Tools of product policy as part of business marketing in the conditions of globalization

University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitna 1, 010 26 Zilina, Slovakia

^* Corresponding author: veronika.paurova@fpedas.uniza.sk

Abstract

Research background: Marketing is one of the key process for a successful business, because it deals with gaining and retaining customers, without whom the business would not make sense. Effective marketing benefits not only the company, but also the customer, because it helps to find the product that customer needs at the right time, in the right place and at an acceptable price. The product is one of the basic tools of the marketing mix and it is anything that can company offer in the market to meet the needs. In relation to the product and the overall product policy of the company, the company and its management must make a lot of decisions. Globalization has had a significant impact on the company’s product policy as well as on the company’s overall activities in recent years. It is a process as a result of which markets and production in different countries become increasingly interdependent due to the dynamics of trade in goods, services and the mobility of capital and technology.

Purpose of the article: The purpose of the paper is to point out the theoretical basis of product policy with emphasis on product policy tools. The paper also covers the impact of globalization on business marketing with an emphasis on product policy.

Methods: Method of analysis, synthesis, comparison, induction and deduction.

Findings & Value added: Literature research in the field of product policy and new knowledge in the field of product policy with emphasis on the impact of globalization.