Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership
Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership as discussed in the weeks readings. Is it more product dominant or service dominant? What are the tangible and intangible aspects? Based on the four categories of type of offerings discussed in the readings, describe the category in which your product or service offering belongs. Based on your new target market, would that category of the offering change and if so, how? How would it change the marketing strategy?
Product lifecycle. In which stage of the product lifecycle is your product or service offering now? Would the changes described in number 1 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy?
Part 2
Marketing channels & strategy. To the best of your ability, outline the marketing channels of your product or service offering as they currently exist. See Figure 8.4, from Section 8.2 Typical Marketing Channels, in your Week 6 Reading for some ideas. Most product and service offerings will have more than one channel, so your system should include at least two; for example (1) a direct channel for internet sales: manufacturer > customer; and (2) an indirect channel such as manufacturer > distributor > wholesaler > retailer > customer. If your product or service only has only a direct channel, explain why. Would this channel strategy change as a result of your new target market? Why or why not?
Pricing strategy. Referring to the various pricing strategies outlined in the weeks readings, which one does your product or service currently use? Would you recommend any changes for your new target market? If so, how would you change it and why?
