Determine positioning strategy for the product

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Reference no: EM132596861

Successful Messaging Sells

It is important to understand what you are selling before you can craft messages to target specific markets. The marketing P for product defines the features and benefits of the product that explains why a customer should buy your product.

Product strategy is a guiding step in the overall marketing plan. Choose the specific product on which you wish to focus for the final strategic marketing plan. To get the most out of this assignment, you are strongly urged not to recycle projects from past classes. The goal of the program is to apply marketing principles in various scenarios to prepare you for a career in marketing.

Your product line presentation to senior management will take place via video conferencing. You will need to prepare a PowerPoint presentation and an accompanying script in Word for the meeting.

Launching your Product

Question 1: Company competition: Develop a SWOT analysis to graphically depict your company's current competition. Explain the SWOT in words.

Question 2: Segmentation: Consider who is interested in your product. Identify the type of customer groups interested in the product, and why.

Question 3: Targeting customers: Based on the product offering and customer segments, describe what customers segments you will serve, and why.

Question 4: Product positioning: Determine your positioning strategy for the product. What image do you want to project to your customers and prospects? How will you appeal to your selected customer segments?

Question 5: Use the 4Ps of marketing to help with this. For example, will you differentiate the price based on quality and value? Where will you distribute the product? Is your product distinctive, unique, or the best quality for the price? Write your positioning statement for the product.

Question 6: Product policy: All product strategies must include a product guarantee. Write the product policy.

Question 7: Customer lifetime value: How will you build customer lifetime value for the company based on your product marketing strategies?

Reference no: EM132596861

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