Using your HBR Coursepack, review the following core marketing reading(s):
Product policy strategies are formulated to drive the successful launch and management of products and services that best meet the needs of selected target markets. Â After these important decisions are made, recommendations and strategies associated with the other three Ps of marketing (place, price, and promotion) are then made. Â These decisions must support the integrated marketing plan objectives and strategies for a given product or service within any organization.
This reading focuses on the four issues a company must address in developing its product policy:
Product mix breadth refers to the variety and number of product or services offered.
Product line depth is the number of items within a given product line.
Product item design refers to each individual productâ€™s specifications.
- Product life cycle designates where a particular product or service is on the product life cycle.
The reading examines these four issues as a means to present the principles of effective product policy decision making, with a particular focus on the development of new products.
- Following your review, prepare a response to the following discussion questions:Â
1. What strategies can be employed to identify new products that will lead to a beneficial product mix?
- 2. What key considerations are important in developing a product line architecture?
3. What key characteristics of a new product are needed for success in the market?
- 4. What marketing challenges are present during the different states of the product life cycle?