Marketing Strategy The Heart Of Marketing Mix - 990 Words

Individual Assignment (Marketing) Introduction Product strategy lead an integral role in a firm in the area of decision making. According to Kotler (1991), product strategy is the heart of marketing mix. Adopted a suitable product strategy is imperative for a firm as it cause a direct impact on the satisfaction of the customers. The backpack presented focuses on the function for sports consumers’ needs. This report is to figure out the best comprehensive strategy to fulfil consumers’ needs and simultaneously lower the expenses to maximise the profit. Therefore, several strategies which are differentiate strategy and quality strategy are discussed by analysis their advantages and disadvantages. Alternative strategies 1. Branding strategy Branding is the way that conveys the message of confidence, quality and reliability to their target market. Branding strategy is altered to differentiate the product from other competitors. The main purposes are product identification, repeat sales and new product sales. The first purpose is to develop a brand name with high brand equity that familiar and easy to indicates. Secondly, repeat sales depend on the development of customers’ brand loyalty to purchase the product again. The third purpose is to facilitate new product sales when introducing a new product to gain more attention and acceptance. 1.1 Advantages of branding strategy Branding may create the perception of a marketing message virtually instantaneously. A trusted brand hasShow MoreRelatedDetermining The Final Marketing Mix1299 Words   |  6 Pages3. The final part of the assessment involves determining the final marketing mix in relation to the new marketing opportunity. As part of finalizing your marketing mix, answer the following questions: What environmental factors could have an impact on the selected marketing mix e.g. economic conditions, the political or legal environment, etc? Competition: considering the fact that there are about 4 pubs, and 3 motels in the local area, competition does affect the business on a good levelRead MoreBest Marketing Mix For New Product Or Service Opportunity Essay1134 Words   |  5 PagesBased on all of the answer above and the work you have completed in relation to question 1 and 2, identify and describe the best marketing mix for the new product or service opportunity. Provide your reasons for this choice. Best marketing mix Description Reasons for this choice Product New product line to be included will be the organic and environmental friendly hair dying products This product will have zero negative impact to human health such as asthma or skin allergies or the natural environmentalRead MoreYwca1089 Words   |  5 PagesYWCA Donna Echols MKT/421 Mr. Zack November 26, 2013 Marketing is all about creating a really solid decision, which will lead to more money. 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The marketing mix concept often referred to as the â€Å"4Ps† (McCarthy, 1964), as a means of translating marketing planning into practice (Bennett, 1997) is one of the fundamental concepts of marketing theory. Marketing mix is not a scientific theory, but merely a conceptual framework that identifies thee principal decision making managers make in configuring their offerings to suit consumers’ needs. The tools can be used to develop both long-term strategies and short-term tacticalRead MoreTASK1 Marketing Concept and Process 1.1: Marketing and Various Elements of Marketing700 Words   |  3 PagesTASK1 Marketing Concept and Process 1.1: Marketing and Various Elements of Marketing Process Several authors are explained about marking in a different ways. According to Kotler and Armstrong â€Å"Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others† and Marketing is the process of analyzing marketing opportunities, selecting target markets, developing the marketing mix and managing the marketing effortRead MoreInternational Advertising : Theory And Approach925 Words   |  4 Pagesthe varieties in both the theoretical approach and application. is a complex concept that varies drastically in both theoretical approach and application. The emerging global consumer culture is affecting international marketing theories and in return, international promotional mix decisions. American culture is dominating the global markets due to the use and application of international advertising by American companies. In order to appreciate the differences in international advert ising from theRead MoreMarketing, Management And Finance1176 Words   |  5 Pages In the very complicated world of business there are three main things you need to focus on, Marketing, Management and Finance. Now to get more in depth on marketing. Marketing is a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas to create exchanges that satisfy individual and organizational goals. Marketing ensures that the products consumers want to buy are available at a price they are willing to pay and that theRead MoreBusinesses Are Profit Seeking Entities Essay933 Words   |  4 Pagesachieve these objectives, businesses have to satisfy the consumers’ needs. Marketing helps to realise this through marketing activities. By helping to sell, marketing activities contribute to the creation of wealth. According to the CIM (Chartered Institute of Marketing) â€Å"Marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements profitably.† In other words, marketing helps businesses to put a product on the market at the right place, at theRead MoreSocial Marketing1446 Words   |  6 Pagestermed social marketing. Rather than dictating the way that information is to be conveyed from the top-down, public health professionals are learning to listen to the needs and desires of the target audience themselves, and building the program from there. This focus on the consumer involves in-depth research and constant re-evaluation of every aspect of the program. In fact, research and evaluation together form the very cornerstone of the social marketing process. Social marketing was born as