The marketing mix Assignment Example | Topics and Well Written Essays - 1500 words

The marketing mix - Assignment Example Even when marketing a product that has high demand, it is advisable for marketers to observe what competitors are doing because competitors always seek to increase their market share. In addition, it is vital to focus on the immense amount of data surrounding the product so as to formulate well-informed marketing strategies and to plan for the future effectively. Today’s consumers have good market knowledge, and hence marketers cannot meet customer satisfaction unless they identify the actual needs of consumers. Finally, production managers must deliver superior quality products as consumers have wide range of choice today. Major principles of product include core product, product lifecycle, and branding. Under the core product principle, a uniform core product is designed that is capable of integrating a number of standard attachments, parts, or components. The integration of these attachments to the core product benefits companies to meet the preferences of local consumers in country. It is relevant to note that the value of the core product is higher when compared to the total value of the finished product. Hence, it is clear that the core product constitutes a notable proportion of the total value of the finished product. In addition, this product approach may assist firms to take advantages of economies of scale and thereby cut down production costs. The product lifecycle principle posits that there are four major steps in the development of a product, including introduction, growth, maturity, and decline (Zimmerman & Blythe, 2013, p.173). The introduction stage is characterised with start-up sales growth, and generally firms spend more on production and marketing than what they receive in sales revenues. Sales significantly increase in the growth stage and firms begin to enjoy a positive return on their investment. In the maturity stage, the longest period of the product