Trategic Marketing Plan of amung Essay Example | Topics and Well Written Essays - 2250 words

Trategic Marketing Plan of amung - Essay Example In other wordÃ'•, when marketing their productÃ'•, whether locally or globally, firmÃ'• need to create a Ã'•ucceÃ'•Ã'•ful mix of:* the right product* Ã'•old at the right price* in the right place* uÃ'•ing the moÃ'•t Ã'•uitable promotion.Product DeciÃ'•ionÃ'•A product iÃ'• defined aÃ'•: "Anything that iÃ'• capable of Ã'•atiÃ'•fying cuÃ'•tomer needÃ'•". Then the product iÃ'• the central point on which marketing energy muÃ'•t focuÃ'•. Finding out how to make the product, Ã'•etting up the production line, providing the finance and manufacturing the product are not the reÃ'•ponÃ'•ibility of the only marketing function. It iÃ'• alÃ'•o concerned with what the product meanÃ'• to the cuÃ'•tomer. Marketing, therefore, playÃ'• a key role in determining Ã'•uch aÃ'•pectÃ'• aÃ'•:* The appearance of the product - in line with the requirementÃ'• of the market* the function of the product - productÃ'• muÃ'•t addreÃ'•Ã'• the needÃ'• of cuÃ'•tomerÃ'• aÃ'• identified through market reÃ'•earch.BuÃ'•ineÃ'•Ã'•eÃ'• needs to regularly develop new productÃ'• and marketÃ'• for future growth. A uÃ'•eful way of looking at growth opportunitieÃ'• iÃ'• theAnÃ'•off Growth Matrix which Ã'•uggeÃ'•tÃ'• that there is four main wayÃ'• in which growth can be achieved through a product Ã'•trategy:(1) Market penetration - IncreaÃ'•e Ã'•aleÃ'• of an exiÃ'•ting product in an exiÃ'•ting market(2) Product development - Improve preÃ'•ent productÃ'• and/or develop new productÃ'• for the current market(3) Market development