Product Mix

Essay by pnutg60University, Master'sA+, August 2004

download word file, 5 pages 4.8

Abstract

Imagine the loss of time and revenue lost when a promotion campaign fails. The promotion of products needs to be done systematically and subjectively depending on the current fad. Systematically means that it needs to be done within a process. The lifecycle of a product needs to be evaluated through a strategic plan that will measure the life expectancy of the product. Subjectively refers to the target market that you are focusing on, who? What? Where? How? Why? These questions can help the marketing analyst develop a successful promotion campaign. Most importantly they need to follow a module made up of promotion mix ingredients. The life cycle of a product needs to include a contingency plan that contains measures to handle possible emergency crisis situations in order to prevent the product from a devastating economic failure.

1. Promotion

Designing new marketing strategies can become complicated when you have an undefined target market and when new promotion tools emerge.

Without being able to define a target market your products may be considered useless. When you develop a new product or service you must be able to identify prospective customers in order to promote your product successfully. Unfortunately, many corporations and small business make the mistake of ignoring their target market; resulting in loss of time and revenue due to poor promotion campaigns. The promotion of products needs to be done systematically and subjectively depending on the current fad. Systematically means that it needs to be done within a process, the lifecycle of a product needs to be evaluated through a strategic plan that will measure the life expectancy of the product. Subjectively refers to the target market that you are focusing on, who? What? Where? How? Why?

These questions help marketing analysts develop a successful promotion campaign. Most importantly they...