logo image

Product strategy

Similarly, strategic marketing requires that products be well defined to meet the customers need with maximum value satisfaction. An elaborate understanding of the product and its salient marketing features will determine how it will be able to penetrate a new market or increase the fold of sales in an existing market. From the organizations point of view, the marketing department will be able to decide if they will adopt a push or pull product strategy based on the product market position.

(Johnson & Scholes, 1999). Many strategic marketers take a lot of time to understand the consumer behaviour as it has a direct bearing on their psychological drives and influences to buy products. To that end, the marketing organizations will normally carry out detailed consumer attributes analysis to determine their trends of tastes and preferences that influence how they chose of discriminate over products and services on offer.

After this understanding, many organizations will adopt an integrated communication mix to inform the target market of the availability of the product. Therefore organizations that have the most up to date information following a reflective market analysis will gain competitive advantage over the rest and will be able to achieve good returns on investment.

Need essay sample on "Product strategy"? We will write a custom essay sample specifically for you for only $ 13.90/page

(Brassington, 2006). The next generation market competition will be determined by the organizations ability to directly or indirectly position their products alongside strategic capabilities as shown in appendix II.

One such feature that occasionally does not get so much attention is the distribution channel. As shown in appendix IV, when a marketing organization is dealing in huge volume of products, they need to have an effective and efficient distribution channel that integrates the whole process support to primary activities to sales margins. (Porter, 1980). An effective distribution channel, as shown in appendix V, is one that allows for product trace ability and inventory management across the value chain.

If a distribution channel is well positioned every segment of the strategic production stands to benefit. This observation is base on experience that customers will be serviced timely; markets will be targeted efficiently; product value will be preserved with minimal quality losses; prices will be optimal and affordable to the consumers; communication will be reliable; products will maintain or improve market share; and information will be well maintained for future operation reciprocation.

(Christensen, et al, 1973); (Porter, 1980). Conclusion As we progress in the current century, marketing organizations and group need to keep abreast with the latest strategic marketing concepts so that they can maximize return on investments to their business ventures. (Ansoff, 1965).

Thus an integrated strategic marketing process is sensitive to consumer needs and preferences; is strategic in targeting the market; is clear on the value added to the products and consumers; has an efficient and effective distribution network and system; prices their products and services to maximize ROI; used a range of marketing communication mix to maximize outreach and appeal; defines the products well enough to be able to position them strategically in the market; understands the consumer behaviour and what influences them to buy offered products and services; does a market investment risk analysis such as SWOT to seek TOWS for product positioning; and carries out proactive and continuous market research to stay abreast with trends that are shaping the direct and indirect competition landscape. A good marketing strategy must show equally good market synergy as shown in appendix I.

(Ansoff, 1965); (Kottler, & Keller, 2006). References Ansoff, H. I. (1965). Corporate Strategy, McGraw-Hill. Brassington, F. (2006). Principles of Marketing 4th Edition. FT Prentice Hall Christensen, C. R. et al,(1973) Business Policy: Test and Cases, Irwin Johnson, G. & Scholes, K. , (1999). Exploring Corporate Strategy: Text and Cases, Fifth Edition, Prentice-Hall. ISBN 0-13-080740-0 Kottler, P and Keller, K. (2006). Marketing Management 12th Edition. Upper Saddle river, NJ: Pearson Prentice Hall Mintzberg, H. (1979) The Structuring of Organisations, Management Science, Vol. 24, pp 937 – 948. Porter, M. E. (1980). Competitive Strategy, MacMillian. .

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy