Marketin Mix Essay Example | Topics and Well Written Essays - 1500 words - 1

Marketin Mix - Essay Example Referring to the process of evolving new products, it is closely associated with market development (Boone and Kurtz 2002). The concept of a product defines uniqueness nature and qualities of goods proposed to the market. Decisions in this area determine the products to be produced and stocked, as well as details concerning their appearance, form, size, package, quantities, timing of production, price lines, and anticipated market segments. Product combines the function of analyzing, classifying, and organizing information into commercially feasible new products, and the marketers function of assessing unsatisfied wants and needs and identifying profitable market opportunities. Usually this activity necessitates compromise among the engineering, production, marketing, and accounting departments. For instance, the high specifications stressed by engineering may push costs above market acceptance. Effective product development adopts a critical but positive posture. Management cannot be satisfied with current products, regardless of how good they are. Such an attitude and expression of expectations achieve an even better match of corporate offerings with consumer expectations (Lim and Rusetski 2006). The role of the sales force should be geared to company and marketing department objectives. The starting point of the sales program is company goals. Volume, profit, industry, territory, product, image, and rateof-return goals influence the direction and scope of sales activities. The practical range of sales alternatives for a company may vary from the companys own sales force, to the use of a variety of wholesalers including sales agents and manufacturers agents, to the elimination of salesmen by such techniques as mail order. Procedures for selecting salesmen vary from simple informal interviews to interviewing committees aided by batteries of psychological tests (Boone and Kurtz 2002). Price is accorded