8.1 Instructions
In this module, you examined product strategy as a first tool to build your brand's marketing mix. Through the discussion, you also had a chance to compare and contrast the product essence, real product, and expanded benefits offered by competing brands.
In this assignment, you will evaluate your selected brands product strategy, based on product research and analysis. You will select three to four key products from the brand and analyze them. Please visit the store, if possible, to examine real product. You should also look up extended product information via the brand's website.
Create a visual presentation, using a visual presentation software, including the following information:
- product images: Include images of the key products you analyzed. You can use photos that you took yourself, or screenshots from the brand website.
- product features and benefits: Based on product analysis, what are the core product features and expanded benefits of your brand’s key products?
- customer wants and needs: Refer back to your target customer profile, and list at least two wants and two needs of your target customer. For example, for a college student, a "want" may be to have a new trendy branded backpack when school reopens. The "need" would be a backpack at a reasonable price that is sturdy and large enough to carry books and supplies while commuting on public transport.
- product analysis: Do the brand's key products meet their target customers' wants and needs? Explain your answer with specific examples and visuals.
- value proposition: Comparing to similar, competing brands, what is the value proposition (values and promises the company makes to customers with their products) of your brand that stand out from others? For example, is the quality better than competitors? Are the products better designed, with thoughtful features and details? Do the products follow the latest trends? Do the products support sustainability in some way? Explain your brand's value proposition in a brief sentence of less than 30 words. Read more about writing value propositions here: https://blog.hubspot.com/marketing/write-value-proposition
- product evaluation: Do you think the brand's products meet and exceed the customers' wants and needs, or do they fail to satisfy their customers? Explain why.
8.2. Are They So Different
Go visit the brand you selected and another brand's store. The other brand must carry the same product type, but ideally targets different customers. Select a specific item such as women's denim, hooded sweatshirts, cotton blouse, and so on, and compare this item produced by these two brands using product components:
- product essence
- real product
- expanded benefits
Your brand vs. another brand:
1. Share the photos of the item you select and compare. 2. Compare the product essence between these two products offered by two different brands. 3. Compare the product details and features (real products) between these two items. 4. Compare expanded benefits offered by each brand for choosing their products.