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Nature and scope of marketing strategy
Nature and scope of marketing strategy
Nature and scope of marketing strategy
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Creating a product to market to the public involves the creation and formulation of a product strategy. Companies face questions regarding the quality, features and price of a product, therefore, it is very important that marketing managers develop a wining product offering by addressing the five product levels, which are potential product, augmented product, expected product, and basic product. Finally, once all these levels have been identified and addressed, customer value hierarchy is created. (Kotler & Keller, 2009) Within that product strategy, applying a means-end chain theory to create attribute-benefit-value for the market product is a great way to generate a desirable product. (Chin-Feng, L. & Hsin-Chung, H., 2009) "Analytical results indicate that consumers are primarily concerned with personal feeling, seduction and self-imagery benefits. Marketers can utilize analytical results of benefit-variable assessment for product design and marketing strategy formation." (Chin-Feng, L. & Hsin-Chung, H., 2009) In order to provide an ultimate product that consumers want and need creating differentiation, marketers must considered market augmentation which enables the product or service of a company to distinguish it self from competitors. Product augmentation happens when a company partners with other organizations to create a final product, an expected consumer product. (Kotler & Keller, 2009) Concerning the actual product, traditional marketers have developed product categories, which are durability, tangibility, and (consumer or industrial). Each product and its category contain a marketing strategy mix that marketers use to advertise and sell. (Kotler & Keller, 2009) within these categories, products are divided and a s... ... middle of paper ... ...hind their product's quality and that they are confident their product will meet consumers' expectations. Marketers must use the power of offering guaranties and warrantees to improve consumers' product confidence. (Kotler & Keller, 2009) Works Cited Chin-Feng, L. & Hsin-Chung, H. (2009). Variable Assessment Of Product Benefits In Consumer Behavior using a Means-End Approach. Social Behaviors & Personality: An International Journal, 37 (5), 577-581. Retrieved from EBSCOhost. Kotler, P & Keller, L (2009). Marketing Management (Thirteenth ed). New Jersey: Pearson Prentice Hall. Murphy, P. E., & Enis, B. M. (1986). Classifying Products Strategically. Journal of Marketing, 50(3), 24- 42. Retrieved from EBSCOhost. NetMBA. (2011). Pricing Strategy. In NetMBA Business Knowledge Center. Retrieved February 27, 2011, from http://www.netmba.com/marketing/pricing/
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
Quester, P.G., McGuiggan, R.L., Perreault, W.D. &McCarthy, E.J. 2007. Marketing: Creating and Delivering Value. (Fifth Edition). McGraw-Hill
Kotler, P., & Keller, K. (2012). A framework for marketing management. (5 ed.). Upper Saddle
It is noticeable how all these processes together help business marketers to determine what the customers consider valuable, create solutions, and build effective business relationships with customers. If organizations succeed in offering better value than competitors, communicating the product differentiation, providing everything as promised, and surpassing customers’ expectations, they will easily obtain positioning for
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
In this world, creating a new product, as good as it may be, is not enough. The success of any product, in this day and age, depends grandly on the way it is presented to the market. Marketing is responsible in assuring a successful launch of a product, new or reinvented, and to assure its sustainability in this competitive world. For those reasons, billions of dollars are spent each year on tools and strategies to improve marketing research and predict the success of a product: many marketing firms form focus groups, do trials and conduct many tests just to end up with a fairly high percentage of failures.
Dickson, P. R., & Ginter, J. L. (1987). Market segmentation, product differentiation, and marketing strategy. Journal of Marketing, 51(2(April 1987)), 1-10. Retrieved from http://www.jstor.org/stable/1251125
This report looks in to the five products that have being selected form the six product categorizes. They’re Casio wrist camera watch, Arpico supermarket, Shania twain, Sigiriya, United National Party. With aid of the information I’ve gathered, I have evaluated each product and analyzed their product levels and given reasons why I placed the characteristic of each product in that specific level, and explained how a marketer can use these to make product awareness. Then, I’ve placed the products in the tangibility continuum and I have the reasoned out why I placed each product in the tangibility continuum.
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
Hooley G. J., Saunders J. A., Nigel F.: Marketing strategy and competitive positioning. 2nd ed. Harlow 1998.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
It generates a new category which is grounded on an innovative product class that is rare and very prosperous in international markets through the adoption of marketing tactics.
The products in this sector are also different from other ordinary products, even in marketing since it deals with service products as opposed to selling of physical or tangible goods. The intangible experience represents the major products for the industry and this means that tourists buy the products, and feels or experiences it, but does not own the product (Aziri and Nedelea, 2013). As defined by Hudson (2008), the industry’s products refer to the sum total of all elements, factors, and components that are brought together to satisfy the needs and wants of tourists as consumers. Product planning in tourism is essential to provide tourists with a package of products and increase profitability. (Hudson, 2008) furthers suggest that a comprehensive product planning considers all the likely levels of tourist products which include core products, tangible products, and augmented products. Decisions organizations make about their products is an interplay of market mix, organization’s long-term strategy and even branding (Hudson, 2008). Given the wide nature of the industry, and that products in the industry are sub-sector specific, Morrison (2010) suggests that it is suitable to approach product planning from the consumer’s point of view for profit and value maximization. One such approach is the six R theory of product formation considers customers, resources, and the entire targeted market. Below is the ‘R’ theory as proposed by Raina (2004) as cited in Hudson (2008). According to (Morrison, 2010), intensified competition makes branding an invaluable tool in positioning an organization by making its products distinct, competitive, and more satisfying than the competitors. As described by Keller (2003), cited in (Baker and Cameron, 2008), a brand is essentially a product, only that it is differentiated, more valuable, and more
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
· The Right Marketing Mix – Is the product right?, Is it sold in the