The marketing mix Assignment Example | Topics and Well Written Essays - 1500 words

The merchandise mix - Assignment ExampleEven when marketing a proceeds that has high demand, it is advisable for marketers to espouse what competitors are doing because competitors always seek to increase their market share. In addition, it is vital to focus on the ample amount of data surrounding the product so as to formulate well-informed marketing strategies and to visualise for the future effectively. Todays consumers own good market knowledge, and hence marketers cannot meet customer blessedness unless they identify the actual needs of consumers. Finally, production managers must deliver superior quality products as consumers have wide range of choice today.Major principles of product include aggregate product, product lifecycle, and branding. Under the core product principle, a uniform core product is designed that is capable of integrating a outcome of standard attachments, parts, or components. The integration of these attachments to the core product benefits compan ies to meet the preferences of local consumers in country. It is relevant to timbre that the value of the core product is higher when compared to the total value of the finished product. Hence, it is clear that the core product constitutes a notable proportion of the total value of the finished product. In addition, this product approach may assist firms to take advantages of economies of scale and in that respectby cut down production costs.The product lifecycle principle posits that there are four major steps in the development of a product, including introduction, growth, maturity, and decline (Zimmerman & Blythe, 2013, p.173). The introduction phase angle is characterised with start-up gross revenue growth, and generally firms spend more on production and marketing than what they receive in sales revenues. Sales significantly increase in the growth stage and firms begin to enjoy a confirmatory return on their investment. In the maturity stage, the longest period of the prod uct