Step 1

Sales analysis: It involves analyzing the product’s sales figures to determine how well it is performing in the market. This can include comparing actual sales to forecasted sales, and identifying any discrepancies. 

Step 2

Market share Analysis: Market share is the percentage of total sales in a particular market that is being accounted by a particular company or product. It is used to understand how much of the market is being captured by the product.

Step 3

Consumer feedback: Gathering feedback from customers is an important step in understanding how the product is being received by the target market. This can be done through various research methods, such as surveys, focus groups, or customer reviews.

Step 4

Distribution and promotion effectiveness: This step involves evaluating the effectiveness of the distribution and promotion strategies in reaching and resonating with the target market. The company can track how many people have been exposed to the marketing campaigns, and how many responded to it.

Step 5

Profitability: This step involves monitoring the product’s profitability by comparing revenues to costs. It helps in identifying areas where costs can be reduced, and to reevaluate the pricing strategy if needed.

Step 6

Competitive analysis: This step involves monitoring the competition by analyzing their activities, products, and pricing. This helps in understanding how the product compares to similar offerings in the market and how to adapt the strategy accordingly.

Step 7

Brand awareness and loyalty: This step involves measuring the product’s brand awareness and customer loyalty in order to understand how well the brand is resonating with the target market. This can be done through surveys, focus groups, and other research methods.

Step 8

Based on the data collected and insights gathered, this step involves making necessary adjustments to the product, its pricing, distribution, promotion, and other aspects of the marketing mix. The objective is to improve product’s performance and customer satisfaction.