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Product Strategy relates to product development policies and innovation generation as integral parts of the business strategy of a company. We live in an age in which consumers no longer compromise on product quality and user experience. Innovation and inspiration for company products two to four years down the line are generated as an integral part of a company’s business strategy. How do you generate revenue when deposit dollars keep growing while loan demand continues at low levels? Builds customer behavioral analytical “clusters” based on actual relationship activity patterns and channel usage.
Identifies key drivers of income and cost by channel, feature and usage patterns and what has historically been used by customers, enabling you to convey “why we fee” both internally and externally.
Creates customer, account and product level profitability, helping you to determine which retail accounts are unprofitable (often as high as 65%). Develops a strategic roadmap for your product offerings – targeting customers on their preferred activity and relationship level.
Utilizes focus groups to understand your customers’ needs and thoughts about what they would like you to offer. Creates a sample product pro forma that is used when creating new products or adding functionality to your existing products.
Utilizes product simulation modeling, which predicts the results of new or updated products, in terms of customer impact, income and cost. You have just been selected as the senior project manager for an FMCG in Indonesia and you report directly to the Group Managing director of the company.
In fulfilling this task, we are faced with a lot of strategic decisions and our ability to choose the right strategy from a pool of options in the least possible time sometimes guarantee the success of the project.
We will explore the four quadrants of the Ansoff matrix, analyze them detailing the techniques required in implementing each of the strategies.
This marketing strategy is used when organizations aim to achieve a market increase with existing products in an existing market. Advertisement: this involves understudying your target customers and identifying their most preferred form of media. Sales and price promotion: It is not unlikely for users to be pricing sensitive in existing markets. Related product: In developing a new product to an existing market, related products are the most suitable.
Target Market: A different geographical market either home or abroad should be targeted for expansion purposes. Increase sales channels: An increase in sales channels would lead to an increase in target market.
Intense School has been providing accelerated IT training and certification for over 12 years to more than 45,000 IT and Information Security professionals worldwide. Stay up to date with InfoSec Institute and Intense School by connecting with us on Social Media! InfoSec institute respects your privacy and will never use your personal information for anything other than to notify you of your requested course pricing. Practice for certification success with the Skillset library of over 100,000 practice test questions. Product Marketing Strategy helps manufacturers with product marketing, product strategy, and marketing strategy to maximize profitability over the product life cycle. Home Depot and Lowe’s expanded business by providing do-it-yourself training on projects within their stores. A common practice in retail markets is introducing new labels, different container types and different sizes. Oldsmobile was perceived as an older person’s car until GM initiated the “This isn’t your father’s Oldsmobile” campaign. This entry was postedon Monday, April 1st, 2013 at 2:58 pmand is filed under Product Marketing Strategy.

AHMA’s 2000 International Hardware Week Education Program was a tremendous success this year due in no small part to your involvement and the presentation you made to participants.
It is employed by companies that aspire to grow and lead their markets through innovation and development of outstanding products with strong added value. If in the not-so-distant past a mediocre product could be successful because of smart marketing or an aggressive advertising campaign, today’s situation is altogether different. Innovative and exceptional products are the result of product strategy adopted by a company during a methodical process, during which  product policies are characterized and development directions are defined. The process of formulating product strategy can last anywhere from a few weeks to a few months. During your first strategic meeting, the board of directors decided to increase overall company revenue by reducing production cost, launching a new product in the Indonesian market and expanding its current product to the Indian market. The Ansoff matrix was developed in 1957, and it’s a fast guide in determining which growth strategy an organization should adopt.
Although none of the marketing strategies is risk free, the market penetration strategy is generally believed to have the least risk.
Having understood this, we then encourage and persuade our audience to buy our product by showing the advantages, benefit and competitive edge our products have over its competitors. Loyalty schemes make customers feel relevant but more importantly encourage customers to make repetitive purchase. Also depending on the market structure, sales promotion might be the easiest way of retaining old customers while attracting new customers. Buying off an existing firm or partnering with one would allow you to leverage on the goodwill, brand and reputation of that organization.
New product in this case might not necessarily mean a totally new idea but adding incremental value to an existing product. This involves improving customer satisfaction, reducing time to the market and rendering higher quality services. Although geographical location is the main focus when market development is being discussed, new markets can be created in other ways. Different sales channel generally appeal to different market audience and as many as possible market channels should be explored. It involves launching a new product in a new market and most times might be outside the organizations area of competence. The strategy explored the growth strategy that can be employed by any organization from a product and market perspective and was divided into four sections, which are market penetration, product development, market development and diversification. His background in architecture and masters in business administration gives him a good mix of both technical and business knowledge, which has helped him in his career as a consultant. His guidance through collaboration and the educational materials he has developed has provided me the ability to better understand and grow my products and business. Products that succeed are inventive, exceed expectations of their target markets, are easy to use, and provide exceptional user experience. High quality performance together with exceptional user experience are almost always the necessary conditions for achieving market leadership.
It involves research, analysis, characterization, and generating innovative concepts for the company’s subsequent products (or a specific category in the company). You have been selected as the project manager in charge of expansion into the Indian market. It is also known as the product market expansion grid as it details the growth strategy an organization should pursue with relation to the market type.
Apart from selecting the medium of advertisement, the message also has to be crafted so that your target audience can relate with it.
The use of loyalty schemes is now popular in a lot of industries ranging from airline, grocery, banking etc.
Some of the most popular sales promotion strategy includes; half prices, buy one get one free (BOGOF), match and mix, promotions etc. For example, in the mobile messaging application industry Facebook recently bought Whatsapp.

Let us for a second imaging Apple developing running sneakers as its next product to compete with Adidas and Nike or toothpaste to compete with Colgate.
This trend is very popular in the IT industry (mobile phones especially) where flagship products are released every year with an incremental value over the previous ones. Benchmarking is a good way of achieving quality and this can be done against internal company standards or against industry leaders. A feasibility report should be carried out to determine which market channels have an audience that would be interested in the product we are marketing.
This is important to the project manager and senior management especially at the initiation phase of a project because it provides the basic guidelines that can be followed after we have determined the right strategy to be employed based on the organizations’ product and market need. He currently works as a freelance consultant and project manager with a focus on business growth and process improvement. Robert's expert knowledge along with his thorough and calm nature is a breath of very supportive and valuable fresh air.
However, it involves rigorous competition with existing competitors in order to gain a greater share of the market or maintain leadership position in a known market. For example, the target market for IKEA (an economical do it yourself furniture outfit) and BULTHAUP (a high class customized furniture outlet) would be totally different and so would their target medium and messages.
Although Facebook had its own messaging platform and could have decided to market it to the public, buying a competitor has helped penetrate the mobile messaging platform at a faster rate.
This strategy is useful to a firm that has its strength towards a particular market than a product i.e.
Tesco is the largest grocery store in the United Kingdom and has about 40 percent market share, which is the largest an individual store is allowed to have in the UK. The diversification strategy can; however, be worth it if the return on investment is high enough to compensate for the risk involved. Since this strategy involves selling more of the same items to the same set of people, the following are tactics required in achieving this strategy.
This is not to say that diversification should only be within the same industry, but it is easier to sell a related product to the same customer base than a non-related product. Its growth strategy now is to develop new markets which involves rendering the same service but in a new market.
There is no specific tactic to be used during diversification since it involves a totally new and uncharted area to the organizations existing portfolio.
Advertising should be reduced unless there is some hope of repositioning the product in an effort to prolong its life and the potential for profits. A good example of an organization that has successfully implemented this strategy is Apple Inc. It was; however, able to create a new market by selling the same product but rebranding its product as energy and targeting a new market which was the youth rather than the sick. Due to the high customer loyalty of Apple fans, apple has successfully introduced new products to the same market and it has always been well received by its customers. This involves learning about the new market, understanding the competitors, analyzing the risk involved, consumer analysis, market trend, product differentiation and many more.
The salesperson ends up dealing with a re-buyer and often is responding to requests for quotes.
The type of salesperson needed is a harvester, someone who can handle quotations, is good at prospecting, has good organization skills and is well disciplined. This is because should one business line encounter challenges the other would not be affected since they are unrelated.

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