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Developing Marketing Strategies
During globalization, marketing strategies play an important role that decides the survival of a business in global competition. In order to survive, a business must control four basic elements of the marketing strategies to reach its target market. These four basic elements involve of product, price, promotion, and place. The varied of marketing strategies which called marketing mix can be implemented to reach different target markets.
Product
The first element of the marketing strategies is product. The term ‘product’ is a much broader concept that most people think or understand. When people are talking about a product, they will refer to what a company produces, such as digital camera, telephone, etc. Kotler and Armstrong (2006, pg. 276) found that “A product is anything that can be offered to a market for attention, acquisition, use, or consumption and might satisfy a want or need.”
A product consists of two elements which are tangible and intangible product. For example, when we buy a computer we are purchasing a good. It is a tangible because it is real, physical object that we can touch and feel. The one who sells it, which is sales assistant at the electronic store provides a service; it is intangible. By making a good quality of product, company can be said successful in satisfying consumers’ needs and wants.
Some brand names, such as Coca-Cola, BMW, etc, can immediately create a good quality of products image in consumers’ minds. The ability of a business in developing a product image compared with the image of the competitors’ products is what we called product positioning. During the global competition, sales may be difficult for the businesses to secure. For this reason, businesses must create a strong brand image that differentiates their products with others competitors. This can be achieved by using strong brand image in the product as the strategy in competing. Kotler and Armstrong (2007, pg. 208) found...