Discussion Question Chapter 10: Product Strategy Instructions Write a post for the Discussion Forum on this topic, addressing the questions below. You may use eithera writtenparagraph or bullet-point...

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Discussion Question Chapter 10: Product Strategy




Instructions


Write a post for the Discussion Forum on this topic, addressing the questions below. You may use eithera writtenparagraph or bullet-point format. Part 1 should be 2–3 paragraphs in length or an equivalent amount of content in bullet-point form. Responses to your classmates’ posts should be 1–2 paragraphs or several bullet points in length.


Part 1: Product Strategy


Briefly describe your product or service. Where is it in the product development life cycle? What recommendations do you have for improving the offering to fit your target market’s needs? Be sure to consider the following:



  • What level of quality and consistency does the offering have?


  • How many features does it have and can they be removed or added?




  • Does the design and/or service deliver what the customer values? If not, how can it improve?




  • What improvements would help your offering compete more effectively?










PowerPoint Presentation Product Marketing Principles of Marketing All text in these slides is taken from https://courses.lumenlearning.com/waymakerintromarketingxmasterfall2016/, where it is published under one or more open licenses. All images in these slides are attributed in the notes of the slide on which they appear and licensed as indicated. Cover Image: No title Authored by: Nicolai Berntsen Located at: https://unsplash.com/photos/F3uyey6ours License: Creative Commons Zero 1 Product Marketing. Product is the core of the marketing mix Product defines what will be priced, promoted, and distributed If you are able to create and deliver a product that provides exceptional value to your target customer, the rest of the marketing mix is easier to manage New Kicks. Authored by: Grace Miller. Located at: https://www.flickr.com/photos/gracemillerphotography/6101851438/. License: CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives 2 What is a product? A product is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange A product can be: An idea (recycling) A physical good (a pair of jeans) A service (banking) Any combination of the three Products are divided into consumer and business or B2B products Four Levels of the Product Revision and adaptation. Provided by: Lumen Learning. License: CC BY: Attribution 4 Types of Consumer Products Consumer products are often classified into four groups related to different kinds of buying decisions Convenience - bread, pain reliever, power cords Shopping - shoes, microwaves Specialty - highly differentiated, custom goods Unsought products - funeral plots, pest-control Practice Question What type of product is shown here? Consumer convenience product Walmart's Action Alley. Provided by: Walmart. Located at: https://www.flickr.com/photos/walmartcorporate/5684811762/. License: CC BY: Attribution 6 Characteristics that Distinguish Goods from Services Revision and adaptation. Provided by: Lumen Learning. License: CC BY: Attribution 7 Products Should be Augmented with Services If: Services can provide a more complete and satisfying customer experience Services can increase the total revenue for each sale Zappos concept. Authored by: Alberto Cerriteu00f1o. Located at: https://www.flickr.com/photos/acerriteno/3850366833/. License: CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives 8 Product Marketing Responsibilities: Inputs to the Company Define market needs or problems that the product should address Complete a competitive analysis to understand other offerings in the market Identify which market segments the product will target Define market requirements for the product Create buyer persona documents that describe the personality, behavior, and desires of buyer types Determine price Product Marketing Responsibilities: Outputs to the Market Define key messages to the communicate product benefits to the target market Create marketing materials about the product Define the sales approach Create lead generation plans Develop sales materials such as Web site content, brochures, presentations, and product demonstrations Provide training and support to distribution channel partners Product Life Cycle Revision and adaptation. Provided by: Lumen Learning. License: CC BY: Attribution 11 Stages of Product Lifecycle 0. Product development stagenew product ideas are generated and tested; investment is made sales have not begun 1. Market introduction stagecosts are very high with slow sales volumes to start little or no competition demand has to be created and customers have to be prompted to try the product makes little money at this stage 2. Growth stagecosts reduced due to economies of scale as sales volume increases 2. profitability begins to rise 3. public awareness increases 4. competition begins to increase with a few new players in establishing market, increased competition leads to price decreases 3. Maturity stagecosts are lowered as a result of increasing production volumes and experience curve effects sales volume peaks and market saturation is reached new competitors enter the market, prices tend to drop brand and feature diversification needed to maintain market share profits decline 4. Decline stagecosts increase due to loss of economies of scale as sales volume declines, prices and profitability diminish profit becomes more a challenge of production/distribution efficiency than increased sales Product Life-cycle Management (Marketing). Provided by: Wikipedia. Located at: https://en.wikipedia.org/wiki/Product_life-cycle_management_(marketing). License: CC BY-SA: Attribution-ShareAlike 12 Practice Question 1 How does this graph show a limitation in the Product Lifecycle Model? Reading: Challenges in the Product Life Cycle. Provided by: Lumen Learning. License: CC BY: Attribution The product life cycle is not forward looking. At any point on the graph, a marketer can see what has already occurred but not what is ahead. In planning a product strategy, it is important to understand the past sales performance of the product and the industry broadly, but the role of marketing is to shape future performance, and the product life cycle doesn’t offer many tools to inform that proactive work. The product life cycle can focus a marketer on a defined set of products and competitors in the current market—but miss broad trends or innovations in adjacent markets and products. 13 Product Line A product line is a group of products marketed by an organization to one general market They have some characteristics, customers, and/or uses in common, and may also share technologies, distribution channels, prices, services, etc There are often product lines within product lines. Example: full range of Tylenol products, or over-the-counter medicines 14 Strategic Business Unit A strategic business unit or SBU is a self-contained planning unit for which discrete business strategies can be developed. An example of a strategic business unit is consumer health care products. Using the Growth-Share Matrix Companies evaluate product portfolios and SBUs using the growth-share matrix Reading: The Product Portfolio. Provided by: Lumen Learning. License: CC BY: Attribution 16 Product Life Cycles and Growth-Share Knowing about the product life cycle is also important to understanding market growth Reading: The Product Portfolio. Provided by: Lumen Learning. License: CC BY: Attribution 17 Product Portfolio Management Product portfolio management requires marketers to consider each product individually but also understand the way the products fit together collectively Gandini Juggling. Authored by: Dani Alvarez. Located at: https://www.flickr.com/photos/danialvarezfotos/8056057415/. License: CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives 18 Portfolio Management Strategies In order to optimize the product portfolio, marketers may: Change the marketing mix for a product Change the product Reposition the product Change a product line Line extension Delete products Introduce new products 19 Considerations in Line Extension Can the new product support itself? Will it cannibalize existing products? Will existing outlets be willing to stock it? Will competitors fill the gap if we do not? What will happen if we do not act? Current Bon Ami Products on the Market. Provided by: Faultless Starch/Bon Ami Company. Located at: https://en.wikipedia.org/wiki/File:Photo_of_Bon_Ami_Products.jpg#/media/File:Photo_of_Bon_Ami_Products.jpg. License: Other. License Terms: Qualifies as fair use under U.S. copyright law 20 Beyond Line Extension Product proliferation Brand extension Private branding Reasons for Product Deletion Product is losing money Product-line simplification can prevent internal competition and consumer confusion. Company’s productive, financial, and marketing resources are spread too thin Problem products absorb too much management attention Missed-opportunity costs 22 New Product Development The internet has increased the pace and importance of new product development New products have greater risk but may bring greater rewards Reading: New Products in the Portfolio. Provided by: Lumen Learning. License: CC BY: Attribution 23 Product Development Process Phase I: Generating and Screening IdeasPhase II: Developing New ProductsPhase III: Commercializing New Products Stage 1: Generating New Product IdeasStage 4: Business Case AnalysisStage 6: Test Marketing Stage 2: Screening Product IdeasStage 5: Technical and Marketing DevelopmentStage 7: Launch Stage 3: Concept Development and TestingStage 8: Evaluation Revision and Adaptation. Provided by: Lumen Learning. License: CC BY: Attribution 24 Fuzzy Front End vs. NPD Fuzzy Front End (FFE) New-Product Development (NPD) Nature of WorkExperimental, often chaotic. “Eureka” moments.Can schedule work—but not invention. Disciplined and goal oriented with a project plan. Commercialization DateUnpredictable or uncertain.High degree of certainty. FundingVariableBudgeted. Revenue ExpectationsOften uncertain, with a great deal of speculation.Predictable, with increasing certainty, as the product release date gets closer.  ActivityIndividuals and team research to minimize risk and optimize potential.Multifunction product and/or process development team. Measures of ProgressStrengthened concepts.Milestone achievement. Reading: Generating and Screening Ideas. Provided by: Lumen Learning. License: CC BY: Attribution 25 The Business Model Canvas Business Model Canvas. Authored by: Business Model Alchemist. Provided by: Wikimedia. Located at: https://en.wikipedia.org/wiki/Business_Model_Canvas#/media/File:Business_Model_Canvas.png. License: CC BY-SA: Attribution-ShareAlike 26 Business Model Canvas: Example Putting It Together: Product Marketing. Provided by: Lumen Learning. License: CC BY: Attribution 27 Business Case Analysis Before companies make a significant investment in a product’s development, they need to be sure that it will bring a sufficient return, by asking: What is the market opportunity for this product? What are the costs to bring the product to market? What are the costs through the product life cycle? Where does the product fit in the product portfolio and how will it impact existing product sales? How does this product impact the brand? How does this product impact other corporate objectives such as social responsibility? Test Marketing Decisions Duration of testing Selection of test markets Sample size determination Launch Marketing Strategies Press strategies: Press releases to get earned media to build visibility and credibility Price discounts Channel partner incentives to encourage partners to sell or distribute the new product Diffusion of Innovation Yellow=cumulative market share Purple=the percentage of the market that will buy a new product in each phase of product adoption Diffusion of Innovation. Provided by: Lumen Learning. License: CC BY: Attribution CC LICENSED CONTENT, SHARED PREVIOUSLY 31 Ways to Improve Product Development User-centered design Lean Startup Methodology: The company develops and launches its minimum viable product to a limited audience, captures market and user data, and quickly uses that information to make adjustments Fits Like a Glove. Authored by: Paul & Hien Brown. Located at: https://www.flickr.com/photos/p-r-b/2501319678/. License: CC BY-NC: Attribution-NonCommercial 32 Quick Review What is a product? How are products important in the marketing mix? What is the product life cycle and how does it affect marketing? What is product portfolio management? How does it relate to the organization’s marketing strategy and tactics? What is the process for creating new products? What are the challenges associated with creating a successful new product? 33 CHAPTER 10: PRODUCT MARKETING WHY IT MATTERS: PRODUCT MARKETING Why learn about product marketing? Often when students begin to study marketing they expect to study promotion or perhaps only advertising, but product is the core of the marketing mix. Product defines what will be priced, promoted, and distributed. If you are able to create and deliver a product that provides exceptional value to your target customer, the rest of the marketing mix becomes easier to manage. A successful product makes every aspect of a marketer’s job easier—and more fun. Is it possible to offer a product that is so good it markets itself? Yes. When this is the case, marketers can employ something called viral marketing, which is a method of product promotion that relies on customers to market an idea, product, or service themselves by telling their friends. Generally, in order for viral marketing to work, the product must be so compelling that customers who use it can’t stop talking about it. Let’s look at an example of viral marketing and a successful new product that has changed transportation in cities around the world. How did the individuals who created the product at the beginning of its life cycle develop a winning product concept and take it to market? Technically speaking, Uber is a ride-sharing solution—an incredibly successful one. The company launched in June 2010, and today Uber drivers provide well over one million rides each day to passengers around the globe. The company doesn’t publicly disclose revenue, but experts estimate its 2015 revenue at approximately $2 billion. (Note: http://recode.net/2015/08/21/leaked-doc-uber-nears-2-billion-in-revenue- expects-ipo-in-18-24-months/) When a passenger needs a ride, he simply opens the Uber app on his phone. He can immediately see the locations of cars nearby and request
Answered Same DayNov 27, 2021

Answer To: Discussion Question Chapter 10: Product Strategy Instructions Write a post for the Discussion Forum...

Mehzabin answered on Nov 29 2021
145 Votes
PRODUCT STRATEGY OF WRIST WATCHES    3
PRODUCT STRATEGY OF WRIST WATCH
    Wrist watches are one of the
most liked and used accessories. Even in the time of smart phones, customers are still fascinated with wrist watches as it is trendy and adds on to their personality.
My product is a wrist watch and has following details –
· Display – Analogue
· Dial width – 27 mm
· Movement – Quartz
· Power source – Battery
· Dial style – Printed round stainless steel dial
·...
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