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Product Strategy

Introduction

This chapter will describe the characteristics of a product that represent something you would go to great lengths to acquire, thus supporting a manufacturer’s use of an exclusive distribution strategy. How much more knowledgeable are the salespeople at an exclusive distribution location versus those at an intensive distribution location? Why is this so?

To make a marketing plan, maybe strategic decision such as the design, development, branding and positioning of the product are the most critical. At the heart of every organization lie one or more products that define what the organization does and why it exists.

Product as offerings, or the bundle of physical (tangible), service (intangible), and symbolic (perceptual) attributes designed to satisfy customers’ needs and wants. Good strategy focuses on all elements of the product offering rather than on only on a single element.

The Product Portfolio

There are two general categories of products. Product use and enjoyment are called consumer products, and those purchased for resale, to make other products, or for use in a firm’s operations are called business products. Although the distinction may seem simplistic, it is important in a strategic sense because the type of product in question can influence its pricing, distribution, or promotion.

It is very rare for a company to sell only one product. Most firms sell a variety of products to fulfill a variety of different needs. A product line consists of a group of closely related product items. A firm’s products mix, or portfolio. Is the total group of products offered by the company.

Decision regarding product lines and product mixes are important strategic considerations for most firms. One of these important decisions is the number of product lines to offer, referred to as the width, or variety, of the product mix.

Types of Consumer and Business Products

Consumer Product Classifications:

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