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A methodical approach to the formation of a marketing strategy for the promotion of products to new markets

Author

Listed:
  • Iryna Zakryzhevska
  • Tetyana Katkova
  • Vitalii Karpenko

Abstract

The study revealed the relevance of the problem of improving the method of forming a marketing strategy for promoting new products to the market. The purpose of the study is to improve the theoretical, methodological and applied principles of substantiation of the marketing strategy of promoting products to new markets. Micro- and macro- as well as endo- and exogenous factors influencing the formation of marketing strategies of business entities are analyzed. The external competitive environment of the enterprise analyzed in the study was analyzed. It has been established that this is a highly competitive market, and the level of competition in this market is gradually weakening. A competitive map of the enterprise's product market was compiled according to such parameters as the size of the competitor's market share and the rates of its expansion (narrowing). A model for choosing a marketing strategy for promoting the company's products to new markets has been developed, depending on the identified competitive advantages. It has been proven that it is advisable to interpret the marketing strategy of promoting products to new markets as a set of elements that characterize a principled logic different from competitors based on the use of key competencies for the most effective distribution of strategic resources in the business process system with the aim of creating products that meet consumer priorities. The scientific novelty of the research results lies in the improvement of the methodical approach to the promotion of the company's products to new markets by forming an appropriate marketing strategy. The applied value of the research results is that the implementation of the appropriate methodical approach will allow, with lower sales costs, to ensure better positioning of the company's products in the target market segment, which will contribute to increasing sales volumes and higher business efficiency in general

Suggested Citation

  • Iryna Zakryzhevska & Tetyana Katkova & Vitalii Karpenko, 2022. "A methodical approach to the formation of a marketing strategy for the promotion of products to new markets," Innovation and Sustainability Articles, Innovation and Sustainability, vol. 2(4), pages 160-172, November.
    • Handle: RePEc:cve:innsjn:v:2:y:2022:i:4:p:160-172
    DOI: https://doi.org/10.31649/ins.2022.4.160.172
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