Evaluate product strategies, product life cycles and product identification, and determine which is the most important to get right. Explain your rationale.
Imagine yourself as a small-business owner with a unique product to sell. Briefly describe your imagined product and what your distribution strategy would look like.
Evaluating the marketing mix (place, product, price promotion and advertising) and strategies that a company needs to implement to create long-term sales growth and in turn increased sales should involve all areas mentioned, but for many involves just the advertisement and price promotion of the product. Understanding the "longer-term effect of marketing strategy on brand performance, particularly with respect to price and promotion" will provide relavant product information that will focus on all areas of the marketing mix and create the total brand performance of a product instead of just focusing on the advertising and how much to charge for the product (Ataman, et al, p866).
Product strategies should involve performance measurements that define vast areas from and not excluded too: should this product be advertised through various venues that would attract the consumers most likely to buy this product, should the product be placed in certain areas of the store that would attract the most consumers, should we offer a discount to entice customers to purchase this product and will this help or hinder the sales of the product and the revenues received from it? ...
The solution discusses products and distribution strategies.