Conceptual approaches to the definition of marketing and product strategy of a company

In the modern world, where different businesses are under the pressure of fierce competition, the development and implementation of the marketing strategy by traditional methods are not able to reflect the specific features of functioning of these businesses in the market conditions. The necessity to resolve this issue is associated with the development of methodological approaches to the formulation of the marketing strategy covering the peculiarities of the business in the modern market. At present there is no single and clear definition of the marketing strategy. It is interpreted in different ways by various conceptual approaches. Scientific definitions of the marketing strategy term differ by certain reasoning and contradictions of opinions. Basing on the interests and goals of the organization, the marketing strategy determines the activities of the business departments. Among the tasks of the marketing strategy the author notes the impact on the processes within the organization, the formation of the company’s image in the opinion of consumers, partners and competitors, in order to gain the loyalty of prospective customers and grow the market share as compared to direct competitors. The product policy and the marketing strategy are interrelated and interpenetrating elements of the commercial activities of an enterprise. The product policy is a component of the marketing activities aimed at the development of the range of goods, creation of new products, elimination of goods that get low in consumer demand, improvement of product packaging, development of a catchy name and an expressive trademark. Thus, it is possible to conclude that there are changing tendencies in the consumer market development, which requires new marketing approaches and areas in the implementation of the marketing strategy, allowing the company to reveal the diversity of internal relations, to develop the innovative trends.