MARKETING MANAGEMENT
ASSIGNMENT

Product a breakdown of the principles and processes involved in formulating a marketing strategy including those of market research.

MBA ID:
Word Count: 1901
A marketing strategy is composed of several interrelated elements. According the definition of marketing strategy by Study Market (2011), it outlines the manner in which the marketing mix is used to attract and satisfy the target market(s) and accomplish organization's objectives. This is quite an encompassing definition of marketing strategy as it touches all the elements. It shows that marketing strategy gives a direction on how the marketing mix (product, price, promotion & place) are utilized in such a way to satisfy consumer target markets to achieve organizational goals and objectives. The marketing mix, segmentation, branding, promotion and market research all serve as parts of the interrelated elements that make up a good marketing strategy.
Marketing mix has its origins in the 6O's: Jerome McCarthy (1964) deduced the four-element framework: Product, Price, Promotion and Place. The marketing mix elements redefined by McCarthy became the most widely used and accepted element of marketing theory. Many writers have expressed serious doubts on the role of marketing mix as a management tool in its original form and proposing alternatives approaches. Some of the weaknesses of the 4Ps are domain-specific: which ignored the human factor, lack of strategic dimensions, offensive posture and lack of interactivity.
Product refers to the goods and services you offer to your customers apart from the physical product itself.
Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer. Lusk (2011) suggested to broaden a product bundle one should take opportunities to add