Product Strategy As Part Of The Marketing Mix

Product Strategy As Part Of The Marketing Mix Should Be Driven By Co

Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers.

Define the word product as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful. Cite your examples.

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In the realm of marketing, the term "product" extends beyond mere physical items to encompass anything that can satisfy consumer needs or wants. According to Kotler and Keller (2016), a product is "everything that can be offered to a market to satisfy a want or need." This broad definition includes physical goods, services, experiences, events, persons, places, properties, organizations, and ideas. In the context of business and marketing, understanding the multifaceted nature of a product is fundamental to developing strategies that resonate with consumers and meet their expectations effectively.

Effective product strategy hinges on aligning product features and benefits with consumer needs and preferences. This alignment requires a comprehensive understanding of the target market, consumer behavior, and perceived value. When product strategies accurately reflect consumer expectations, they can lead to success; conversely, a misaligned product strategy may result in failure or poor market performance.

Successful products are often those that effectively interpret consumer needs and translate them into relevant features and benefits. For example, Apple’s iPhone exemplifies a successful product that aligns with consumer desires for innovative, user-friendly mobile technology. Launched in 2007, the iPhone revolutionized the smartphone industry by integrating sleek design, user-centric interfaces, and versatile functionalities that met consumers' desires for connectivity and multimedia capabilities (Isaacson, 2011). The seamless integration of hardware and software, along with continuous innovation, has positioned the iPhone as a market leader, with over a billion units sold worldwide as of 2023 (Apple, 2023).

On the other hand, several products have failed due to a disconnect between the marketed benefits and consumer needs. The Google Glass, introduced in 2013, serves as a case study in failure despite high technological promise. Consumers perceived limited practical utility, privacy concerns, and a high price point, which collectively hindered adoption (Porter & Heppelmann, 2014). Google’s inability to accurately gauge consumer desire for wearable augmented reality in its initial form led to limited success, and the product was eventually discontinued for the consumer market, though it found some niche applications in enterprise settings.

Another example of success driven by consumer need is Nike's Air Max line, which addressed consumers' desire for comfort, style, and performance in athletic footwear. Nike continually innovates within this product line, integrating new cushioning technologies and style elements that appeal broadly to athletes and casual consumers alike (Keller, 2016). This responsiveness to consumer preferences has maintained Nike’s position as a leading sportswear brand globally.

Conversely, Crystal Pepsi, launched by PepsiCo in 1992, failed to meet consumer expectations and preferences. Market research had indicated a desire for a clear cola, but the product lacked the taste appeal and brand association consumers expected from traditional colas. The absence of an effective connection between the product design and consumer taste preferences led to its withdrawal after a year (Kotler & Keller, 2016). This underscores the importance of understanding and aligning with consumer perceptions and desires when developing product strategies.

In conclusion, the essence of successful product strategy lies in understanding and responding to consumer needs. As demonstrated by Apple's innovation and Nike’s responsiveness to consumer preferences, aligning product design and benefits with consumer desires is critical for market success. Conversely, products like Google Glass and Crystal Pepsi reveal the risks associated with misjudging or ignoring consumer needs. Therefore, integrating consumer insights into product development and marketing is essential for achieving sustained business success.

References

• Apple (2023). Apple Inc. Annual Report 2023. Retrieved from https://investor.apple.com
• Isaacson, W. (2011). Steve Jobs. Simon & Schuster.
• Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
• Porter, M. E., & Heppelmann, J. E. (2014). How smart, connected products are transforming competition. Harvard Business Review, 92(11), 64-88.