot test project with the implementation of real marketing dynamics.

For these simulation studies, firstly a product concept is developed so that a prototype can be produced.

The precise and comprehensive product concept will allow the company to get more accurate simulation results.

These obtained results then will be used to address the next phase attributes like marketing mix, business analysis, etc.

Different marketing tools and technology are available now for the creation of a prototype after following the product concept descriptions. Simulation studies with the prototype will enable the company to get more authentic results after testing with potential buyers in the future.

These prototype simulation studies prevent the company to invest time and money in useless ideas. Only good product ideas with fruitful outcomes will undergo further developmental stages.

Phase II: Developing New Products
Stage 4: Business Case Analysis

Either investing in a product developmental procedure is a good choice or bad, the company has to decide this before proceeding further. By getting answers to the following questions, a company can assure whether investing in a particular product is a good idea or bad.

The cost required through the different phases of the product life-cycle?
Worth of this newly developed product in the company’s portfolio?

A good business analysis does not always revolve around the marketing cost of a single phase of product development. It provides detailed information about the total cost, possible revenue generated and the possible interacting outcomes with other company’s products.

 

Stage 5: Technical and Marketing Development

Either investing in a product developmental procedure is a good choice or bad, the company has to decide this before proceeding further. By getting answers to the following questions, a company can assure whether investing in a particular product is a good idea or bad.

How will this new product impact the other Company’s objectives like social responsibility?

A good business analysis does not always revolve around the marketing cost of a single phase of product development. It provides detailed information about the total

cost, possible revenue generated and the possible interacting outcomes with other company’s products. A good business analysis periodically highlights the attributes

Phase III: Commercializing New Products

Stage 6: Test Marketing and Validation

Marketing test on a limited scale is a crucial step in the commercialization of the product in the market. The marketing test includes all the key player variables which either control or can influence the launching of a new product in the market.

But remember, marketing testing and product testing are two different things and one must not confuse these two things.
Product testing is totally based on the will of the company or producer. In which the company first selects the test population.

A new product must have attributes, that compel the buyers to pay for that product instead of other market competitors.

Marketing testing generates the actual results for the company by providing information regarding the actual marketing environment and competition to a new

product. It will help the company to evaluate and improve the success probability of the product before it launches on a large scale.

Stage 7: Product Launching

After successful completion of all previous phases, large-scale manufacturing of the new product begins in this phase. A company makes sure the provision of an abundant supply of the product to the market to meet the customer’s demand.

 

Stage 8: Evaluation

The role of the marketing team does not finish after the launching phase, but the dimensions of marketing studies changes. No marketing team has to collect data throughout the product life cycle from the whole market.

The results compiled through this collected data will suggest time-to-time modifications and improvements in the product.

FAQS

What kind of content will you create for my business?

Email marketing is all about creating value for the reader. Depending on your audience, that might include an informational newsletter, or a monthly promotion.

We’ll work with you to create rich content that engages readers and motivates them to accomplish the goals you’re hoping to achieve.

Can I add extra emails to the set package?

You absolutely can! In fact, industry experts suggest that 1-2 emails per week is ideal frequency for better sales. There is no limit to the number of extra emails you can order.

Do you provide stock images?

We can absolutely provide stock images if requested and required by your team. However, we recommend that you provide professional images of your business to ensure an authentic and engaging email campaign.

What kind of content will you create for my business?

Email marketing is all about creating value for the reader. Depending on your audience, that might include an informational newsletter, or a monthly promotion.

We’ll work with you to create rich content that engages readers and motivates them. To accomplish the goals you’re hoping to achieve.

Is a monthly content call necessary?

We always recommend completing a short content call for every monthly campaign. This helps to ensure that our team is able to deliver an email strategy that suits your business. Changing needs and targets the right audiences with the right messaging

.

What are the limits for word count on each email?

We do our best to adhere to the industry’s best practices. Which is 200-250 words typically receives the best open and click-through rates.

What templates and layouts can I choose from?

During the onboarding call, we’ll review a few different templates with your team that best suits your needs.

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