Marketing_Plan.docx - Running head: MARKETING PLAN 1...

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Running head: MARKETING PLAN1MARKETING PLANNameInstitutional Affiliation
MARKETING PLAN2MARKETING PLANProduct strategyA product strategy will play a vital role in the marketing of a company product and hasbeen found to act as the foundation of a product’s life-cycle and plan for further execution gearedtowards further development. Therefore the product strategy will act as the product’s roadmapoutlining the product’s end-to-end vision and what it will become in future (Carnrite, 2017). Theproduct strategy will therefore basically contain three elements that the strategy will be built on(Pichler, 2015);Market and needs-the market would be the target customers and product users while theneeds are the problem the product would be seeking to solve or the primary product benefits.Key features and differentiators-this part of the product strategy would answer andoutline the aspects of the product that are vital in addressing the problem that the product seeksto solve, and those aspects that would create a benefit that would make people choose ourproduct over the competitors’ products.Business goals-this part of the product strategy would answer the question, how is theproduct going to help the company? Revenues generation? Act as a catapult for the sale ofanother product? Reduce cost? Or perhaps just increase the company’s brand equity. Clearbusiness goals would help in the selection of the right key performance indicators and effectivelymeasure the performance of the product.
MARKETING PLAN3Branding strategyThe company would majorly rely on seven key components when developing thebranding strategy for the ‘V Fusion + Energy’ product. These components will include (Stec,2015);purpose-what is the purpose of the product that differentiates it from the competitors? Is itjust to make money or promote healthy energy drinking?consistency-the product messagingshould be cohesive and not confusing to the customers;emotion-there should be a striving tomake the customers involved emotionally in the product processes, to create a sense of belongingand part of the family;flexibility-in order to stay relevant the company should be flexible in theirproduct branding as this enable the company make adjustments that build interest and distinguishour products from the rest;employee involvement-the company employees should be well versed

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Term
Winter
Professor
N/A
Tags
Marketing, STEC

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