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Essay / Product Strategy - 1213
Creating a product for the public market involves creating and formulating a product strategy. Businesses face questions regarding the quality, features and price of a product. It is therefore very important for marketers to develop a winning product offering by addressing all five product levels, namely potential product, augmented product, expected product and base product. Finally, once all of these levels have been identified and addressed, a hierarchy of customer values is created. (Kotler & Keller, 2009) As part of this product strategy, applying a means-ends chain theory to create an attribute-benefit-value for the merchant product is an excellent way to generate a desirable product. (Chin-Feng, L. & Hsin-Chung, H., 2009) “Analytical results indicate that consumers are mainly concerned with benefits related to personal feelings, attractiveness and self-image. Marketers can use the analytical results of variable profit assessment for product design. and developing a marketing strategy. (Chin-Feng, L. & Hsin-Chung, H., 2009) In order to provide an ultimate product that consumers want and need to create differentiation, marketers must consider an increase in the market that allows the product or service of a company to stand out. competitors. Product augmentation occurs when a company partners with other organizations to create an end product, an expected consumer product. (Kotler & Keller, 2009) Regarding the product itself, traditional marketers have developed product categories which are durability, tangibility, and (consumer or industrial). Each product and its category contains a combination of marketing strategies that marketers use to advertise and sell. (Kotler & Keller, 2009) Within these categories, products are divided and a middle of paper...... behind the quality of their product and that they are confident that their product will meet consumer expectations. Marketers should use the power of offering guarantees and guarantees to improve consumer confidence in products. (Kotler & Keller, 2009) Works Cited Chin-Feng, L. & Hsin-Chung, H. (2009). Variable evaluation of product benefits in consumer behavior using a means-end approach. Social behavior and personality: An International Journal, 37 (5), 577-581. Taken from EBSCOhost. Kotler, P & Keller, L (2009). Marketing Management (Thirteenth ed.). New Jersey: Pearson Prentice Hall. Murphy, PE and Enis, BM (1986). Classify products strategically. Journal of Marketing, 50(3), 24-42. Retrieved from EBSCOhost.NetMBA. (2011). Pricing strategy. In the NetMBA Business Knowledge Center. Retrieved February 27, 2011 from http://www.netmba.com/marketing/pricing/