Set 301 redirects

I have a site hosted on Windows server 2008 R2. I need to set 301 diverts to another site. The problem I have is there are about a few hundred pages that need to be set up with a divert. So far the format of my site and the new site URLs is

Http://mysite.com/shop/products/product.aspx?id=1
Http://newsite.com/merchandise/product.aspx

Is there a quick way to set the diverts? Could I use any wild cards or would I have to do each URL seriously? I would appreciate any examples if there is a quick way to achieve this.
Thanks