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Inventors Handbook
Important parameters that will improve your chances
of licensing or selling include:
a. Patent or Patent Pending Status
b. Market research or other empirical evidence to demonstrate the
possible market success of the invention
c. The life expectancy of the product
d. How advanced the invention is; Low chance of obsolescence
e. The potential to design or develop variant products based on
the original invention.
IV. Marketing Strategies
An ideal marketing strategy should be ‘customer centric’
and should revolve around your target market, its needs and aspirations
and efforts to meet and surpass those expectations. Marketing strategy
plans should effectively connect the product, price, place, promotion,
and people involved to yield optimum results.
a. Product: The invention, along with all its features and benefits
b. Price: How the product is priced and what strategies are adopted
verses the competition.
c. Place: Distribution channels; the point of sale; how and where
the customer can buy the product. Decide to reach customers directly
(via trade shows, direct sales, mail order, etc.) or indirectly
(through distributors, wholesalers, retailers, reseller, agents,
multi-level marketing networks, brokers etc.).
d. Promotion: Advertising, Promotion (discounts, coupons, reward
programs etc.), Publicity and Public Relations
e. People: Mainly customers and prospective customers. Also selection,
training, responsibilities, targets and monitoring employees; sales,
marketing, distribution, collection and customer care personnel.
Apart from the business plan, a detailed Marketing Plan that defines
and describes business objectives, targets, strategies and plans
on the marketing front will be effective. Assign both team and individual
responsibilities as required along with set milestones and deadlines.
A marketing audit to measure, analyze, review and suggest corrective
measures is important as well.
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