types of product strategy

unless the public is aware of your product and the features it offers, you can’t reasonably expect to generate much in the way of sales. consider some of the major product strategies used by consumer-oriented companies to get their merchandise in front of the buying public. this is your primary competition, the product or group of products that are in position as the market leader. the first-to-market firms with a new product have a jump on the competition and a solid prospect of becoming a market leader. one strategy for positioning your product in the market is to challenge the market leader, as described in an aytm article on brand positioning.

as product strategies go, market followers more or less ride the coattails of the already well-established market products. you can find market followers in pretty much any aisle of the big box stores, right alongside the market-leading products. another strategy for differentiating your product is to target a specialized audience. the niche product strategy is especially suitable for small businesses with limited resources to launch a serious challenge against an established and dominant market leader. instead, the niche player aims to reach a small but significant fraction of the market interested in specialized product attributes.

companies utilise the product strategy in strategic planning and marketing to identify the direction of the company’s activities. [2] the product strategy is composed of a variety of sequential process in order for the vision to be effectively achieved. while the product strategy outlines the elements of the product and the company’s target market, the product road map explains how you will do it. [3] big picture context provides the background of each feature and how it relates to larger goals. [4] the product life cycle concept consist of 4 stages: introduction, growth, maturity, obsolescence. the length of the life cycle, duration of each stage and the shape of the curve vary widely for different products.

[19] in order to do so, your aim is to make the product more attractive to the marketplace compared to other competitors. for example, your competitor in the market sells tea a but you sell tea b, you will then have to focus on producing tea b so that your customers find your product to be more appealing (in terms of price, taste and services) compared to your competitor. there are two very different types of platforms: digital platforms in technology, and physical platforms in other fields. the technology infrastructure of the platform touches customers and developers beyond the firm’s boundaries. in this case a platform is a common architecture, collection of assets, component designs, subsystems, or other elements shared by several products. this has the potential to foster lean product development.

when developing and marketing a product, do so using a clear strategy. recognition ask questions such as, “which brands do you think of when you are considering buying this type of product? basis – the product strategy forms the basis of implementing a product road map. it allows the company to manage the product strategy forms the basis for executing a product roadmap and subsequent product releases. the, types of product strategy pdf, types of product strategy pdf, elements of product strategy, product strategy framework, product strategy example pdf.

initiatives. initiatives are the strategic themes you derive from your product goals and then place on your roadmap. they 1) marketing mix 2) levels of a product 3) type of products 4) differentiation 5) doing this type of research provides insights into where you fit within the broader market and what opportunities,

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