Whenever a new product comes into the market, for the manufacturer it is very difficult to predict that where this product will reach and this product will develop. For this condition manufacturer or company plan the product strategy.
In simple words, products strategy decide the basic elements of any product and simultaneously it also assist in targeting the right consumer base, product line stretching etc.
How to develop a product strategy?
Making a Product strategy development is not easy, as it needed lots of analysis. You need to analyze lots of things like the competitors, market trends, a various segment along with the product so that you can make a perfect product strategy. Here are important steps of Product Strategy.
1. Marketing mix - An arrangement of aspects that can be controlled by a company to influence buyers to buy their products.
2. Levels of a product - The CORE product, the ACTUAL product, and to end with the AUGMENTED product, this model is known as the 3 Levels of a Product.
Categorizing the product in upper mentioned points can assist you in deciding how to enter your target market.
4. Differentiation - A consequence of efforts to make a product or brand stands out as a source of exclusive value to consumers with respect to its competitors.
5. Brand elements - Brand elements are color, design, symbol, and picture of a brand.
6. Product design - The complete specification of a product's parts and their association to the whole.
7. Product Mix - A mixture of allied products that yields bigger sales revenue when promoted collectively, than if they were promoted separately.
Equity Fundraising - Equity Fundraising is when someone gives you fund they judge that your product has great possibilities. In simple words, in equity fundraising process a company gives to their investors is dividends on shares which are typically lower than the interest rates of bank loan. Here are important steps for Equity Fundraising.
In simple words, products strategy decide the basic elements of any product and simultaneously it also assist in targeting the right consumer base, product line stretching etc.
How to develop a product strategy?
Making a Product strategy development is not easy, as it needed lots of analysis. You need to analyze lots of things like the competitors, market trends, a various segment along with the product so that you can make a perfect product strategy. Here are important steps of Product Strategy.
1. Marketing mix - An arrangement of aspects that can be controlled by a company to influence buyers to buy their products.
2. Levels of a product - The CORE product, the ACTUAL product, and to end with the AUGMENTED product, this model is known as the 3 Levels of a Product.
- The core product facilitates the use, advantage or problem-solving service for which the end user is purchasing the product.
- Tangible features of a product, such as the brand, design, features, quality, and style.
- A core product to which added products and services may be added to produce numerous revenue streams.
- Durable products / Nondurable products
- Shopping goods / Specialty goods / Convenience goods
- Industrial goods/consumer goods
- Service products
Categorizing the product in upper mentioned points can assist you in deciding how to enter your target market.
4. Differentiation - A consequence of efforts to make a product or brand stands out as a source of exclusive value to consumers with respect to its competitors.
5. Brand elements - Brand elements are color, design, symbol, and picture of a brand.
6. Product design - The complete specification of a product's parts and their association to the whole.
7. Product Mix - A mixture of allied products that yields bigger sales revenue when promoted collectively, than if they were promoted separately.
Equity Fundraising - Equity Fundraising is when someone gives you fund they judge that your product has great possibilities. In simple words, in equity fundraising process a company gives to their investors is dividends on shares which are typically lower than the interest rates of bank loan. Here are important steps for Equity Fundraising.
- Crafting the investment strategy
- Reliance on track record
- Succession planning
- Allocation of investment opportunities
- Transparency of fees and expenses
- Amendments to fund documents
- Co-Investment rights
- Background and reference checks
- Deviating from the standard
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