Product strategies
Many decades ago businesses were running successfully without implementing any product strategies. Whichever or however the goods they were producing, all the goods were sold out easily. The reason behind that was the competition was less and the customer’s awareness about the product’s quality, teachers, all the attributes and the cost incurred was less. Due to these factors, the customers were purchasing available products in the market. They did not have as many alternatives as today they have many alternative products in the market.
All the business organizations that are offering the products necessarily implement the product strategies that meet the customer’s expectations. The factors of the products such as quality, features, and price play a vital role in the customer’s satisfaction and hence the customers become loyal customers.
The marketing mix utilized or driven by the various marketing management practices plays vital role in the success
Marketing mixes product, price, place, and promotions connected with acceptability, affordability, availability, and awareness respectively. This linkage plays a very vital role in making the decisions regarding this poor piece in accordance with the successful execution of 4 pieces in the marketing management practices. Following are the major initiatives the companies are implementing to ensure excellence in the execution of all marketing mixes in marketing management.
- Product should be made in accordance with the acceptability
- Pricing differences should be made in accordance with the affordability of the customers
- Decisions regarding place or market should be made in accordance with the availability for every customer
- Promotional activities of the company should ensure the awareness of the customers about the product’s features quality and varieties in the market.
Every company before going to launch any new product in the market needs to think about the acceptability of the product. Specifically for the rural market, the acceptability of the products is considered significant for the implementation of product strategies. Customers’ buying behavior and their perceptions of the product are changed by various factors such as demographic factors geographic factors psychographic factors behavioral factors etc.
Following are the various product strategies implemented by the business organizations to grow their business
Product innovation strategy
Product innovation is an imperative necessity for any organization to offer the product with continuous innovation. Innovation allows the organization to attract new customers and satisfy existing customers by providing them with innovative products. Innovation provides new features in the product and can reduce the cost of the product so that the products are made available with advancement and affordability.
The following are the important factors that need to be considered for product innovation strategy
Quality: Quality is an important factor used in product inversion strategy. Customers expect durability capacity efficiency economy and reliability of the products. these factors make product quality better as per customers’ expectations.
Features: Product pictures should meet the customer’s expectations or expected features so that the customer can solve the problems or needs for which they purchase the product
Design/ style: It refers to the product’s shape color and external appearance which attract the customers to buy the product and satisfy the customer’s expectations.
Packaging: Many times customers’ attention towards buying the product is scheduled to the better packaging of the product and thinking about the products.
Branding: It belongs to the identity of the product which constitutes the product’s image and attractiveness. It depreciates the products from other similar products available in the market.
Product innovation strategy adopted by many organizations. following other examples of products that adopted the product innovation strategy to capture the largest part of the market.
Example
The TV set is a product that has a long journey of innovation. Initially, it was manufactured with the CRT technology. A few years later the compact CRT was introduced in the market. Innovations made improvements in technology and reduced the cost required to manufacture the TV set. LCD(Liquid Crystal Display) , and LED (Light Emitting Diode) Are the latest technologies used by all TV sets. It reduced the size of the product and cost along with various improved features. This technology again innovated to OLED is organized LED which improves the experience of consumers with advanced features.
CNG-based engines In automobile products such as 4 Wheelers are providing the customer’s requirement for fuel. Ethanol-based engines are the latest technologies adopted by the automobile sector. These technologies enable customers with a better experience at a very affordable cost.
All of the above are examples of product innovation strategies adopted by these organizations to offer the product with innovation and satisfy the customers. It enabled the productive profitability of the company.
Mobile phone was manufactured with a touchpad. After product innovative strategies it introduced with touch screen technology which improved the experience of customers.
Product Identity Strategies
There are two ways to implement the product identity strategies namely product branding and product packaging. These two tools play an effective role in implementing the product identity in the market. product’s identity is responsible for attracting customers to buy specific products or services in the market.
Commodities are not applicable to implement the product identity strategy as these are based on the grading and relationship. Customers who are not familiar with the quality of the specific products can easily identify the great specifications. Greetings help such customers to identify the quality of the product specifically the commodity products such as food grains vegetables fruits Etc. Whereas the relationship is another way to identify the quality product such as retailers’ relationship used to identify the quality product. In this case, the retailers suggest the customers to buy.
Instead of commodity products, all the other products are sold based on their identity in the market. The decision on bike-specific products or services based on the brand helps customers to identify the quality products. Brad is nothing but the identity of the products created by offering quality features that meet the customer’s expectations. Acceptance of the products with features and quality and satisfy the customer’s expectations creates the brand or identity of that product.
Product Lifecycle Strategies
Any product Underwood through the four stages of their period in the market. With the product is launched in the market, it will be at the introductory stage,. When cells are increased and the customers prefer it to buy your product then the product can be had the growth stage. The maturity stage of the product indicates the number of customers on the sales stopped increasing. Decline indicates the reduction of the customers of the sales in the market.
During these four stages marketer or an organization adopts different strategies to push the products at the growth stage in the market. At the introductory stage company may adopt market penetration or scheming or distribution strategies to push the products at the growth stage. Explain
In the growth stage company always strives to maintain the growth of the product they market by offering innovations and different strategies.