To increase the success of a product whether it’s a new product or a commercial product, marketing strategies are developed throughout the product life cycle to highlight the benefits of the product and give the customer significant reasons to buy the product over the others. Marketing strategies are then developed in creating a strong brand identity of these benefits through specific focused marketing activities in creating customer loyalty.
Marketing strategies are developed throughout the product life cycle because there are factors that can change the dynamics of the market such as new competitors, new trends, and reimbursement changes and therefore, marketing strategies need to be reevaluated periodically and products repositioned depending on the change.
- Product Assessment
- Identifying reasons why one product is favored over another product from customers.
- Market Assessment
- Identifying new competitors or influences in the market place.
- Competitive Intelligence or Landscape
- Identifying all competitors and their strengths and weaknesses.
- Competitive Advantage
- Identifying the products’ benefits in terms of clinical differentiation.
- Marketing Strategy and Plan
- Developing the positioning, messaging, pricing, reimbursement, and programs in marketing the product.