Discussion post. apa, 1 reference. 300+ words

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Business Finance

MKT607

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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Explanation & Answer

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Running head: PRODUCT STRATEGY

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Product Strategy
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PRODUCT STRATEGY

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Product strategy

Product strategy helps a company to develop better understand the market, develop
target markets, and develop products that best meet the needs of these markets. It is thus a
core component of the marketing mix. According to Doyle and Stern (2006), a company
needs to elaborately define the target markets for its products in order to come up with the
best pricing, the marketing strategy, and the produc...


Anonymous
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