The Role of a Quality of the Product in the Marketing Strategy
If the product is of low quality, all marketing efforts will fail. A nice packaging, attractive promotion or even a lower price of competitors cannot replace quality. The successful marketing strategy is the one that has all elements balanced. This is the only way to attract customers and hold them in a long-run.
Marketing strategy includes all activities aimed at the increase in sales and a sustainable competitive advantage based on the selected marketing mix that consists of 4 Ps or product, price, place, and promotion (McCarthy). All elements of the marketing mix are equally important and must be harmonized in order to achieve the marketing goals. The product is what sells to customers and the base of the business operations. It must have an adequate price which is determined by costs and must be brought to the consumer through selected distribution channels. Customers also must be informed about the product that is offering. In services, marketing is added three more elements – process, people and physical environment, which makes the 7 Ps (Booms et. al.).
Although all elements of the marketing strategy are important, the quality of the product is crucial because creates a customer satisfaction (Singh 5). Even when all other elements of the marketing strategy are in line with the market, if the quality of the product is low, the customers will not be satisfied and will stop buying the product. The quality of the product also creates value (Singh 5). Furthermore, product quality has a direct and positive influence on ROI, market share and price (Jacobson and David 32). Customers are willing to pay higher prices for higher quality. Also, a quality product will easier enter the market and increase market share. In return, higher prices and market share have a positive feedback effect on increasing the quality and altogether increase ROI (Jacobson and David 42). It is enough to look the well-known brands, such as iPhone, Mercedes, Nike or Armani to see that with high quality always goes high price, a huge market, and enormous business success. However, customers will buy only what they want, so the company must find the right mix of all elements.
Therefore, though all four elements of the marketing strategy are important, without a quality product a company cannot survive in the market, even if has the most significant competitive advantages in other aspects of marketing. Very often a quality of the products is the crucial factor in the decision to purchase a product because it determines customer satisfaction.
Booms, Bernard H. and Mary Jo Bitner. “Marketing Strategies and Organization Structures for Service Firms.” Marketing of Services, American Marketing Association, 1981, pp. 47–51. Jacobson, Robert, and David A. Aaker. “The Strategic Role of Product Quality.” Journal of Marketing, vol. 51, no. 4, 1987, pp. 31–44., doi:10.2307/1251246.
McCarthy, E. Jerome. Basic Marketing. Richard D. Irwin, 1964.
Singh, Meera. “Marketing Mix of 4P’S for Competitive Advantage.” IOSR Journal of Business and Management, vol. 3, no. 6, 2012, pp. 40–45., doi:10.9790/487x-0364045.
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