Marketing approach to develop a strategy to create a new product:
I am creating a new product or service for an existing organization. The product is a minivan for BMW. I would like help with the marketing research approach I would use to develop the marketing strategy and tactics for this new product in 250 words or more. Please list references, if any.© BrainMass Inc. brainmass.com March 4, 2021, 10:51 pm ad1c9bdddf
The following is the market research approach to the developing the marketing strategy and tactics for the new product.
The approach will include developing the design for the BMW minivan, developing a pricing policy for the vehicle, selecting the methods of distribution for the BMW minivan, and developing the communications plan for the proposed BMW minivan; Further, the study has to identify the competition, assess the strength of the competition, identifying the segments that have to be targeted, and the positioning of the BMW minivan.
This answer provides you an excellent discussion on market research approach.