Product Strategy

The title of the book is „Marketing management – knowledge and skills”. The chapter 6, that I was reading, was „Product Strategy”. The book is written by J. Paul Peter and James H. Donnelly.
Product strategy is a critical element of marketing and business strategy, since it is through the sale of products and services by which companies survive and grow.
The first of the chapter discussed some basic issues in product strategy, including product definition and classification, product mix and product lines, and packaging and branding, product life cycle. Finally, five methods of organizing for product management were presented. Although product considerations are extremely important, remember that the product is only one element of the marketing mix.
Basic Issues in product management
Successful marketing depends on understanding the nature of products and basic decision areas in product management.
Product definition
The way in which the product variable is defined can have important implications for the survival, profitability, and long-run growth of the firm. The same product can be viewed at least three different ways:
1.it can be viewed in terms of the tangible product – the physical entity or service that is offered to the buyer.…