ACTIVITY: Define the Product Strategy

In this chapter we looked at the essential element in the marketing mixthe product. Developing an effective marketing plan begins with an understanding of your product, its role in the companys overall business strategy, and, more specifically, where it fits in the companys product mix. Additionally, it is important to establish a new-product development process that ensures a new-product pipeline of potentially successful new products. Your assignment in this chapter includes the following activities:

1. Define the product to include:

a. Value proposition.

b. Characteristics.

c. Nature of product (consumer versus business product, and what type of product it represents).