9. Product Strategy

By definition, a product is an item or a service which is sold in order to satisfy the ever ending wants and needs of a consumer. Of course, while this definition may seem rather generalized, the concept of products is highly dependent on the case at hand. Evidently, products can be physical or virtual, ranging from durable goods to nondurable goods, while virtual products can be recognized as services or experiences in addition to ownership of NFTs.

For a product to reach its maximum potential, there is of course an individual that is responsible for the planning as well as maintenance of a product throughout its lifecycle, however, one of the notions available, that assists with the process of better understanding the evident attraction and use of a product, for a target segmentation, is the appearance of the 5 product levels.

An onion of some sort, where the core benefits, generic products, expected products, augmented products and potential products, are analyzed in order to describe the different levels that define the final form of an item/service, starting with the core benefits. Each level, essentially strives to differentiate the product and provide a better understanding towards its attributes, enabling each level to attain a unique concept of value, for the end consumer; hence, a means to an end, in order to meet the various needs of consumers.

An evident example of such, is the direction we chose within the classroom, addressing technological feats and specifically, laptops.

• Core benefits: Mobile accessibility to software.
• Generic product: Being a laptop and recognized as one versus a variety of similar mobile devices (Phone & Tablet)
• Expected Product: Possessing attributes such as Wifi, Bluetoorh and a Camera
• Augmented Product: Addressing the superiority of its internal components, versus the ones offered by competitors (CPU, GPU, Motherboard, etc)
• Potential Product: Including all the quality of life additions and transformations that can potentially define the product;(Evident example, the hidden camera function found on my laptop) surprising and delighting the customer with its functionally.

Overall, the notion of the 5 different levels of a product, showcases a way for organizations to adapt and understand their customers in a much more efficient way, enabling their manufacturing structure, to directly service the needs and wants of their customer base, hence, differentiating themselves from their competitors.

While the concept above, reflects upon the early set of the manufacturing process of products, it is also important to touch upon the discussion material, provided on the module presentation; the notion of product strategy is found in numerous stages of a products life; from its development stage, physical implementation as well as promotion, the need for a strategic approach is vital, however, one part that is often overlooked, is the need for adequate and attractive packaging. 

Packaging is more than a simple means to protect a product; it is an active and perhaps, one of the most effective tools of a marketer, showcasing the branding and emphasizing upon the unique attributes, and value providers, of the product itself. It essentially focuses upon the promotion of the item's or service's best features and strives to develop a rather, unforgettable experience for the consumer. 

In the end of the day however, packaging is only a mere tool, that attracts the attention of a new user. Answering the question available on the slide, replacing the package with a lesser version of its current form, at a sufficient reduced price, can lead to the same, or perhaps, even better purchasing rate, observed by their loyal customer base. However, this can not be said for the newest customers, as they will feel uncomfortable purchasing a product whose packaging is lacking.

Before finalizing with the reflection of this chapter, it is important to explore a different perspective upon the concept of packaging. As we are currently living in a technologically imbued society, public image has become a rather global concept, with CSR leading the charts, by showing a benevolent side of a brand's activities. Evidently, , 88% of consumers appear to be more loyal to brands that tackle on ecological ramifications, while 87% of the same demographic representatives, would purchase a product or service, if it was imbued with environmental benefits. By possessing packaging that does not produce waste and supports the environmentally benevolent concept of CSR, consumers (including myself) are attracted and more willing to purchase, said, products.(Butler, n.d.)

References:

Setting product strategy presentation - Strategic Marketing Management course - KAMK. Retrieved from: DevMoodle - Strategic Marketing Management Course.

Butler, A. (n.d.). Council Post: Do Customers Really Care About Your Environmental Impact? Retrieved from Forbes website: https://www.forbes.com/sites/forbesnycouncil/2018/11/21/do-customers-really-care-about-your-environmental-impact/?sh=d7d0f64240d0

‌