An understanding of product is essential for effective marketing Essay

An understanding of product is essential for effective marketing. Discuss - Essay Example The welfare of customers and other stakeholders must be considered as the primary objective of a business. In this respect, marketing activities includes all these important factors that enhances the value of an organisation and ultimately leads to wealth creation of its stakeholders. Marketing is broad concept and a crucial primary activity of a value chain. According to Robert Skrob, â€Å"using sound marketing principle, strategies, and techniques will allow you to build a large list, form great relationships with your clients, and provide them with outstanding products and services - things they want, get value from, and that you are proud of† (Skrob, 2008, p.63). Therefore, for establishing and achieving long term success, a business organisation must formulate an effective marketing strategy. The increasing competition in the business world is one of the vital reasons that have increased the significance of marketing strategy. A successful marketing strategy enables an o rganisation to achieve competitive advantage. It enables a company to gain an upper hand position in the market. Product or service is the core factor that serves the consumers’ demand and utility. It is the prime factor for running a business. This paper will attempt to deal with the understanding of product for effective marketing. In this respect, the paper will discuss various aspects of product that affect product strategies. Various theories and models will be presented to support the primary objective of this essay. Finally in the conclusion section, overall discussions and analysis will be summed up. In the process of strategic management, a marketer must consider four primary component of marketing. These marketing components are product, price, promotion and place. The four components of marketing are known as ‘marketing mix’ or four ‘Ps of marketing’. Marketing mix can be defined as the basis of marketing strategy and it â€Å"establishes