Product Strategy

Creating a product to market to the public involves the creation and formulation of a product strategy. Companies face questions regarding the quality, features and price of a product, therefore, it is very important that marketing managers develop a wining product offering by addressing the five product levels, which are potential product, augmented product, expected product, and basic product. Finally, once all these levels have been identified and addressed, customer value hierarchy is created. (Kotler & Keller, 2009)

Within that product strategy, applying a means-end chain theory to create attribute-benefit-value for the market product is a great way to generate a desirable product. (Chin-Feng, L. & Hsin-Chung, H., 2009) "Analytical results indicate that consumers are primarily concerned with personal feeling, seduction and self-imagery benefits. Marketers can utilize analytical results of benefit-variable assessment for product design and marketing strategy formation." (Chin-Feng, L. & Hsin-Chung, H., 2009)

In order to provide an ultimate product that consumers want and need creating differentiation, marketers must considered market augmentation which enables the product or service of a company to distinguish it self from competitors. Product augmentation happens when a company partners with other organizations to create a final product, an expected consumer product. (Kotler & Keller, 2009)

Concerning the actual product, traditional marketers have developed product categories, which are durability, tangibility, and (consumer or industrial). Each product and its category contain a marketing strategy mix that marketers use to advertise and sell. (Kotler & Keller, 2009) within these categories, products are divided and a s...

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...hind their product's quality and that they are confident their product will meet consumers' expectations. Marketers must use the power of offering guaranties and warrantees to improve consumers' product confidence. (Kotler & Keller, 2009)

Works Cited

Chin-Feng, L. & Hsin-Chung, H. (2009). Variable Assessment Of Product Benefits In Consumer Behavior using a Means-End Approach. Social Behaviors & Personality: An International Journal, 37 (5), 577-581.

Retrieved from EBSCOhost.

Kotler, P & Keller, L (2009). Marketing Management (Thirteenth ed). New Jersey: Pearson Prentice Hall.

Murphy, P. E., & Enis, B. M. (1986). Classifying Products Strategically. Journal of Marketing, 50(3), 24- 42. Retrieved from EBSCOhost.

NetMBA. (2011). Pricing Strategy. In NetMBA Business Knowledge Center. Retrieved February 27, 2011, from http://www.netmba.com/marketing/pricing/