Product Strategies

Definition: 

The actual physical product OR service produced and delivered by a business. 

Features of the value offering can be altered to differentiate it from competitors to meet the needs of the target market to increase sales and profit.

Total Product Concept:

The total combination of tangible and intangible aspects of a business’ offering to create to create maximum value for customers. 

Modifications can be made to: 

• the physical elements of a product (size, shape, materials, flavours, function, features) and 

• the level and type of service (speed, friendliness, warranties, after-sales service) accompanying the purchase. 

Marketers must always consider new product design.

Interdependent with operations - new product design, and product/service differentiation.