Select all the choices that a marketing manager must consider when introducing a new product in the market introduction stage.

Question

Multiple select question.

The cost of product development

JIT inventory needs

How to promote the product

Which distribution channels to select

The location of production

Answer 1

When introducing a new product in the market introduction stage, a marketing manager must consider the following choices:

1. The cost of product development - Understanding the initial investment required for bringing the product to market is crucial for budgeting and forecasting financial performance.

2. How to promote the product - Developing a marketing strategy that includes advertising, public relations, social media, and other promotional activities is essential to create awareness and generate interest.

3. Which distribution channels to select - Identifying the appropriate channels to reach the target audience effectively is vital for ensuring that the product is available where consumers can purchase it.

4. The location of production - While this might not be as directly related to marketing, it can impact costs, supply chain logistics, and the ability to meet demand, all of which are important considerations in the introduction stage.

JIT inventory needs (Just-In-Time inventory management) may be less critical during this early stage as the focus is typically on launching the product and ensuring distribution rather than optimizing inventory levels.

Thus, the four selections to be considered are:

• The cost of product development
• How to promote the product
• Which distribution channels to select
• The location of production