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CHAPTER 4: LET THE MARKET KNOW YOU BETTER

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by

Bryan Adona

on 24 July 2016

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Transcript of CHAPTER 4: LET THE MARKET KNOW YOU BETTER

What is a Product?
A product is the tangible good or the intangible service that the enterprise offers to its customers in order to satisfy their needs and to produce their expected results.

FOUR TYPES OF PRODUCTS
Longitude
- Represents the product features and attributes of competitors in the marketplace.

Latitude
- Lays out what is important to the different customer segments from their differing points of view.

CHAPTER 4: LET THE MARKET KNOW YOU BETTER
PACKAGING

Two Market Dimensions
Breakthrough Products
These are product that offers new performance benefits. They may double the performance at half the cost and offers new performance benefits completely

Differentiated products
Products that try to claim a new space in the mind of the customer different from the spaces occupied by existing products.

Copycat Products
Products that will not make much impression on the consumer’s mind.

Niche Products
Products that do not intend to compete directly with the giants. They are products with lower reach, lower visibility. Lower prices and lower top of mind.

The process when products are wrapped in a cover that displays the brand name

PLACE

Place is the best access to customers. There will always be that specific location for your business where it will be in demand and progressive.


Initial Location Screening
The final choice of location must be based on the following:

1. Image and location conditions

2. Exact fit to target customers

3. Clustering of competitor establishments

4. Future area development

5. Fiscal and regulatory requirements

Relevant Location Drivers
These are the “musts” in choosing the location for your business

1. Physical Proximity to target market

2. Customer Traffic Flow

3. Industry Clustering

4. Convergence of Multiple Industries

5. Population Concentrations

6. Activity hubs

7. Growth potential

8. Business Climate

9. Cost of doing Business and producing goods and services

Thank You.
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