Steps
- Conduct research to see if the product is a good one and it has a viable target market.
- Make any required changes to improve the product.
- Assume that the product is "terrible" and the management has inventoritis.
- Assess financial capability to support product-marketing initiatives.
- Create an inventory of all the tangible and intangible assets available to the company.
- Understand the value proposition, target market, goals and environment.
- Clarify timeline, plan, target market needs, priorities and objectives.
- Examine all processes within the company (operations, financial and internal/external marketing).
- Make all required improvements to the internal processes.
- Improve the marketing materials.
- Design an external marketing strategy and process. (considerations below)
- Positioning - competitive strategy, differentiation, brand and pricing strategy
- Selecting - distribution channels, marketing vehicles and service providers
- Focus your efforts by finding the Leverage Point (Strategic Leveraging) by analyzing networks, trends, technology and alliances. Strategic Leveraging involves the following 5 steps:
- determining the opportunities for improvement from the status quo.
- evaluating strategic improvement opportunities.
- creating a strategy centered around a Leverage Point (LP).
- establishing a position.
- executing the strategy using sufficient leverage and force to drive the process to completion.
- Get the right people into the right places at the right time.
- Leverage all the appropriate tangible and intangible assets and execute on the strategy and process.
- Review the process and make any necessary changes.
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