Product strategy is a key component of the marketing strategy. The product itself forwards doing business solutions to achieve success in the market. Decision makers evaluate product attributes, industry and competitors. This information is used to develop a product strategy intended to achieve short-term sales and long term, income and distributional objectives. The product strategy is developed and written by a team of marketing organization, and requires the final approval of the Chief Executive Officer (CEO).
The research is used to identify needs and desires of the target customers of the product development strategy. It is not limited to consumer products; it includes products for business too. In the trade, this is called a B2B (business to business) product strategy. The airlines use B2B products strategies to identify the special needs of business travelers, and then introduced the program business class seats and rewards loyalty. Food manufacturers leveraged the identification of busy working parents to introduce a wide array of frozen complete meals and “heat and serve” food items.
The producers of consumer goods rely heavily on strong product strategies. Because billions of dollars and market share are at stake, nationally recognized by manufacturers of food products and consumer goods will spend millions of dollars in product development, to introduce new variants of the brand. The term "new and improved" is used for advertising reformulations of existing products to create a new life, and the interest of consumers, and outshine the competition. For example, a product strategy for the laundry detergent may be based on the addition of fragrance, fabric-softener additive or use in cold water.
The company's products in the market to meet the needs of target customers. Develop a "positioning" for the product to compete with other products and brands on the market. Positioning is also known as a "unique selling proposition" (USP). Positioning and USP claim is often the result of product research. For example, toothpaste manufacturers can position your brand as one that "prevents tooth decay is four times better than the other rands." Product strategy will then include a positioning statement as an essential language use in advertising, packaging, displays, products and promotions.
Distribution plays an important role in product strategy. In some cases, the distribution strategy can even determine the positioning. It is often used for direct-to-consumer products (D2C) that are advertised as "not available in stores" or "as seen on TV" and that require mail or telephone ordering. Moreover, some companies may limit the availability of products for a select group of one or more stores retail. This strategy provides exceptional product distribution in order to promote and increase sales.
In some cases, product strategy based on price alone. It is often used to store brands (also called "private label"), found in grocery stores and "big box" super stores. Store brands often cost up to 20 percent less than leading national brands advertised. Buyers buy items like toilet paper or canned goods at a lower price, but also to complete the rest of their shopping in the store. On the basis of membership or shops "club" entirely due to the strategy of product prices. Car dealers use prices as part of its product strategy to clear old inventory and make room for new models, offering discounts below the manufacturers suggested retail price (MSRP).
This is not only thing to define B2B product strategy in marketing for myanmar b2b, but if you use with these things that you will be well on your way to success.