Developing a marketing strategy is the third stage in the new product development process. It involves designing an initial marketing strategy for the new product, which is based on the product concept and begins with three main parts:
The first part describes the target market, planned product positioning, sales, market share, and profit goals for the first few years. The second part describes the planned price, distribution, and marketing budget for the first year. The third part describes the long-term sales and profit goals, the marketing mix, and the long-term sustainability strategy.
