Product strategy
Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers. Define the word “product” as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful. Cite your examples.
Product refers to an item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market, or fulfill consumer demand for a greater amount of a product already available. Big corporations launch countless new products every year. Some of the products are highly successful, such as the iPhone. However, not every new strategy or product launch goes well, even if there is big-name company behind it. New Coke is often cited as the ultimate example of one of the most notorious product flops and brand missteps of all time. New Coke was launched in the mid-1980s by Coca Cola in an attempt to help the soda company stay ahead of competitors during the so-called “cola wars.” Instead, it just annoyed consumers.
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