January 22, 2013 at 11:16 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to build more mindshare and capture marketshare with your customers in his Once a Day Marketing blog. Tune in often to his short, entertaining and practical marketing and branding tips and watch your organization become more successful and profitable.
Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today is Strategic Tuesday and I am providing and overview of developing product strategy to meeting customer needs.
There are many product strategies available and we are going to start by looking at the Ansoff Product/Market Matrix. This classic paradigm has been used by marketers for a long time.
The first concept is market penetration, used for an existing product in an existing market. This may enable you to grab a little more market share from your competition. Another intersection of the matrix is market development, used with an existing product to tap into new markets. Next is product development. This means you have an existing market but you are trying to push more product into that market. The last intersection of the Ansoff Product/Market Matrix is diversification, where you create new products for new markets.
Watch our Once a Day Marketing video to see examples and learn more about product strategy: Product Strategy: Meeting Customer Needs
Once a Day Marketing positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. You may also contact James Glover at (505) 501-1330 or email firstname.lastname@example.org
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