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Strategy for a product launch

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It is important to understand what you are selling before you can craft messages to target specific markets. The marketing P for product defines the features and benefits of the product that explains why a customer should buy your product.

Product strategy is a guiding step in the overall marketing plan.

Choose the specific product on which you wish to focus for the final strategic marketing plan. (Please use the attached scenario)

Launching your Product should include:

1. Company competition: Develop a SWOT analysis to graphically depict your company's current competition. Explain the SWOT in words.

2. Segmentation: Consider who is interested in your product. Identify the type of customer groups interested in the product, and why.

3. Targeting customers: Based on the product offering and customer segments, describe what customers segments you will serve, and why.

4. Product positioning: Determine your positioning strategy for the product, including:

What image do you want to project to your customers and prospects?

How will you appeal to your selected customer segments?

Will you differentiate the price based on quality and value?

Where will you distribute the product?

Is your product distinctive, unique, or the best quality for the price?

5. Write your positioning statement for the product.

6. Product policy: All product strategies must include a product guarantee. Write the product policy.

7. Customer lifetime value: How will you build customer lifetime value for the company based on your product marketing strategies?

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This solution gives you strong points concerning Sof-A-Logue

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Product strategy is a guiding step in the overall marketing plan.

Choose the specific product on which you wish to focus for the final strategic marketing plan. (Please use the attached scenario)

Launching your Product should include:

1. Company competition: Develop a SWOT analysis to graphically depict your company's current competition. Explain the SWOT in words.

SWOT ANALYSIS:
Strengths: For a small fee the customer gets access to e-book library of classics, bestsellers, and newly released books through Book-Logues, A driver of car can get access to audio library of books through the software Read-a-Logue. A discount seeker can scan and download coupons and get cash discounts for a larger number of items. In addition, it has a clean layout and encourages tabbed sharing.

Weakness: There main weakness is the lack of brand awareness of Sofa-A-Logue. Even when the emblem of Sofa-A-Logue shows up on the mobile phone of potential customers they do not recognize it.

Opportunities: Strong opportunities in the college and school segment because these segments have high need for Book-Logues. In addition, there is a strong opportunity in the car driver segment because Read-a-Logue is likely to be popular with car drivers that spend a long time in commuting. They can listen to audio books during their driving. Further, there are many consumers that love using discount coupons. Coupon-a-Logue is likely to be a tremendous draw to these customers.

2. Segmentation: Consider who is interested in your product. Identify the type of customer groups interested in the product, and why.

Sofa-A-Logue is likely to attract three types of customers. The first customers that are likely to be interested in Sofa-A-Logue are college and school students that want low cost access to a large number of e-books In addition, book lovers are likely to be interested in ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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