Marketing a Product
I. Market objectives 3
A. Expand existing market share 3
B. Find and develop new markets 3
II. Product 3
A. Branding 4
1. Product identity 4
2. Corporate identity 4
B. Features 4
C. Quality 4
D. Packaging 4
E. Safety 4
F. Service and maintenance 4
G. Warranty 4
H. Accessories 4
III. Price 4
A. Strategy 5
1. Premium 5
2. Competitive 5
3. Penetration 5
4. Skimming 5
5. ...others 5
B. Retail price 5
C. Wholesale price 5
D. Discounts 5
1. Volume 5
2. Cash payment 5
3. Incentives 5
4. Upgrades 5
5. Online sales 5
6. ...others 5
E. Bundling 5
IV. Distribution 5
A. Channels 6
1. Direct 6
2. Indirect 6
B. Types 6
1. Distributors 6
2. Wholesalers 6
3. Retailers 6
4. Internet 6
C. Warehousing 6
D. Order processing 6
E. Transportation 6
F. Customer support 6
V. Promotion 6
A. Strategy 7
1. Competitive edge 7
2. Unique selling points 7
3. Benefits 7
B. Personal selling 7
C. Sales promotion 7
D. Public relations 7
E. Events 7
F. Campaigns 7
G. Advertising 7
H. Testimonials 7
VI. Upgrading 7
A. New features 7
B. Rebranding 7
C. Restyling 7
D. Repackaging 7
E. ...others 7
Purpose: To help plan the marketing of a new product or service: use this map to make sure you are considering all the factors. Use it in conjunction with the project template "Developing a New Product" which lets you schedule all the necessary tasks.
Directions: You can use this template in various ways, for example as a checklist to remind yourself of the key points, as a tool for teaching others, or as the starting point for a visual representation of your marketing plans for a real product. Modify it according to your needs.
* Move the cursor over the yellow comment markers to see further information and suggestions.
* Click the plus (+) or minus (-) icons to expand or collapse parts of a branch.
* Tailor the mind map to suit your needs by adding comments, notes and sub-branches to expand on existing topics and explore new ones.
* Add diagrams, photographs, video or audio clips to illustrate key points.
* Add links to external documents where necessary.
* Various export formats are available, for example Microsoft® Word, Microsoft PowerPoint and HTML. With HTML export you can create a professional-looking Web site in seconds for internal or external use.
* Import formats include Microsoft Word and PowerPoint.
* Printing the mind map is easy, whether on one sheet or several.
Related OpenMind templates:
* Developing a New Product
* Getting Customer Feedback
* Prospecting for Sales
I. Market objectives[W1]
See Product
A. Expand existing market share
B. Find and develop new markets
II. Product[W2]
See Price
A. Branding
1. Product identity
2. Corporate identity
B. Features
C. Quality
D. Packaging
E. Safety
F. Service and maintenance
G. Warranty
H. Accessories
III. Price[W3]
See Distribution
A. Strategy[W4]
1. Premium
2. Competitive
3. Penetration
4. Skimming
5. ...others
B. Retail price
C. Wholesale price
D. Discounts
1. Volume
2. Cash payment
3. Incentives
4. Upgrades
5. Online sales
6. ...others
E. Bundling
IV. Distribution[W5]
See Promotion
A. Channels
1. Direct
2. Indirect
B. Types
1. Distributors
2. Wholesalers
3. Retailers
4. Internet
C. Warehousing
D. Order processing
E. Transportation
F. Customer support
V. Promotion
See Upgrading
A. Strategy
1. Competitive edge
2. Unique selling points
3. Benefits[W6]
B. Personal selling
C. Sales promotion
D. Public relations
E. Events
F. Campaigns
G. Advertising
H. Testimonials
VI. Upgrading[W7]
A. New features
B. Rebranding
C. Restyling
D. Repackaging
E. ...others
[W1]In order to devise the right marketing mix, and to maximize sales, you need to start by considering your overall growth strategy for the product. The pricing, distribution and promotion strategies will need to be adapted to this overall growth strategy.
[W2]Define the the product, which might be a tangible item or a service. Put the customer first: it's easier to market and sell a product created in response to customer need than one which you can make, but for which there may be no demand.
List all the factors you will need to consider and all the product decisions to be made.
[W3]Use this branch to brainstorm the different pricing strategies and policies you should consider and to record the decisions you make.
[W4]The first step in pricing is to determine the pricing strategy for the product, itself based on your overall market objectives.
Does your product have a substantial competitive advantage? Do you need to gain market share before the price can be increased? The answer to these questions and many others will help you determine the appropriate pricing strategy for your product.
[W5]How will you get the product from its point of manufacture to the customer? List all the areas you will need to consider and record the decisions you make.
[W6]When promoting your product or service, present the benefits that the user can derive from its features, rather than the features themselves.
[W7]As well as developing new products, you need to see how you can improve your existing products. Involve your customers by conducting user surveys to make sure enhancements are based on customer demand. See the OpenMind template "Getting Customer Feedback".
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