Question

Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make...

Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers. Define the word "product" as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful. Cite your examples.

Homework Answers

Answer #1

Product is a good/service/idea/experience which a business sells in the market. The product is developed on market research and analysis by identifying the customer needs and wants. The product is developed and offered into the market on the basis of customer value. When a good is tangible it is a product and when it is intangible it is called service. It includes the product design, features, brand, labeling, packaging. A good, place, thing , idea, style , service , experience , everything can be marketed in a business.

The examples of a some successful products are- i phone from Apple, Super Mario game , Maggie from Nestle, Corolla from Toyota.
The examples of a some unsuccessful products are-Newton by Apple, Arch Deluxe burger by MccDonalds, Mobile ESPN, Facebook Home, Samsung galaxy note

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