Product Strategy

What is Product? 

A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas

Determining the target client groups and designing the product to meet their specific requirements and tastes is an essential part of product strategy. To make ensuring the product stays relevant and is in line with changing client needs, this may entail market research, user testing, and continuous customer input. Product plans also frequently include marketing techniques, distribution routes, and price structures that optimize the product's accessibility and attractiveness to the intended market.

Product strategies that are successful also take the competitive environment into consideration when looking for ways to set the product apart from the competitors. This could involve employing special features, cutting-edge technology, or first-rate customer support to forge a clear competitive advantage. Continuous product innovation and improvement is also essential as businesses need to be flexible and quick to adapt to shifting consumer demands, market shifts, and new developments in the sector.

Five Product Levels

Product Differentiation

• Product form
• Features
• Customization
• Performance
• Conformance
• Durability
• Reliability
• Repairability
• Style

Service Differentiation

• Ordering ease
• Delivery
• Installation
• Customer training
• Customer consulting
• Maintenance and repair
• Returns

Packaging, sometimes called the fifth P, is all the activities of designing and producing the container for a product

Packaging Objectives

• Identify the brand
• Convey descriptive and persuasive information
• Facilitate product transportation and protection
• Assist at-home storage
• Aid product consumption