Product Strategy Essay

1206 Words 5 Pages
Creating a product to market to the public involves the creation and formulation of a product strategy. Companies face questions regarding the quality, features and price of a product, therefore, it is very important that marketing managers develop a wining product offering by addressing the five product levels, which are potential product, augmented product, expected product, and basic product. Finally, once all these levels have been identified and addressed, customer value hierarchy is created. (Kotler & Keller, 2009) Within that product strategy, applying a means-end chain theory to create attribute-benefit-value for the market product is a great way to generate a desirable product. (Chin-Feng, L. & Hsin-Chung, H., 2009) "Analytical …show more content…
E., & Enis, B. M. (1986) "it is not necessary to have different classifications for goods, services, and ideas. From the buyer's perspective, it is benefit not product features, that the individual or organization desires" (pg. 25) the main idea of this theory implies that companies are able to integrate a product classification scheme to add preference to the equation and offer the expected final product to organizations and consumers. (Murphy, P. E., & Enis, B. M., 1986) Product differentiation is important and it is critical to the overall success of the strategic marketing plan of a company. Furthermore, marketers have "abundance of differentiation possibilities, including from, features, customization, performance, quality, conformance quality, durability, reliability, reparability, and style." (Kotler & Keller, 2009, pg. 321) all of these differentiation categories must be taken in to consideration when a marketer creates the product or service's uniqueness. (Kotler & Keller, 2009) Certainly, the design of a product and service is a huge factor that in sometimes making the difference when it comes to consumer preferring one product over other ones. Marketers and companies are aware of the impact that a well design product or service has on consumers. (Kotler & Keller, 2009) Services differentiation is another tool that can be apply when the physical design of a product cannot be change or improve. Operationally, companies can look

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