Disadvantages Of Product Strategy

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Product Strategy
Strategies are crucial for the success of each and every business entity. Depending on how they are formulated they can mean the success or failure of any given business venture in the world. The strategies are executed at various management levels in any given business entity. Each strategy is implemented to serve a particular purpose for the company all in a bid to ensure that the objectives of the business institutions are met and the business is able to be profitable and productive. Strategies cover many different areas and they come in a number of forms. For any given company the strategies implemented differ from those of their competitors in terms of the type or the method of execution. One of the most
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As a result of the product strategy the company is able to be in a position to draw in and observe specific target markets for the product and from this point on gain the insight of the consumers with regard to the product in question. Using the product strategy the company is able to plan for the processes that will ensure the success of the product in the market which is one of the ways in which the company will achieve its vision. In this way the company is able to plan for the future, put in motion activities that play a crucial role in the same and implement strategic actions that support the desired product strategy.
Product strategy is based on a number of key elements which ensure its success once it is implemented. The elements include price, customer value and product or service that is being offered to the market. In order to effectively come up with a product strategy the company needs to consider the product or service they are offering to the market and ask relevant questions such as how the product will impact the market especially in relation to the presence of other competitor goods, its impact on the consumers and what it is that makes the product or service on offer stand out from the rest of the
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Some of the theories include market segmentation, brand equity and market orientation. Brand equity is the added value that is given to a product by the consumers. Its concept is based on the knowledge of the brand in the minds of the consumers. In this way the product strategy applies the customer value element in order to ensure the success of its product. Market segmentation is the division of the market into a number of segments each depending on a number of similarities between them (Sarkissian, 2016). In this way the company is able to have a specific target market for its products. Market orientation defines the manner of doing business in a manner that places great importance on the customer. The way of doing business is oriented to what needs of the customer can be serviced by the product or service that is being offered by the

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