Product strategy is a technique used as a planning tool of selling products in a market. It takes into considerations the objectives of the business, selling strategies, pricing, competitors, consumer’s tastes and preferences among others. Product life cycle refers to an arc that shows the life of a product in the market in terms of costs and sales volume. Any product with a life cycle possesses a limited life, its sales goes through stages phased with challenges, problems and opportunities to the seller and lastly, the products require marketing, manufacturing, financing, purchasing and human resource strategies throughout the life-cycle. Product identification helps in identification and description of products by their appearance. It may be in form of size, color, shape e.t.c. Product strategy is most important tool to get right because it focuses on all the market forces that can lead to a success or failure of a product.
Am a small business owner but in order to maximize the sales and profits in my business, I have to establish appropriate distribution strategies. I intend to sell my services of running errands at the corporate busy personnel’s for a fee. I have come to discover that there are those senior peoples in the white collar jobs who hardly have time for themselves. I strategies on moving my business cards to their offices and establish trust by disclosing everything about me and having a lot of capital as float money so that such individuals can call and direct me what to buy and let them pay me later with a commission after delivery.
Challenges of marketing wholesale goods can result to late or no delivery from suppliers. It can also be a challenge to wholesale studios when determining the quantity of accounts to have one area to ensure exclusivity. A wholesaler also stocks products that are either less profitable or those with no demand. With retail marketing of goods, it’s hard to have all the varieties of goods needed by customers and they are forced to keep up with trends in order to survive. Both wholesale and retail marketing are posed to competition which leads to increase in production costs due to activities like advertising.