Such decisions require consistency in the general business and the marketing strategy for that business. A rightful unit in this line makes decisions on products within it, the price within the set guidelines, dealers to be used and a communication strategy that is analogous to the business’ strategy. A product portfolio is the set of products that is offered by a company. The marketing strategy of a company should thus be alongside the products in the offer and based on various business models (Zamagni 373). 1. Marketing mix According to Perreault and McCarthy (50), a marketing mix is a set of variables put together by a company to satisfy the target market. It has four tenets as indicated in the figure below. Product; this involves the development of the correct product for the market. One should choose the right characteristics and services for customer satisfaction. Place: the business should ensure that the product is at the right place where it is required by the target market for purchase. Price; the business owner should choose a price that the target market is willing to spend on the product Promotion: the process of informing the target market about the product With a good marketing mix, the customer is able to perceive the product correctly. It determines the poisoning of the product with relativity to the needs of the customer. 2. Porters five forces The porter’s model is essential for checking the economic models that impact a business (Zamagni 375). The model (as indicated in the figure below) can be used by a company in the following ways; Internal industry rivalry; this occurs through competition in pricing the products or other means. The firms should be able to set competitive prices (as defined in the market mix). Entry threat; this threat arises from other companies who may want to develop the same product. It can be lowered by developing high end products Substitute products; the business owners should be aware of the substitutes available in the market and look out for potential substitutes. They can decide to enlarge market definitions. Supplier/buyer powers; the business should offer a wide range of prices to the buyers. To the suppliers, they should be given very high standards for materials supplied to up scale the quality. 3. Break even analysis In aligning the right strategies, a business should be aware of the break even point in order to avoid losses. This is the point where the sales made are just enough to cover the costs associated with production. At this point, further sales indicate profits for the business. In coming up with a break even analysis, the business owners should consider the fixed and variable costs, margins of contribution and the operating leverages (Menon, 25). 4. Product life cycle analysis This is an assessment of environmental effects associated with a product from raw materials to end of its usage. In the case at hand, this technique is useful in supporting the business strategy. It also acts as an input to the design of a product and also for declaring the product. It is an essential tool for business decision making in areas such as; environmental comparisons to determine environmental value of product as well as methods of production and various choices, manufacturing and commercial development. 5. SWOT Analysis This analysis aims at identifying the strengths, weaknesses, the opportunities as well as the threats found in a
Name Tutor Date Importance of evaluating an organization’s marketing strategy along with a customer/product portfolio Strategic decisions in a marketing plan for the purposes of designing, developing, positioning and branding a product are very critical…
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