In what ways is product strategy linked to product decisions?
200 words please© BrainMass Inc. brainmass.com October 25, 2018, 8:56 am ad1c9bdddf
As competition and customer demand have been rising in the current scenario, it can be seen that organizations take it as a challenge to come up with relevant product strategies and decisions. Product strategies are concerned with the planning to frame beneficial product decisions and market products with good ideas. In this context, the following section will highlight the ways in which product strategies are linked to product decisions.
It is beneficial for companies to adopt good product strategies to frame their product decisions as they facilitate the delivery of right products, at ...
The response addresses the queries posted in 325 words with references.
New Products, Foreign Markets, and Market Segmentation
1. New product development: What is the most important thing to consider in new product development? Why? Why is it necessary to evaluate the new product idea at each and every stage of the development process? How can marketers best promote consumer adoption of a new product?
2. Foreign markets: What are some factors companies need to consider before attempting to enter foreign markets? If you were to set up a market program for a product in a foreign country, what should you take into consideration? What advertising strategy would you develop for the promotion of a new product. What are some things you should consider?
3. Differentiate brand extension from line extension Please identify a recent (1) brand extension and (2) line extension that you have seen and discuss the effectiveness of that brand. How could you maximize the odds of creating that effectiveness for each extension as a marketer?
4. Please choose an organization: e.g. Apple, Microsoft, Nike, etc. and discuss the market segmentation within that industry. Also discuss the target market of the selected company and the selection process for that target market. Please include the following:
- demographics, psychographic, geographic, behavioural characteristics for the target market for the selected company
- a positioning statement for the company with careful consideration of their brand and strategy
- demonstration of understanding of market segmentation for the selected company
- apply an understanding of customer behaviour to determine target market
- demonstrate an understanding alignment between company strategy and marketing decisions.