Product strategy, marketing homework help

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Business Finance

Description

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. Discuss why this is the case, citing specific real-world examples of products that have been successful and products that have been unsuccessful.

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Product Strategy
Product strategy, as part of the marketing mix, must be driven by the consumer needs
because the product strategy answers the questions which regard the customer needs. What are
you selling? Who are you selling to? How will you price your product? What value do you
provide to your customer? How will you distribute your product? Finding an answer for these
questions indicates that the marketer has the knowledge about his or her customers needs
relatively the...


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