Setting product strategy
3 important questions on Setting product strategy
Products must me differentiated to be branded. What are different ways to differentiate a product?
- Form
- Customization; Mass customization is the ability of a company to meet each customer's requirements.
- Performance quality; level at which the product's primary characteristics operate.
- Conformance quality; degree to which all produced units are identical and meet promised specifications.
- Durability
- Reliability
- Repairability
- Style; look and feel to the buyer
- Features
Six ways of pricing products in a product mix pricing:
- product-line pricing
- Optional-feature pricing
- Captive- product pricing
- Two- part pricing
- By-product pricing
- Product- bundling pricing
What are the five objectives for packaging?
- Identify the brand
- Convey descriptive and persuasive information
- Facilitate product transportation and protection
- Assist at home storage
- Aid product consumption
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