Marketingmix, product strategy or pricing strategy
Thetactics employed by a marketing team to reach the desired market havea huge influence on the success of the organization. These tacticsare referred to as the marketing mix. Marketing mix strategy can beproduct strategy or pricing strategy. The pricing strategies is basedon the amount a consumer is expected to pay for the product, whileproduct strategies focuses on what is offered to the consumers(Ettenson et al, 2013). While both strategies are important, productstrategy is superior to pricing strategies in the marketing mix.
Thepricing strategy is concerned with the short term sales, profits andsurvival of the business organization in the market (Gordon, 2012).For example, a marketing team dealing with a detergent may set apenetrating price lower that the established competitors. While thisis likely to lure some customers into buying the product, it may notdetermine the long term profitability of the product. It may alsocreate a poor consumer perceived value of the product. On the otherhas hand, product based strategies are long term marketingstrategies. They include the quality of goods and services offered tothe consumers, branding, variety and packaging. They are features ofthe product that will attract the customer to buy the product.Product strategies focus on satisfying the needs of the customer(Azadi & Rahimzadeh, 2012). For example, a marketing team dealingwith detergent may decide to provide the product in an attractivepackaging, offer different varieties or flavors and exploit thestrong brand name of the mother company to sell their product.Additionally, the can focus on tangible features of the product suchas strength and performance which depicts the product quality.
Gordon,R. (2012). “Re-thinking and re -tooling the social marketing mix”.AustralasianMarketing Journal,20 (2), 122-126.
Ettenson,R., Conrado, E., & Knowles, J. (2013). “Rethinking the 4P’s”.HarvardBusiness Review,91 (1), 26-27.
Azadi,S., & Rahimzadeh, E. (2012). “Developing market ing strategyfor electronic business by using McCarthy’s four marketing mixmodel and d Porter’s five competitive forces”. EmergingMarkets Journal,2(2), 47-58.