Strategic Marketing Strategy

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This paper will detail a strategic marketing plan for a new product that is ready to “go to market”. A strategic marketing plan is important when presenting a new product or service because it ensures that the maximum amount of profit can be obtained for the product. A good strategic marketing plan provides focus and helps to pinpoint opportunities. A strategic marketing plan incorporates an executive summary, target marketing, place, product, pricing and promotional strategies, and a distribution plan.

Product
New products need to be constantly introduced to keep up with the ever -changing demands of the consumer. New product introduction is vital to the overall welfare of any organization according to (Ledwith and O 'Dwyer
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They strive to deliver state-of-the-art products to stay competitive in tomorrow’s world of advanced technology.
Objectives
Objectives for new product launch should be quantitative and qualitative. Qualitative objectives can consist of awareness of the brand, brand image, and position of the product. Differentiating a new product is very important. The product must stand out from competitive products on the market. It is a good idea to advertise at least three things that makes the product different from others. The objectives should be made using the SMART principles. Specific, Measurable, Achievable, Relevant and Time-sensitive. Marketing objectives should be initiated because it ensures a way to measure the progress of the new product and point out the things that need to be changed.
The marketing objective for the first year of introduction of Heaven’s Helper for Hair product is as stated:
• Meet or exceed monthly sales target of 1000 products a month. (1000 product X $200.00 each =$200,000.00).

• To achieve a 20% return on capital by the end of the first fiscal year, on December 12,
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The multi-channel distribution strategy allows both indirect and direct distribution methods to be used. Heaven’s Helper for Hair will sell directly to the consumer via their website and will also sell indirectly via beauty shops, beauty supplies and travel agents. Multi-channel can be successful because it allows customer the option of doing business the way they want to do it as told by Fan and Lu (2015). When using the multi-channel distribution strategy, it is a good idea to implement consistency in fundamental practices such as; having the same return or exchange policy if the product is purchased online or from a distributor. Heaven’s Helper for Hair will have a written agreement with distributors ensuring them they if a customer is not satisfied with the product, they are able to return it for a full refund within 48 hours of purchase with no questions

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