The essence of a product to compete globally is to combine the various elements of the marketing mix viz. , Product, Promotion and Distribution in such a way that it attains the necessary volume of sales at a cost that will permit to make a desired profit. The way these elements are to be combined depends on the target market to be served and should study the needs and wants of the target consumers and analyze the unique blend of various elements of the marketing mix has to be designed to reach a specific group of consumers.The planning of placing the product in the global arena is a unique strategic decision of the overall marketing planning.
The elements of a marketing plan include marketing situation analysis, problems and opportunities analysis, objectives, marketing, strategy and programme, marketing budgets and sales volume, cost/profit estimate. The other area relates to the target markets, market positioning and marketing expenditure levels. The interdependence of these decision areas defines the structure of the marketing strategy and determines whether or not they form an effective plan of action.In combining different components, helps identify the elasticity in the key element in the competitor strategy.
A number of factors affect the success of the product- the type of market, stage in evolution and competitive conditions. The firm must try to find the best combination or optimum marketing mix for its particular situation at a particular time keeping in note the costs change, competition changes and consumer tastes change.
