Marketing Mix Strategy 1: PRODUCT Using Product marketing mix elements, please provide: · brief analysis of the company’s current product strategy for their current market by analysing their: o product mix (The Table of their current product Mix)
Marketing Mix Strategy 1: PRODUCT
Using Product marketing mix elements, please provide:
· brief analysis of the company’s current product strategy for their current market by analysing their:
o product mix (The Table of their current product Mix)
o 3 levels of product (please include the diagram)
o PLC
· recommendations for the company of what new product strategy that would best serve the new target market and be in harmony with the new positioning strategy developed in A1/2. What should they change in their product elements, so they can attract the new target market? Should they introduce a new product? New sub-brands? Modify their current products? How and why? Your recommendations should be detailed and actionable. Where is their product on the PLC. Explain! Include the picture and include a label with an explanation
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Marketing strategy refers to the technique or the way through a company is successfully able to identify the customers in the market and target the potential customers with the appropriate products or services. Market mix or marketing strategy refers to building strategy for the elements of marketing which is the product, price, place an promotion. These are the different aspects and element of marketing and they have to be crucially evaluated so that the marketer can successfully position the products in the market.
Following is the importance of creating and implementing effective marketing mix strategy to an organization-
- Helps in excellent mix creation
- Marketing mix helps in new product development
- It increases the product portfolio
- Provides guidance to improve the business
- Helps in product/ service differentiation
- Helps the organization being dynamic
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