Question

Give a summary of your understanding of "Dimensions of Marketing Strategy", include concepts of Developing New Products, Classifying Products, Product Line and Mix, Product Life Cycle, Identifying Products, Pricing and Distribution.

Answer 1

Marketing strategies will be adopted by the organisation in order to market their products with various customers which will be helpful in gaining competitive edge in relation to making higher profits through better interaction with customers.

It will be including development of new product which are in line with the market trends and it will help the company in order to to increase its share into the markets and it will also help in order to attract new customers which can be retained for the longer period of time.

There should be classification of the project on the basis of profitability mostly because those organisations who are looking to increase the overall market share and they are looking for an aggressive pricing strategy will always be focusing upon those products which were providing a higher margins and higher profits to the overall company and they will be provided with special emphasis in order to increase the overall sales and increase the overall profit of the company.

Various product line and product mix should be appropriately defined for the company because product mix will be helping the company in in gaining additional market share and it will also help in gaining a competitive edge whereas product line will be differentiated on the basis of their contribution into the overall profitability of the company and those product lines should be preferred which are helping the company in order to generate a higher rate of return.

Product life cycle will be categorised on the basis of introduction and growth along with maturity and decline and those product should be provided a special emphasis upon which are into their growth stage because those products which are in their growth stage will be having a higher potential of increasing the profitability of the company and they should be marketed with an aggressive marketing and those products which are into the maturity stage, should be provided with the strategy of retention of market share and introductory products should be advertised properly.

Identification of the product and distribution as well as pricing of the product are important phenomenon in overall determination of a better marketing strategies as it will be improving the total profit of the company because pricing will be related to either pricing penetration or price skimming or other pricing strategies which are suitable for the company as the company will be fixing the price upon comparison with its competitors in the market.

Marketing strategies have various important dimensions and they should be utilised in combination with each other to help the company maximize its profits.