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Product strategy is one of the most important components of marketing strategy. Making an effective marketing plan regarding the points of interest, from getting the client cooperation and the visual plan appropriate to giving the correct usefulness and utilizing the correct innovations is really important. This is the first stage where the product’s creation comes in. It helps us to deal with our product proactively and it keeps us from losing all sense of direction in the subtle elements.
Several marketing theories have discussed about product concept and guide us to answer such questions: What will product progress toward becoming? Who will it profit? In what manner will it make esteem? It’s an abnormal state arrange for that causes you understand your vision or overall objective.
More specifically, this report will show our new product (from previous presentation)’s strategy in terms of depicting who the product is for and why individuals would need to purchase and to utilize it; what the product is and why it emerges; and what the business objectives are and why it is beneficial for our company to put resources into it.
Normally, the word product proposes a physical object such as an auto, a mobile phone or a pencil. However, a product is defined as anything that can be offered to a market for attention, acquisition, use or consumption that could fulfill a want or need. Also the idea of product is not restricted to physical terms only, anything that has ability to fulfill a need can be called a product.
According to Armstrong et al. (2017), product is a key component in the general market offering. Marketing-mix planning starts with building an offering that brings value to target clients. A market offering frequently incorporates both tangible and intangible goods and services.
In this manner, product covers physical goods, services, experiences and an assortment of different contributions that fulfill customers’ needs. In the broadest sense, marketing offerings additionally incorporate different substances, for example, people, places, associations, information and thoughts. Therefore, extensively characterized, product likewise incorporate services, events, persons, places, organizations and ideas, or mixes of these.
Product: Green life
We will construct a vertical farming that will be utilized as a urban greenhouse.
In the greenhouse spaces, nourishment will be developed utilizing hydroponic farming technique that includes submersing crops in supplement rich water. This method is ending up progressively prevalent with urban-cultivating specialists as it doesn’t require expansive territories of land to be fruitful.
We will likely deliver the most sustenance on the littlest impression utilizing minimal measure of water and different assets yet still keep up premium quality. We limit the utilization of transportation, land, vitality and water utilizing waste items simultaneously yet deserting no waste.
We will utilize cooperative answers for grow huge modern nourishment creation frameworks. These frameworks turn overabundance warmth, biomass and even carbon dioxide outflows into resources for nearby nourishment creation.
The greenhouse gets and utilizes overabundance warm from the adjacent power plant. The loss from the greenhouse is then sent to the biogas plant for fertilizing the soil, so there’s a pleasant round development of vitality.
Organic farming is a cultivating technique that includes developing and sustaining vegetables without the utilization of manufactured based composts and pesticides. Likewise, no hereditarily changed creatures are allowed.
Armstrong et al. (2017) also state that product planners need to consider products and services on three levels. Each level will add in value to customer.
The most essential level is the core customer value, which tends to the inquiry: What is the purchaser truly purchasing? What are the advantages or benefits that buyers look for?
At the next level, product creators must transform the core benefit into an actual product. They have to upgrade product and service features, design, quality, brand name and packaging.
At long last, product planners must form an augmented product around the first and second levels by offering extra purchaser services and benefits.
When it comes to our product, the core benefit is vegetables which is a basic food of our lives. In the next level, we add in elements to create actual product include brand name (Green life), quality (organic, fresh, availability).
Beyond that, at augmented level, we apply sales boosting policies such as free delivery, credit payment, trial products, return policy, membership and customer service center.
According to Armstrong et al. (2017), products and services fall into two broad classes in light of the kinds of shoppers that utilization them consumer products and industrial products. The difference between a consumer product and an industrial product is depending on the reason for which the product is purchased. Industrial products are those acquired for additionally handling or for use in process of a business.
Additionally, materials and parts is one of the three groups of industrial products. They incorporate raw materials and manufactured materials and parts. Raw materials consist of farm products (wheat, cotton, livestock, fruits, and vegetables) and natural products (fish, timber, crude petroleum, iron ore).
As shown in the previous presentation, our product’s targeted customers are high-class hotels and restaurants with B2B business model. Therefore, our product is classified as industrial product which is raw material for foods and beverages.
It’s noticeable that when it comes to raw materials, there is little difference among them. Consequently, the competition to sell them is based on price and availability. As a result, availability will be chose as an important attribute of our product.
Marketers work out product and service decisions at three levels: individual product decisions, product line decisions and product mix decisions. The vital choices in purchasing making of clients in terms of individual products and services consist of product and service attributes, branding, packaging, labeling and product support services.
Product quality is one of the marketer’s fundamental positioning apparatuses. Quality directly affects product or services execution; subsequently, it is firmly connected to client esteem and fulfillment. In the tightest sense, quality can be characterized as ‘flexibility from absconds’. However, most client focused organizations go past this restricted definition. Rather, they characterize quality regarding making client esteem and fulfillment.
According to Armstrong et al. (2017), total quality management (TQM) is an approach in which all the organization’s kin are engaged with always enhancing the nature of products, services and business forms. For most organizations, client driven quality has turned into a method for working together. From this approach, our strategy set an ‘arrival on quality’ goal which see quality as a speculation and considering quality endeavors responsible for main concern comes about.
Our product’s quality has two measurements level and consistency. We attempt to offer the most noteworthy conceivable execution quality level. Then, our product quality has to be consistent in conveying a focused on level of execution.
A marketing organization’s value proposition is the set of benefits or values it promises to deliver to consumers to fulfill their requirements.
Such offers separate one brand from another. They answer the client’s inquiry, ‘For what reason would it be advisable for me to purchase your image instead of a competitor’s?’. Showcasing associations must plan solid offers that give them the best favorable position in their objective markets.
After going through product definition, product classification and product quality concepts, we come out a clear statement which is key value proposition of our product:
Solve the problem of providing fresh and organic food in urban environments with minimal transportationв
This statement express three main commitments:
The product life cycle (PLC) incorporates the stages the item experiences after advancement, from prologue to the finish of the item. The PLC is a valuable instrument that enables advertisers to deal with the phases of an item’s acknowledgment and accomplishment in the commercial center, start with the product’s introduction, development, stability, and conceivable decrease of the overall industry.
Regarding to organic food, currently there are many big brands in Vietnam have invested and developed its organic products, such as TH true milk, Vineco, Vinamilk, Co.opmart, Vinamit, Furthermore, according to our market research, organic food demand and consumption are increasing dramatically.
The growth stage is portrayed by expanding volumes, more competitors, and higher benefits. The development of product pulls in competitors who enter the market rapidly.
As a result, we have strong base to show that our product is in the growth stage..
To deal with this situation, instead of encouraging consumers to try the product, our marketing strategy tends to concentrate on the specific benefits or the value proposition of our product relative to competitive offerings. In other words, besides educating customers, we must cope with our competitors. Emphasizing the advantages of the product’s brand name could be one of our best solutions.
Making and dealing with an effective product requires a considerable measure of time and vitality. Keeping in mind the end goal to be completely dedicated, we must be persuaded that what we are doing is correct and have a reasonable strategy of where to take our product. After defining product strategy, we could move on to other components marketing-mix planning.
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