Phase 3 Discussion Board Assignment Example | Topics and Well Written Essays - 1000 words - 1

Phase 3 Discussion Board - Assignment Example The situation becomes more challenging when it involves the introduction of a new product in an already existing marketing with various previously existing competition. This will require the consideration of particular product features in order to introduce a product strategically thereby winning a substantial marketing share (Parente, 2005). Among the issues to discuss in the lunch meeting will include the marketing mix, a tool used by marketers to evaluate the profitability of the product or service. Promotion is an essential element in the marketing mix. It refers to the increase of product awareness among a target market thereby increasing the chances of the product purchase. The basic tool used by marketers in promoting a product is its name. In this case, the product has no name thereby requiring the marketers to determine an effective name that will help acquire a substantial market for the product. The name must have a sense of originality and exhibit the features of the product. Several other brands have operated in the market before, an original name must is not a simulation of the name of the other products. Such may result in legal tussles with the owners of the already existing products. The name must have an ease of pronunciation and have an attribute that links the products to the target market. Products that target children should have a rhythmic name that the children can pronounce and commemorate easily. The originality in the name will help distinguish the product from the rest and earn the product recognition from the mention of the name. After the determination of an appropriate name, branding becomes the second most important marketing role. Branding offers the marketers with a platform to advertise the product cheaply without incurring additional media costs. Branding refers to the labels that the marketers place on the packaging material on any product. A product looks pale and boring without a branded label on the packaging material,