8. Setting Product and Strategy






Welcome to my eight blog, In today's post, we're diving into the exiting world of setting products and strategy. As we know, a well-defined product and a solid marketing strategy go hand in hand to drive business success.   


A product (offering) is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information's, and ideas. 





Product Levels Overview

• Core Benefit: Identifies the fundamental value or primary purpose a customer seeks in a product. This level addresses the underlying need or problem the product is designed to fulfill.

• Generic Product: Comprises the       basic version of the product that fulfills the core benefit, including all essential features and attributes.

• Expected Product: Represents the set of attributes and features customers anticipate in a product. This level represents the minimum requirements that customers expect when making a purchase.

• Augmented Product: Includes additional features and benefits that surpass customers’ expectations and distinguish the product from its competitors. This level includes warranties, customer support, packaging, after-sales services, or loyalty programs.

• Potential Product: Envisions future possibilities and innovations that could be incorporated into the product. This level involves anticipating and adapting to changing customer needs and technological advancements.




A product strategy is the foundation of product design, outlining the entire story of a product, its intended use, and the reasons behind its development. It defines the course of action for an organization to achieve a product and keeps everyone involved on track. A product strategy is not the same as a product plan, which is a list of desired features with deadlines. A product plan is a plan of action, while a product strategy is a list of desired features.

A product strategy does not account for uncertainty, so it's essential to consider the reasons behind building the product. A plan doesn't guarantee a product's success, as teams often focus on outcomes rather than outcomes. It's crucial for a product team to be open to trying different approaches to find the best solution to the problem they're trying to solve.

Setting products and strategy is a dynamic process that requires careful planning, market insights, and a deep understanding of our product with a well-crafted marketing strategy, we will be on our way to achieving marketing success and building a strong brand. Stay turned for more marketing insights in my next blog post!


Level of products. (2020, May 17). Retrieved from https://theintactone.com/2019/03/07/mm2-u2-topic-2-level-of-products/

Five product levels. (2023, August 8). Retrieved from https://www.geeksforgeeks.org/five-product-levels/


















Comments

Post a Comment

Popular posts from this blog

10. Managing Retailing, Wholesaling and Logistics

Image
Retailing involves selling goods or services directly to consumers, regardless of whether the organization is a manufacturer, wholesaler, or retailer. There are various types of store retailing, including specialty stores, department stores, supermarkets, convenience stores, discount stores, off-price retailers, superstores, and catalogue showrooms. Wholesalers sell goods or services to those who buy for resale or business use, excluding manufacturers and farmers. Major types of retailers include merchant wholesalers, full-service wholesalers, limited-service wholesalers, brokers and agents, manufacturers and retailers branches and offices, and specialized wholesalers. Logistics has expanded into supply chain management (SCM), which involves procuring the right inputs, converting them efficiently into finished products, and dispatching them to the final destination. Market logistics involves planning infrastructure to meet demand, implementing and controlling the physical flows of mate...
Read more

12. Introducing New Market Offerings

Image
Its hard to believe that this is my last blog on marketing planning. Its been an incredible journey filled with insights, growth, and a deeper understanding of the world of marketing. The market for a new product can change rapidly, which can impact whether the product can be developed and delivered. For example, new competitors may enter the market, or consumer preferences may change. Technical challenges. There may be technical challenges associated with developing and producing the new product. Centralized structures assign accountability for both new product development and existing product management to the Head of Product or Head of 'Digital', who typically reports to the CEO (or other C-level executive such as a COO). Product managers report to the Head of Product in a simple, linear reporting line. New Product Development is the entire process of introducing a new product to the market, from idea generation to launch. It helps companies maintain a competitive edge by in...
Read more

5. Analyzing Consumer Markets & Business Markets

Image
Consumer behavior is influenced by many external factors and internal factors such as situational, physically, and marketing factor, personal factors, family and culture.   Culture refers to the shared beliefs, customs, traditions, and values of a particular group of people. It encompasses things like languages, art, music, foods,  and social behaviors. It's what makes each community unique and helps shape individual identities. Culture can be very greatly between different religions and countries, and its fascinating to explore and learn about different cultures around the world.      Consumer Market Analysis Marketing strategies are associated with the contentment of the intended audience and the effective fulfilment of their new requirements and desires in comparison to competitors in the market. In order to identify new marketing possibilities, marketers analyze emerging customer patterns. Adopting a comprehensive marketing approach is essential to comp...
Read more