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Product Policy

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P. 2

The conference is moving into its fourth week. Over the past three weeks, you and your colleagues each have developed most of the components of a Strategic Marketing plan. Now it is time to put the pieces together into a rough draft, and in your small group, provide feedback to each other. Your 7-8 page rough draft should include:

*Objectives & Mission Statement (from the Unit 2 Discussion Board)

*Customer Targets (Unit 2 Individual Project)

*Competitor Targets (Unit 2 Individual Project)

*Product/Service Features (Unit 1 Discussion Board)

*Core Strategy (Unit 3 Discussion Board)

*Marketing Mix: Communications & Promotion (Unit 3 Individual Project)

*Price (Unit 4 Discussion Board)

(You will add the Product Policy, Channels of Distribution, and Customer Relationship Management parts of the Marketing Mix.)

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Solution Summary

Product policy in marketing mix is concerned with important decisions regarding the following aspects of the product or services of the company.

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Product Policy:

Product policy in marketing mix is concerned with important decisions regarding the following aspects of the product or services of the company:

1) Product/ Service Features: This element of product policy is to decide with the selection of product/ servce features or characteristics which is most desired by the target customer. Since we are planning to emerge as one of the most unique and distributors of exclusive art and craft products, the features of our products should be unique and not available with anyone else in the industry. We plan to command a premium pricing on the basis of the exclusivity of our products, therefore, product selection and choice of features is very crucial for the success of our products.

2) Product packaging: Packaging decisions are important in today's competitive business environment because attractive packaging can signficantly affect the sales of the product as well as is used to convey several important information and characteristics about the product. Packaging decisions are important for our exclusive range of art products in the sense that we are catering to very high end customers and we want to ensure that the product reaches their homes safely as well as appear attractive to them and not spoil the beauty of the actual ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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