Marketing and New Product / Service Development

Typically, Marketing Plans are driven by a Strategic Plan that has identified the need and general direction for growth. As a result, a Marketing Plan is a means of implementing a marketing strategy. They include: researching and understanding potential markets, selecting market segments for targeting, and positioning the organization's products/services in an optimal way to reach the targeted market. This positioning may include building a brand, introducing or adjusting a product/service, setting prices to match demand, establishing distribution channels, and executing focused advertising and promotion.