Product Strategy over Pricing

PRODUCT STRATEGY OVER PRICING 3

ProductStrategy over Pricing

ProductStrategy over Pricing

Themarketing mix is a tool used by organizations to determine themarketing strategy and plan for promoting a brand in the market.Included in the mix is the product strategy and pricing. While thesetwo are important components of the marketing mix, the productstrategy is more important than the pricing component. Productstrategy is more important because it is the component that directlyappeals to the consumer. According toMoller (2006), the consumer seeks theproduct not the distribution channels or price. The product is theonly component out of the four that relates to the item the consumeris looking for.

Inaddition, the product strategy touches more on the needs of thecustomer. When developing the product, a good strategy focuses on thesatisfaction of the needs of the consumer. According to Luanand Sudhir (2010), consumers wantproducts that satisfy their needs as the first priority of theirbuying decision. The development of a good product therefore mustsolve these needs as the consumer goes out to solve the needs and notnecessarily to acquire the product.

Moreover,the product strategy leads to the implementation of the other threecomponents of the marketing mix. By successfully developing a goodand competitive strategy, the pricing will follow the value of theproduct. The place strategy will be sparked by the demand, and thepromotion will be sparked by the value of the product to theconsumers. However, all the four components are required for asuccessful marketing strategy (Constantinides,2006).Despite the combination, the product strategy should be givenpriority over other components of the marketing mix.

References

Constantinides,E.&nbsp(2006).The&nbspMarketing&nbspMix&nbspRevisited:Towards the 21st Century&nbspMarketing.Journalof&nbspMarketing&nbspManagement.&nbspApr2006,Vol. 22 Issue 3/4, p407-438

Luan,Y., &amp Sudhir, J.K. (2010). Forecasting&nbspMarketingMixResponsivenessfor New Products. Journalof&nbspMarketing&nbspResearch(JMR).Jun2010,Vol. 47 Issue 3, p444-457

Moller,K. (2006).&nbspMarketing&nbspMix&nbspDiscussion- Is the&nbspMixMisleadingUs or are We Misreading the&nbspMix?Journalof&nbspMarketing&nbspManagement.&nbspApr2006,Vol. 22 Issue 3/4, p439-450