And that is exactly what a good Product Strategy Plan is all about. What are some of the benefits of having a product strategy plan? What are some of the types of pricing strategies? Strategic planning starts from product conceptualization up to product distribution.
Types of Product Strategies Product strategies are created depending on how the product is planned to be launched in the market. It takes into consideration the target audience, the current market conditions, as well as the existing competitors.
Product strategies are grouped according to competition priorities, advantages, and business strategies.
It is all about the people, the process, and the technology or resources used. Product strategizing is handled by the marketing team and handed over to the sales team.
Here are the types of product strategies that are commonly used by the marketing team. Cost Strategy: Cost strategy is about developing the best product at the lowest cost. It is positioned to maximize the value of the product, while at the same time banking on its affordability that the customers can be able to purchase it. This strategy is typically utilized on analogous products or the same by nature. An example of this would be household cleaning products. Only a small percentage of consumers would go for a particular brand, but most would choose the brand that offers the same value at a low cost.
These types of products are essentially producing the same quality outputs. Cost strategy is also all about cutting off the competition. Differentiation Strategy: The product differentiation strategy is all about building on the uniqueness of the product.
When creating a product differentiation strategy, the marketing team focuses on developing that value proposition , meaning, the value of the product that the company promises to deliver to the consumers.
Product differentiation, when drafted effectively, can be a make or break for the success of a brand. It creates brand awareness and recognition and gives that ultimate advantage in the market against its competition. Quality Strategy: A quality strategy is when the company produces and distributes high-quality products which are priced very high.
Their target market is high-income earners or those who are ready to pay for top-quality products. The high price cost is due to the high-quality supplies and resources, tools and equipment, used in production. In this type of strategy, the focus is given more to the unique concept design of the product, and should always be upgraded or else have added value to it to maintain its target market consumers. A risky strategy, but worthwhile, once the company has successfully established its product since the return of revenue, is comparatively bigger compared to the other strategies.
Delivery Strategy: A delivery strategy is all about how early or fast the company distributes its product to the market. Delivery planning , when used as a tactic, is a good method to ward off competition. It is a good practice to prevent scarcity and delivery delays.
Product launching is oftentimes connected as well with the delivery strategy. The timing of how a product is launched or introduced to the market is also very important since it also establishes any trademarks or copyrights that can be obtained by the company upon the development and introduction of the product.
The usual product delivery strategies can be in the form of self-delivery, third-party delivery via courier , or distributorship. How To Create a Product Strategy Plan A product strategy plan is created, focusing on how a business wants the product to be established in the market. It involves identifying the goals or objectives and carefully planning the methods on how to achieve those goals.
Having good strategic planning helps set priorities and focus, appropriately utilizing and maximizing the tools, equipment, and resources provided by the business for those identified goals.
There are no hard and fast rules when it comes to creating and formatting a product strategy plan. What you need to keep in mind is that for a product strategy plan to be effective, it needs to contain the essential elements that make up an effective strategic plan. Executive Summary The executive summary of a product strategy plan is an overview of the whole strategic process. It gives a brief introduction and background of the business or the product, and it also provides detail on why there is a need for the product.
In this book, the author explains that a good business plan should specify where the company is heading and how it plans to get there. The process of preparing a business plan is also highly instructional and provides an opportunity to learn more about the company. This summary provides a useful guide for creating a business plan that will not only get you funding, but will also provide you with a plan for reaching your goals.
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