Need help with my Business question – I’m studying for my class.
Part 1 – minimum 500 words APA format
Review the following marketing reading from Harvard Business Publications
Marketing Reading Product Policy
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. After these important decisions are made, recommendations and strategies associated with the other three Ps of marketing (place, price, and promotion) are then made. 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 product’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:
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?
Part 2 – 500 words APA format
Business Model Generation text discusses different concepts.Please discuss below questions
Do you believe that companies always need to use strategic planning today? Are there any times when it can not be used?
Below is the link to textbook as it was too big to attach as a document