Formulation of Strategies on Product and Promotion Strategy formulation is the development of long-term plans necessary for the growth and development of an organization and it is based on an analysis of various factors. Strategy formulation is important as it enables an organization to run in the right direction. Among the product strategies are: product modification and other factors like economics, culture and the life cycle of a product, and the local laws. Promotion is understood as the act of stimulating the demand for the goods and services of an organization, and it is aimed at creating awareness of a product and image establishment. Product strategy varies based on the goods and services and the target consumers. There are those products that can be sold with modification and there are those that do not require modification based on specific market requirements. Multinational enterprises need to formulate marketing strategies before they begin investing; this is because strategies provide direction to the operations of a business. Tactical decision-making is significant in ensuring that the products meet the needs of the customers. The key issues that should be put into consideration in the formulation of product and promotion strategies are: Target Market : identification of the target market is a key strategic factor; this is where a firm should establish the groups of consumers who will buy its product brand. The consumer groups should be identified based on the following factors: age, income, sex and characterization of their lifestyle. After identifying the target market, the relevant promotional strategies that match the target market are designed. Product Decisions : vital product decisions have to be made especially in relation to the features of a product. This should be carried out according to the needs and preferences of the target consumers. There are many ways in which a product can be made to be unique, for instance using of unique scents is a common way that is used. Products should be manufactured in a manner that is adapted to local tastes (Rugman, Collinson & Hodgetts 2006, p. 48). Promotion : this is instrumental in updating the consumers about the availability of certain products in the market and persuades them to buy the goods from the market. In the formulation of marketing strategies, only those techniques which are appropriate should be adopted. An example is when a firm wants to build a promotional strategy that targets children, an advertisement on cartoon TV shows is an effective one but any strategy that is aimed at stimulating trial of a new-product brand on the market, sales promotions support like giveaways and coupons will be appropriate (Handlin 2012, p. 1). Economic Issues : this is considered an international strategy that is based on cost leadership, and product differentiation and segmentation. This strategy is utilized in the case where a product is generic and cannot be sold on any brand name or support service. Political Strategies : this strategy is a country responsive and is mainly aimed at protecting the local market niches. Various Multinational Corporations (MNCs) utilize country-cantered or multi-domestic strategy. In this aspect, the success of a product is highly dependent on marketin