This week we are looking at the most important part of the marketing mix (4Ps) in the marketing plan the Product. The product is anything that delivers value to satisfy a need or want. Developing the marketing strategy requires a thorough understanding of the product, its role in the business strategy, and how it fits into the product mix of the organization. Organizations realize that the customer experience, the value proposition, is essential to developing customer loyalty and commitment to purchase.
Products have a set characteristics, as defined by the customer: essential (the fundamental need met by the product); core benefits ( the physical or tangible elements of the product); enhanced attributes ( an additional features, designs or innovations above expectations). Points of differentiation among products could include form, features, performance quality, conformance quality, durability, reliability, repairability, or most difficult to describe-style.
The product (new or established) may be part of a product line which is a group of products linked by usage, customer profile, price point, distribution or need satisfaction. Companies draw their individual product strategies within the broader scope of product lines (ie. Dove: Dove for Men, Dove Beauty Bars etc); categories (beauty, bath); and corporate goals.
An informed strategy understand where products land in the product life cycle. As products move across the life cycle, the marketing focus (and budget) changes.
A long term success of a company is to develop new products. Some are ‘new to the world’ and others are variations of existing products. The purpose of this assignment is understand the product role in the product strategy.
This week:
First, read chapter 8 and watch the Product Life Cycle video.
Your assignment is for each of you to create a product for a Running Shoe company. Top companies include Hoka, Nike, Asics, Addidas, Reebok. Each of you pick one company/product. ie; Hortense-Hoka, Michael-Nike, Giancarlo, Addidas. Your products are competitors. It is important to know as much about the product as possible to create a viable strategy.
Identify the following for your product: Hoka
Define the product.
What is the value proposition?
What are the characteristics of the product?
How does this product differ from the other products in the product line?
How would your product benefit your target audience?
How would the marketing message be different from previous products (and competing products)
What is your suggested price point?
place the answer under each questions. my product is Hoka