Setting a Product Strategy and Making a Mark | Branding Strategy | (bestwaytolearndigitalmarketing.blogspot.com)

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Setting a Product Strategy and Making a Mark:

The company's marketing strategy revolves around 4Ps - Product, Price, Location and Marketing. The companies devised a strategy by mixing the four. Most importantly among the product. All push-ups and promotions will be lost if the product fails to deliver. In order to come up with a winning product, companies need to understand customer needs and requirements.

Product Categories and Strategy

Anything produced by companies to meet specific needs and requirements is called a product. Product is a broad range from visual goods, tourism to celebrity management.

The product can be categorized into five levels as shown in the picture below: -

The main advantage is the product of the lower part provided. For example, a customer buys a ride when he buys a car. The cars are fitted with comfortable seats, seat cover, and the desired color, which transforms the core product into a basic product. Companies are in the business of providing value to products. At the expected level companies offer a music program, a child lock system and temperature control features. The enhanced product offers more than customer expectations such as chrome wheels or sun / moon roof. However, to increase the price of the product and customers have to pay extra. Additional product is converted to expected. At the potential level companies offer products by considering all possible promotions.

The product itself is organized into categories such as family need, product family, product category, product line, product type and item based on needs. An additional product can be categorized by durability, visibility and usability. Sturdy includes materials that are durable and not durable. Non-durable items include a product such as soap and beer, which are highly priced and often used quickly. These goods are available in many places and require an extra share of advertising. Long-lasting items include a TV, washing machine and a music system. These goods require additional personal contact to be sold as the customer would like to understand all the features and functions. Intangible products are a type of services, such as haircuts and car repairs.

Consumption of the product separates the product into industrial goods and consumer goods. Simple goods are consumer goods, which can be purchased by the customer without much controversy, for example, soap, beer and newspaper. Purchasing goods are a type of consumer goods where the customer compares features with other products of the same category based on price, quality and appearance, for example, clothing, furniture and used car. Specialty goods are a type of consumer goods where consumers need to make extra efforts in purchasing them, for example, a yacht or a luxury car. Unwanted goods are consumer goods, which are not part of daily life and the system, for example, smoke detectors and cemeteries.

Industrial assets can be further subdivided into larger assets and general business provision. Major goods are a type of industrial goods, which are needed to produce final products, for example, industry and machinery. Business goods are a type of industrial goods, which are needed for day-to-day operations and for special occasions, for example, office supplies, cosmetics and spare parts.

Marketing strategy

Another important aspect of a product strategy is branding. Marketing is the process of giving ownership and image to a product to create an idea in the consumer's mind. Marketing is a long process that involves a lot of investment in terms of money and time from the company. Creating a trademark involves designing the brand name, logo and logo. Marketing involves developing a strategy to create a point of differentiation between competitors and a point to match the product category. A product that achieves a high level of awareness and enjoys customer loyalty enhances product equity. Product packaging also becomes part of the marketing strategy.

Creating unique product ownership and branding strategies is essential to building a successful company. The customer purchase decision will be based on the attractive product and branding strategies.

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