Setting product strategy by Jo Malumay
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The document discusses strategies for creating an effective product strategy to grab customers' attention. It recommends identifying the product's value level by positioning it at a higher level associated with higher value and price. It also advises differentiating the product to have a competitive advantage by having a desirable form and choosing features wisely. Additionally, the document suggests using co-branding to generate greater sales by combining products from different companies. It provides an example of Petron Gasul's product strategy which uses an augmented version of its product through co-branding.
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CVP_Assignment.pptx
Formulating a Customer Value Proposition
The customer value proposition is at the core of formulating the product strategy blueprint
A key output of business strategy is the customer value proposition (CVP) with its tangible manifestation being the organization products/services.
The CVP is the strategic guidepost for product design and product marketing (campaigns and messaging to the customers). All product management activities (market intelligence, customer research, product market position analysis) are in effect an input in defining the CVP (for new products) and enhancing the CVP appeal (for existing products). As such, formulating a CVP is a core element of product strategy process and output.
Defining Customer Value Proposition elements
At its highest level, a CVP is a statement defining your promise to your (target) customers, stating the benefits (value) they will receive by buying your product/service – it sets the value/price equation to the intended target market. The CVP should be a succinct customer centric statement that articulates how the product/service will benefit customers.
The CVP design is informed by and should be aligned back to the organization overall corporate/business strategy. It should start by defining the customer target segment with clear articulation of what customer problems/pain points are being solved.
See below the visualization of the CVP design elements and where it fits between high level corporate strategy and marketing- the high level strategy shapes the CVP and marketing communicates and sells the CVP.
Formulating a Customer Value Proposition
The customer value proposition is at the core of formulating the product strategy blueprint
A key output of business strategy is the customer value proposition (CVP) with its tangible manifestation being the organization products/services.
The CVP is the strategic guidepost for product design and product marketing (campaigns and messaging to the customers). All product management activities (market intelligence, customer research, product market position analysis) are in effect an input in defining the CVP (for new products) and enhancing the CVP appeal (for existing products). As such, formulating a CVP is a core element of product strategy process and output.
Defining Customer Value Proposition elements
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The CVP design is informed by and should be aligned back to the organization overall corporate/business strategy. It should start by defining the customer target segment with clear articulation of what customer problems/pain points are being solved.
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xxx
xx
xx
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Paradise Cookware’s branding, pricing, and distribution strategy.
Branding
Paradise Cookware’s branding is quite unique compared to the other company’s brand. The brand was created strategically to separate ourselves from every other company in the market. The words “paradise Cookware “are written in very colorful lettering. Each letter is enhanced by a palm tree. On the background of the letters are smiling chefs. This branding is meant to bring out the user-friendly nature of this company, whose motto is to be very attractive, safe, user friendly, and the best cookware in the marketplace. Definitely this branding has made Paradise Cookware unique from the rest of the cookware companies (Nicholas, 2004).
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The document discusses strategies for creating an effective product strategy to grab customers' attention. It recommends identifying the product's value level, differentiating the product to have a competitive advantage, co-branding to generate sales, and providing a local application example of Petron Gasul's product strategy. The strategies are outlined as developing products at different value levels to command different price points, designing products with desirable features chosen carefully based on cost, combining products from different companies through co-branding to increase sales, and augmenting existing products through co-branding partnerships.
CVP_Assignment.pptx
Formulating a Customer Value Proposition
The customer value proposition is at the core of formulating the product strategy blueprint
A key output of business strategy is the customer value proposition (CVP) with its tangible manifestation being the organization products/services.
The CVP is the strategic guidepost for product design and product marketing (campaigns and messaging to the customers). All product management activities (market intelligence, customer research, product market position analysis) are in effect an input in defining the CVP (for new products) and enhancing the CVP appeal (for existing products). As such, formulating a CVP is a core element of product strategy process and output.
Defining Customer Value Proposition elements
At its highest level, a CVP is a statement defining your promise to your (target) customers, stating the benefits (value) they will receive by buying your product/service – it sets the value/price equation to the intended target market. The CVP should be a succinct customer centric statement that articulates how the product/service will benefit customers.
The CVP design is informed by and should be aligned back to the organization overall corporate/business strategy. It should start by defining the customer target segment with clear articulation of what customer problems/pain points are being solved.
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Formulating a Customer Value Proposition
The customer value proposition is at the core of formulating the product strategy blueprint
A key output of business strategy is the customer value proposition (CVP) with its tangible manifestation being the organization products/services.
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At its highest level, a CVP is a statement defining your promise to your (target) customers, stating the benefits (value) they will receive by buying your product/service – it sets the value/price equation to the intended target market. The CVP should be a succinct customer centric statement that articulates how the product/service will benefit customers.
The CVP design is informed by and should be aligned back to the organization overall corporate/business strategy. It should start by defining the customer target segment with clear articulation of what customer problems/pain points are being solved.
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Npd & plc
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Paradise Cookware’s branding, pricing, and distribution strategy.
Branding
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Paradise Cookware’s products are priced at 5% lower compared to the competition, with the exception of personalized orders. The customers of Paradise Cookware not only enjoy excellent quality products, they also enjoy lower prices compared to the competition. The average whole sale prices for the cookware are usually lower compared to the retail prices. The price difference of the wholesale and retail is about 20%. The customers buying retail still enjoy the combination of quality and price savings, especially when they buy many products because of the discounts they get. Paradise Cookware uses a multiplier of 3.0 on the variable cost of every item in order to come up with the retail price. When the company prepares a quotation or a bid, there will be a total retail price for all items. Paradise Cookware writes its quotation for the clients depending on
the discounts they have received. This means prices quoted on the bids can vary depending on the discounts received.
Distribution Strategy
Paradise Cookware basically deals with designing and producing cookware. Their target market is North American, considering the Company is situated in USA and Canada and the product is designed with the culture in mind. However, we do plan on expanding, especially with on line sales. The company’s products are distributed all over the world. We manufacture roasting pans, fry pans, sauce pans, stock pots, Copper core pan sets, and glass pan lids. We have clients beyond just individual customers; we also cater to corporate clients. As mentioned, we have online markets where people buy online and have the products delivered to their door. The company has sales people in all their branches all over the US & Canada. The number of salespeople depends on size of the stores. On average the number of sale people in every stores vary between 7 -10 (Shane, 2007).
Company’s major competitors as inter- or intra-competitors.
Paradise Cookware has one major competitor, Cookware Moms’ Company. This company has for decades been manufacturing elegant and sophi.
Brandless Case Study
The following is an overview of the Brandless Case Study by Harvard. After discussions and research, this also states whether Brandless should enter the luxury market and why or why not to do so with reasons
Brand Study (Identity & Equity) I Brand I Brand Assets I Brand Associates I B...
“Brand equity is described in terms of awareness association (image), attitude (overall quality), attachment (loyalty) and activity (word of mouth).”
-Lehman and Weiner
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The document outlines key topics in marketing covered in Chapter 4, including branding, pricing strategies, international marketing, and e-commerce. It defines branding and the different types, discusses using pricing strategies to gain competitive advantages, notes the opportunities and challenges of expanding business internationally, and describes the two main forms of e-commerce as business-to-business and business-to-consumer models.
Branding
Branding involves creating a name, logo, and design to distinguish a company's products and services. It provides benefits like recognition, loyalty, and an image of quality and reliability. Effective branding appeals to customers on functional, social, spiritual, and mental levels. Companies must differentiate their brand, focus their message, and repeat it consistently to build an impactful brand over the long term.
Product and Brand Management unit - 1
This document discusses product and brand management. It defines key concepts like product, branding, product mix, product lines, packaging, and brand positioning. It also discusses brand equity and best practices for brand management, including focusing on customer experience, nurturing brand advocates, and using social media to engage customers. The overall content provides an overview of developing, managing, and strengthening products and their associated brands.
Why Branding Matters In Higher Ed
This document discusses the importance of branding for for-profit colleges. It notes that branding matters more now due to increased competition, market saturation, a shrinking target audience, and a poor economy. A strong, consistent brand can help schools attract more students, build loyalty, lower perceived risk, and increase referrals. The document outlines the branding process, including understanding the brand, segmenting the target audience, defining the brand position, developing integrated marketing campaigns, and measuring success metrics like awareness, attitudes, inquiries, and enrollments.
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The document discusses branding and marketing strategies at different stages of the product lifecycle. It defines positioning and differentiation strategies. It explains that in the introduction stage, marketing focuses on early adopters through high prices and promotions or low prices and promotions. In the growth stage, sales rapidly increase as more consumers buy the product, competitors enter the market, and prices may fall slightly while promotion is maintained.
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2. The new product development process involves idea generation and screening, concept development and testing, developing a marketing strategy, business analysis, test marketing, and commercialization.
3. The product life cycle typically involves an introduction stage with low sales and profits, a growth stage with rapidly rising sales and profits, a maturity stage with peak sales and profits, and a decline stage with falling sales and profits. The marketing objectives and strategies differ depending on the life cycle stage.
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2. Determine demand by analyzing price sensitivity factors.
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these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
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- 1. GRABBING customer Jo Malumay Ateneo Graduate School of Business V90 Marketing Management Creating your product strategy
- 2. 1. Identify your product’s VALUE LEVEL 2. DIFFERENTIATE your product to have a competitive advantage 3. Do CO-BRANDING 4. Local application o Petron Gasul product strategy Outline How to GRAB customer attention?
- 3. 1. Identify your product’s value level Higher level ► Higher value ► Higher price CORE benefit Communicate with others
- 4. 1. Identify your product’s value level Higher level ► Higher value ► Higher price CORE benefit Texts, Calls, Internet connection
- 5. 1. Identify your product’s value level Higher level ► Higher value ► Higher price CORE benefit Meets normal expectations
- 6. 1. Identify your product’s value level Higher level ► Higher value ► Higher price CORE benefit Exceeds expectations
- 7. 1. Identify your product’s value level Higher level ► Higher value ► Higher price CORE benefit Transformation The Five Product Levels
- 8. 2a. Differentiate your product to have a competitive advantage Have DESIRABLE form
- 9. 2b. Differentiate your product to have a competitive advantage Choose product features wisely Each feature has a cost Cebu Pacific communicating its product value
- 10. 3. Do Co-Branding Co–Branding can generate greater sales Co-branding is combining products from different companies
- 11. 4. Local Application Petron Gasul product strategy Augmented product version of Petron Gasul Co - branding
- 12. 1. Identify your product’s VALUE LEVEL 2. DIFFERENTIATE your product to have a competitive advantage 3. Do CO-BRANDING 4. Local application o Petron Gasul product strategy Summary How to GRAB customer attention?
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