Marketing strategy of the product or service
The “Marketing Mix” is a business tool used in marketing products. It is classified into “four Ps”: product strategy, distribution (place) strategy, communication (promotion) strategy and pricing strategy. “Four Ps” are the variables that marketing managers can control in order to best satisfy customers in the target market. Product Strategy
Product differentiation strategy
A product strategy identifies that how companies plan to sell their products to the marketplace Product differentiation strategy is more suitable to Healthworks since they have many competing firms in China. HealthWorks and their competing firms offer a product that fulfills the same need. In product differentiation strategy, Healthworks’ goal is to put distance between Healthworks’ product and their competitor's product in a good way. Essentially, in this strategy, Healthworks need to produce a product which can be superior to their competitor's. There are two forms of product differentiation: vertical differentiation and horizontal differentiation. To implement a vertical product differentiation strategy, Healthworks’ goal is to improve features of the product so that the customers perceive a difference in quality due to improvements. If Healthworks cannot make the product better or when the features of the product cannot differ substantially from the features of the competitors, Healthworks should focus instead on horizontal differentiation which marketing to customer taste and preference
Distribution (Place) Strategy
Place Strategy refers to providing the product at a place which is convenient for consumers to access. As a small company, HealthWorks performed Exclusive Channel, distribution channel in which a manufacturer grants the right to sell its product to only one or a limited number of resellers, instead of intensive channel. When small companies especially with lesser known brands choose an intensive...
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