Marketing Exam 2 Review

In: Business and Management

Submitted By skyez104
Words 2845
Pages 12
Chap 6 creating product solutions
Video clip Tommy excessive emotive Richard always watching, customer focus

Product Strategy * Is a well conceived plan that emphasizes becoming a product expert, selling benefits, and configuring value-added solutions * Helps salespp make the right decision concerning the selection and position of products to meet specific customer needs

Selling solutions * Are mutually shared answers to recognized customer problems * More encompassing than specific products * Those that provide measuarable results * Those that require greater effort to define and diagnose the customer’s problems

Product strategy should be tailored to the customer’s buying needs * Transactional buyers * Standard or generic * Understand their own product needs * Product can be easily substituted * Consultative * Hidden feature * Differentiated choices * Customizable * Strategic alliance * High cost importance * Limited substitutability

Explosion of product strategy * Domestic and global markets overflowing * >30,000 consumer products produced each year * good news: buyer have a choice * bad news: more complicated

Product configuration * product selection process * often referred to as “product configuration” * product configuration software * develops customized product solutions quickly and accurately * incorporates customer selection criteria * identifies options, pricing, delivery schedules * can integrate with customer relationship management CMR apps

Parts to becoming a product expert * Product development and quality improvement processes * Development * Be familiar with product history * Know stages of product testing * Link key features and…...

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