Sample Marketing Essays on Product Marketing

Functions of marketing

Marketing is a key component of commerce and business. It provides the businessperson with vital information concerning product quality, availability and acceptability by the clients. It also influences, based on consumer feedback, the pricing of products in the market. Marketing practices including branding, advertising and road shows help to increase the client base as well as client outreach. Additionally such practice enlightens plausible clients about the advantage of using a certain product over another. Discounts on products, product promotions and other client incentives associated with marketing help in driving sales volumes. Therefore marketing ensures that businesses remain abreast with changes in consumer dynamics and therefore instigate corresponding changes in the business.

Market shifting and sharing

Businesses are fast moving towards addressing the shift in market dynamics heralded by unprecedented changes. Such changes include government policy, technology, input costs and consumer patterns. Therefore businesses have to make vital strides towards revolution and revision of their marketing stratagem to counter such market dynamics. Remedies are therefore poised towards indulging and utilizing solutions targeting products, stakeholders and consumer redefinition (Peter, Olson and Grunert 18). Though businesses deliberate on and implement strategic plans, these fail due to lack of commensurate changes in capability of the businesses.

A company could produce the same goods and or services packaged in different quantities and priced differentially to target different clients in the same market. For instance Unilever Company’s Omo washing detergent has various packages for its product. The lowest quantity is priced at $0.1 while the largest packaged quantity is priced at $10. Such practice ensures that the same product reaches out to bulk purchasers as well as one off buyers hence making it appealing across the divide. As such, marketers have to ensure their packaging and value per unit coin entices the consumer towards their products and services.

 

Customer Value Assessment

  1. Wrist watch

Benefits: time and keeping with style and trends

Cost: repairs and maintenance; price of buying

  1. Weight loss diet supplement

Benefits: boosts self esteem and better health

Costs: adverse effects including wardrobe change

Price of purchasing the services

  • Cruise on a luxury linear

Benefits: tranquility, convenience and relaxation

Cost: sea phobia, claustrophobia and startup expenses incurred

  1. Checking bank account

Benefits: monetary security and expediency in terms of transactions with financier

Cost: expenses incurred during startup including fees

 

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New opportunities seen by defining a firm’s markets

Numerous new opportunities are exposed upon defining a businesses’ market more precisely. Such definition exposes the business to vast unexploited opportunities including a new client base and changes in consumer trends. It also provides a system for estimation of consumer potential for goods and services offered which in turn predicts possible product sales volume. New opportunities in business are therefore identified through market niche analysis, opportunity matching and evaluation. Analysis of market stratification and segmentation patterns also help the business in development of strategic plans that ensure its success in the market.

For a niche in the market, a business owner has to begin by establishing the consumer patters of the clients in the new market. Such informs the volume of production if producing and or more room for warehousing in case the goods are ordered from elsewhere. Gronoos afforms that product prices have to also be competitive to ensure consumers get value for money (Gronroos 254). The business owner should also interrogate access to their products and services by the consumers. Adherence to the above dynamics ensures success of the business in the market.

 

Works Cited

Gronroos, Christian. “Relationship marketing: The strategy Continuum.” Journal of the     Academy of Marketing Science 23.4 (1995): 252-254.

Peter, Paul J, Jerry C Olson and Klaus G Grunert. Consumer behavior and marketing        strategy. McGraw-Hill, 1999.