Product Strategy: A Framework for Marketing Management

Subject: Management Priorities
Pages: 1
Words: 308
Reading time:
2 min
Study level: Master

A product refers to any item or service offered for sale to consumers with a view of satisfying their needs. It may also take the form of a concept or information meant for commercial or non-commercial purposes. Marketers play a vital role in analyzing consumer demands and assigning the value of goods. Kottler and Keller (2016) realized that marketing strategies determined the possibility of gaining a competitive advantage over existing products. Besides, consumers have a high preference for goods and services that have superior quality, performance, and innovative features. According to Kottler and Keller (2016), a product must be communicated to the target audience to allow potential users to understand why they need it, its benefits, and changes it can impose on their lives.

In only 3 hours we’ll deliver a custom Product Strategy: A Framework for Marketing Management essay written 100% from scratch Get help

One of the most successful products includes the Apple Company’s iPhone and iPad. The firm’s brand name is associated with creativity, innovativeness, and a touch of class that has lured millions of customers into its appealing merchandise (Kotler & Keller, 2016). Its distinguished, stylish, and superior iPhone and iPad with easy-to-use interfaces and adaptable accessories, such as the smartwatch, have continued to boost the company’s market share globally. The Apple Company marketing mix is aligned with its strategic vision to determine explanations for successful sales in its targeted markets.

Some unsuccessful products are the HP Touchpad and Samsung Galaxy Note 7. The Hewlett-Packard Company made a wrong attempt to introduce a half-baked product (Becker, 2018). Due to rush and eagerness to release a new smart device to battle Apple’s iPad, the computer technology giant rolled out the HP Touchpad with a faulty operating system. Similarly, Samsung Inc. ran into problems with Galaxy Note 7 after customers reported incidences of spontaneous fire resulting from the phones’ batteries (Becker, 2018). The company admitted to errors both in the design and production of the product’s power module.

References

Becker, S. (2018). 15 worst product failures and flops from the past 5 years. Cheat Sheet. Web.

Kotler, P., & Keller, K.L. (2016). A framework for marketing management. Pearson Education Limited.