Marketing with Blue and Key (Part 13): Product Strategy Planning and Marketing throughout the Lifecycle

Hello, everyone! Welcome back to our blog series. In this thirteenth blog, we will explore product strategy planning and marketing throughout the lifecycle. As always, Blue will be guiding Key on this exciting journey. So, let’s get started!

Product Strategy Planning and Marketing throughout the Lifecycle

Key: Hey, Blue! I want to offer an English vocabulary app for students. Where should I start?

Blue: That’s a great idea, Key! To help you get started, we will discuss the theory of marketing management, which is a comprehensive approach to managing products from idea generation to product retirement. It involves understanding customer needs, developing products to meet those needs, and ensuring they remain competitive in the market.

(a) Product Features and Classifications

Key: Sounds interesting! What do I need to consider when it comes to product features?

① Product Levels

Blue: The first thing you need to consider is the product levels. There are three main levels: core, actual, and augmented.

Key: Okay, let me see if I get this right. The core product is the primary benefit, like helping students learn English vocabulary. The actual product would be the app’s design and content, and the augmented product includes additional services like personalized learning plans. Is that correct?

Blue: Exactly, Key! You’ve got it.

② Product Categories

Key: So, what about product categories?

Blue: Great question! Your English vocabulary app would fall under the consumer goods category, specifically educational software.

(b) Product Level and Classification

Key: I see! What’s next?

① Product Line Analysis

Blue: Product line analysis involves examining the range of products you offer and how they relate to one another. This can help you identify gaps and opportunities for expansion.

Key: Oh, so I could start with the vocabulary app and later introduce grammar or listening comprehension apps, right?

Blue: Exactly! That’s a great way to expand your offerings.

② Product Line Length

Key: What about the product line length?

Blue: The product line length refers to the number of products within a product line. It’s essential to strike a balance between offering variety and not overextending resources.

Key: I think I understand. I could start with a few modules in my app and expand as I grow.

③ Line Modernization, Featuring, and Narrowing

Key: How do I keep my product line relevant over time?

Blue: Great question! Line modernization involves updating products to meet changing customer needs. Featuring is when you promote specific products within the line, while narrowing is when you remove underperforming products.

(c) Packaging, Labeling, and Warranties (Warranties and Guarantees)

Key: Regarding real products, it is important to consider packaging and labeling. But my product is an app, a digital product. What about packaging and labeling for my app?

① Packaging

Blue: Your “packaging” for a digital product like your app could include the app icon, screenshots, and promotional materials.

② Labeling

Blue: Labeling involves providing essential information about the product. For your app, this includes its name, description, and any necessary disclaimers or warnings.

Key: And warranties or guarantees?

③ Warranty (Warranty and Guarantee)

Blue: Warranties and guarantees provide customers with confidence in your product. For your app, you might offer a money-back guarantee if users don’t see improvement in their vocabulary skills.

(d) New Product Management

Key: Lastly, how can I ensure my app’s success?

① Why New Products Fail and Why They Succeed

Blue: Understanding why new products fail or succeed is crucial for your app’s success. Some reasons for failure include poor market research, weak marketing strategies, and inadequate product features. Success often comes from addressing customer needs effectively, having a strong marketing plan, and ensuring your product stands out from the competition.

Key: I’ll keep that in mind. What about new product development?

② New Product Development

Blue: New product development involves several stages, from idea generation to commercialization. This process includes market research, idea evaluation, concept testing, and eventually product launch. It’s essential to involve your target customers throughout the process to ensure your product meets their needs and preferences.

Key: Got it! I’ll make sure to involve my target audience and follow these steps for my English vocabulary app.

Blue: That’s the spirit, Key! With careful planning and a solid understanding of product strategy, I’m sure your app will be a success.

Key: Thanks, Blue! I couldn’t do it without your guidance. I’m excited to get started and see my app grow!

Blue: I’m always here to help, Key. Keep up the great work, and remember that the key to success is continuous learning and improvement.

That’s it for our thirteenth blog on product strategy planning and marketing throughout the lifecycle. We hope you found this information helpful and that it will inspire you in your own entrepreneurial journey. Stay tuned for more valuable content in our blog series!

As always, happy learning!