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The company would then develop a marketing strategy for the new product. This strategy would outline the goals of the marketing campaign, the target audience, the marketing mix, and the budget. For example, the company might set a goal of increasing brand awareness for the new product by 10% in the first year. The target audience might be young adults who are interested in technology. The marketing mix might include a new website, social media campaign, and advertising campaign. The budget might be $1 million.

0fb1637b51b8a75364e6d8129f4717c3a4abb9b24801dfbd0e8e1abd368477f62

The company would conduct market research to understand the needs and wants of potential customers for the new product. This research might reveal that customers are looking for a product that is more durable, more affordable, or easier to use than existing products on the market.

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