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Product Strategy and Branding
This week’s reading was definitely excessive but very insightful. The underlying concept the connected all the articles this week was “value”. It articles went from indentifying it to incorporating in the culture to executing and measuring it.
It is obvious that customers evaluate every purchase against the price they pay and the value they get from it. The basic problem that persists is marketers have been able to solve only one side of the equation i.e. pricing. However, not much attention has been given to the other side which is value. It probably due to the fact that determining what truly perceived as value can be difficult and confusing. As it is entirely based on individual’s psychology. As the amount and nature of value in a particular product or service always lie in the eye of the beholder (Almquist, E.; Senior, J.; & Bloch, N.; 2016). Marketers need to explore different combination features that their product offers. Choosing the right set of features helps company gain higher number of loyal customers, market share growth and also in higher revenue. Of course they are some features that matter more to a customer than others like quality, time saving, design etc. These features may depend on the type of business. Like online business should be easy and convenient and fast delivery on the other hand, a brick and motor shop can connect with customers on a more emotional level.
Furthermore, before a company start digging into finding the right elements. A company need to have a clear goal with strong core value. Company with a strong core helps to set them apart from their competitors and can help them to best serve their customer needs. Additionally, having a clear goal is very important, till the time company doesn’t what they are working towards will eventually slow them down and the company will be unable to grow. Companies can also engage in MSP to increase their revenues.I believe, it’s important for a company to keep asking questions like “who are we serving” or “who their primary customer are” time and again. Even though some question seems easy and may seem obvious, but the choices they represent can be tough. Each choice is based on a different theory of value creation and their full implications are not always immediately clear but making one and communicating it effectively are essential. This also helps in keeping a check on your strategies and knows if you are going in the right direction. Even in good times, company should be able to identify its weak points.
In conclusion, a company should be able to create a value that appeals a customer to fall in love with it and keep buying it. Even though value deeply rooted in psychology, finding the right combination of elements can make it much less amorphous and mysterious and make a company succeed.
Almquist, E.; Senior, J.; & Bloch, N. (2016). The elements of value. Harvard Business Review, 94(9), 46-53.
Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard Business Review, 96(4), 33-39.
Hagiu, A. & Altman, E. J. (2017). Finding the platform in your product. Harvard Business Review, 95(4), 94-100.
Ignatius, A. (2015). How Indra Nooyi turned design thinking into strategy. Harvard Business Review, 93(9), 80-85.
Porter, M. E. & Hepelmann, J. E. (2015). How smart, connected products are transforming companies. Harvard Business Review, 93(10), 98-114.