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New product in Qatari market ( Recorder pen ) Essay Example

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New product in Qatari market ( Recorder pen )

As for instance, understanding the external environment in which the business operates has been crucial to formulate a strategy, which is not only effective to implement the plans of the business, but is also able to ensure existence and smooth operability of the business. Therefore, the CREST model has been in this regard to understand the Social, Economic, Technological, Competitive and Rules and Regulations factors, which can influence the business of the company and the new product, which is about to be launched in the market.Apart from this, the information obtained from secondary sources has also been used to carry out a SWOT analysis for the business, which enables the identification of strengths, weaknesses, opportunities and threats faced by the business. This analysis has provided necessary insights about the internal environment of the company in light of market conditions.In addition to the SWOT analysis, an STP analysis, which includes segmentation, targeting and positioning, has been carried out. The STP analysis is an analysis based on three stages, which enable evaluation of different segments which can be considered in the marketing plan, targeting of the product, and positioning of the product. In this regard also, only secondary information has been used to understand what segments can be targeted by the company to market its product in Qatar, how targeting of customers can be carried out in line with the existing marketing conditions and the nature of the product itself. Lastly, the analysis also enables understanding how the product can be positioned in the market.Apart from the STP analysis, another important model used for carrying out marketing research and developing the marketing strategy for “Smart Pen” is the 4 P’s of Marketing Mix, which include developing the strategy for Product, Price, Placement and Promotion. The information obtained from secondary sources, which include market reports, news and developments related to Qatar’s consumer electronic industry, etc. has been used to determine what are the features of the product, what price level is suitable to be set for the product when launched in the market, where the product has to be placed and what promotion strategies will be adopted to market it.For the purpose of evaluating the external environment in Qatar and determining the marketing strategy which is appropriate in the circumstances, CREST model has been used. The CREST model includes an

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preview essay on New product in Qatari market ( Recorder pen )
  • Pages: 19 (4750 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Masters
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