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    Week 15 Assignment Name: Kamran Ashiq Reg# 8251-FMS/MBA/S20

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    Mahar Kamran Ashiq
    A product strategy outlines a company's plan for its products. It defines the core product and augmented services. The core product is the essential good or service, while augmented products are additional related services. A good product strategy identifies customer needs and how the product will solve problems. It also positions the product competitively in the market and guides decisions around the product life cycle. Developing a strong value proposition, product differentiation, and quality orientation are important for entrepreneurial success. Involving customers in the design process helps ensure products meet needs.

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    Week 15 Assignment Name: Kamran Ashiq Reg# 8251-FMS/MBA/S20

    Uploaded by

    Mahar Kamran Ashiq
    50 views4 pages
    A product strategy outlines a company's plan for its products. It defines the core product and augmented services. The core product is the essential good or service, while augmented products are additional related services. A good product strategy identifies customer needs and how the product will solve problems. It also positions the product competitively in the market and guides decisions around the product life cycle. Developing a strong value proposition, product differentiation, and quality orientation are important for entrepreneurial success. Involving customers in the design process helps ensure products meet needs.

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    A product strategy outlines a company's plan for its products. It defines the core product and augmented services. The core product is the essential good or service, while augmented products are additional related services. A good product strategy identifies customer needs and how the product will solve problems. It also positions the product competitively in the market and guides decisions around the product life cycle. Developing a strong value proposition, product differentiation, and quality orientation are important for entrepreneurial success. Involving customers in the design process helps ensure products meet needs.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views4 pages

    Week 15 Assignment Name: Kamran Ashiq Reg# 8251-FMS/MBA/S20

    Uploaded by

    Mahar Kamran Ashiq
    A product strategy outlines a company's plan for its products. It defines the core product and augmented services. The core product is the essential good or service, while augmented products are additional related services. A good product strategy identifies customer needs and how the product will solve problems. It also positions the product competitively in the market and guides decisions around the product life cycle. Developing a strong value proposition, product differentiation, and quality orientation are important for entrepreneurial success. Involving customers in the design process helps ensure products meet needs.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
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    WEEK 15

    Assignment

    Name: Kamran Ashiq

    Reg# 8251-FMS/MBA/S20
    QUESTION:

    Please check the attachment and make a 2 page summary of Product strategy.

    Answer:

    PRODUCT STRATEGY:

    Product strategy is a high-level plan describing what a business hopes to


    accomplish with its product, and how business hopes to accomplish with its product, and
    how it plans to do so. We can divide product strategy into the core product and augmented
    product.

    The core product is the essential good or service, while the augmented product is the set
    of attributes peripherally related to it. for example Apple manufactures and markets its
    iPod, the core product, but it also provides iTunes for downloading music and product
    troubleshooting as augmented services.To create your product strategy, start with identifying
    the market problems you would like to solve.

    This includes interviewing your target market, in your product strategy, you’ll pay
    attention to the strength of the value proposition you are offering customers and make sure
    your products are clearly differentiated. You’ll also be guided by the product life cycle in
    crafting your strategy and by product diffusion theory in assessing how fast consumers will
    adopt your products. Many entrepreneurs establish companies based on a new product or
    product line.

    Vision describes the market landscape, who the customers are, what they need, and how
    you plan to deliver a unique . What exactly do you want to sell to potential customers? What
    will you design to make it stand out from other companies? What features will you add to
    increase the benefits offered to your target market? Cost to customize and research into
    certain products in terms of a certain target market is expensive, as well as the increase
    numbers of staffs hired.

    In a business environment with intense global competition and fast-paced technology,


    entrepreneurs must continue to develop new products in order to maintain a profitable
    market position, even after creating a winning new venture. Entrepreneurs need to
    understand new product development process if they are to ensure their venture’s survival.
    Because new products have varying levels of newness to both the company and the
    marketplace, entrepreneurs must make different kinds of risk –return trade-offs. At one
    extreme, pioneering or radical innovation represents a technological breakthrough or “new-
    to-the-world” product. At the other extreme, entrepreneurs may develop incremental
    products, which are modifications of existing products, or product line extensions.
    Incremental products are less risky to develop but typically produce a more modest return.

    How does the company plan to position its product in the market? Different factors will
    need to be considered when you position your product in the marketplace as it will impact on
    consumer’s perceptions about your product and brand. e.g how you will price the product
    and the quality of it.

    Entrepreneurs sometimes err in being overly product focused, concentrating on the


    product as they conceive it rather than as customers may want it. One way to offset the
    danger of this mindset is to involve the customer in the design process the practice of
    studying the customer upfront not only results in better service quality but also enables you
    to deliver a highly customized product.

    Finally perhaps the most important product attribute for entrepreneurs is quality, which
    serves as a powerfull differentiator and is needed to gain the recommendation of customers.

    Entrepreneurial companies with a quality orientation also find it easier to engage in


    internal marketing; employees are more enthusiastic about and proud to be selling high –
    quality products than products of mediocre quality.

    A product strategy outlines a company’s strategic vision for its offerings by stating
    where the products are going, how they will get there and why they will succeed.

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