When a promising concept has been developed and tested, it is time to design an initial marketing strategy for the new product based on the product concept for introducing this new product to the market.The marketing strategy statement consists of three parts and should be formulated carefully: 1)A description of the target market, the planned value proposition, and the sales, market share and profit goals for the first few years 2)An outline of the product’s planned price, distribution and marketing budget for the first year 3)The planned long-term sales, profit goals, and the marketing mix strategy.