Setting Product Strategy

Marketing is the management procedure in which the product or service is moves from concept to the customer. It includes the co-ordination of the 4 P’s of marketing: product, price, placement and promotion. [tutor2u.net]

7. Describe the four elements of the marketing mix. What roles does each element play in delivering value to customers?

Marketing- Infilling a market lead ethos thought out, researching on external opportunities to understand current and potential customers, developing the marketing plan and strategy. Managing budgets and market success.

However, a foremost component of the marketing planning process is discerning, innovative marketing strategies and plans that may well direct marketing attempts (Kotler and Keller, 2009:80). In this direction, the first and foremost task is to identify the opportunities in the market and find out the prospective segments where a firm can take opportunities to enhance its business and profitability.

Question: Outline the marketing process and explain the importance of each element of the marketing plan.

According to the lecture on Product Attribute Design, which of these is NOT a component

2 List the three types of goods that are classified as inventory. What characteristic will automatically exclude an item from being classified as inventory?

19. The transformation of raw materials into finished products is associated with the ____________ sector of a nation's economy.

Which of the following is not a process commonly considered in making products or delivering servicesA.continuousB.batchC.repetitiveD.job shopE.subcontracting 34. The type of processing system which is used for highly standardized products isA.continuousB.intermittentC.projectD.batchE.unit 35. Behavioral approaches to job design includeA.SpecializationB.ErgonomicsC.Job RotationD.Flow Process ChartsE.SIMO Charts 36. A major advantage of job specialization in business is increased _________.A.motivationB.opportunity for advancementC.opportunity for self-fulfillmentD.productivityE.job enrichment 37. Nearness to raw materials would be most important to a (A.grocery storeB.tax preparation serviceC.manufacturing companyD.post officeE.hospital 38. A one-hour photo processing machine in a Wal-Mart store is an example of a _________.A.micro-factoryB.downsize strategyC.diversified strategyD.lean production systemE.falling price strategy 39. A tool that is not used for quality management is ________.A.FlowchartB.HistogramC.Perato AnalysisD.RedesignE.Check sheets 40. The four dimensions of quality that are sometimes used to determine fitness for use of a product are ______.A.performance, special features, durability, and service after saleB.performance, special features, conformance, and reliabilityC.special features, conformance, reliability, and durabilityD.performance,

2) What are the key components of a marketing plan? List and describe each component briefly.

Marketing planning involves looking at all angles, the best strategy that will enable a company utilize it resources efficiently. Organizational resources are scarce and thus planning become inevitable. Analyzing the marketing requires adequate knowledge with proper strategies to seize opportunities that exist. Market planning requires that organization understand their internal and external environment. Internal

In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the

Discuss the potential audiences for a marketing plan and the needs of those potential audiences.

The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.

Organizations successful at strategy implementation effectively manage six key supporting factors :     1.  Action Planning