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Explain why it is necessary for marketers to deploy different product growth strategies in relation to market development opportunities. Provide examples to support your answers - Essay Example

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The increase of competition in markets worldwide has led firms to adopt marketing strategies that can offer a competitive advantage; however, the marketing plans used for the promotion of products and services internationally often fail to perform in accordance with their…
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Extract of sample "Explain why it is necessary for marketers to deploy different product growth strategies in relation to market development opportunities. Provide examples to support your answers"

Download file to see previous pages at are limited in a particular state; other criteria for the differentiation of marketing plans used in various industrial sector can be also set – taking into consideration the consumer preferences, the characteristics of the target market and the resources available. The need for the alignment of marketing strategies with specific demands and rules is extensively highlighted in the literature. In this context, it is noted that ‘globalization of business has created the need for international public relations practitioners to identify, study and understand the world views, mindsets, and habits of their global publics in order to effectively communicate’ (Ihator, 2000, 38). In any case, culture is considered to be a significant criterion for the development of marketing strategies – a view which is in accordance with the study of Tan (2002); Taylor (2002) also emphasizes on the importance of culture for marketing plans in all industrial sectors. Other criteria, like the condition of the advertised product (Zhang et al., 1996, 40), have been considered as the potential basis for the development of marketing policies. Current paper focuses on the examination of the importance of market development opportunities for the product growth strategies deployed by marketers in various industrial sectors. It is proved through this study that marketers tend to be influenced by the market development opportunities when having to design a product growth strategy; however, the above dependency is not standardized – it is a relationship which is strongly depended on the willingness of marketers to use the market development opportunities as the basis for a product’s marketing policy; examples are provided that justify further – referring to the existing literature – the above assumptions.
Through the decades, different criteria are set for the promotions of products and services in the market. The specific issue is highlighted in the study of Yelpaala (1994) where ...Download file to see next pagesRead More
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