Product Discussion

Discussion must be at least 825 words or more not including references which should supported by citing at the three articles given in the instructions and 1 peer-reviewed journal articles between 2017-2022 for and a biblical reference. Discussion must be in current APA format and must include a reference list. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105
Main instructions:
Following your review of the articles below on the Marketing Mix and Product, share a synopsis of the product strategy and branding concepts discussed. Read each of these articles and write a synopsis of your reading. Keep the overarching theme, “Product Strategy and Branding,” in mind. Use subject headers that include the name of each of the articles below that you are covering – for example – Article # 1 – The Elements of Value and provide your key learnings. Then the final and fourth subject header should be Conclusion. Wrap-up final thoughts here over the articles…which did you enjoy the most. Cite the new Journal article here as well.

Constantinides, E. (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing, Journal of Marketing Management. doi.org/10.1362/026725706776861190
Almquist, E.; Senior, J.; & Bloch, N. (2016). The elements of value. Harvard Business Review, 94(9), 46-53.
Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard Business Review, 96(4), 33-39.

ANSWER

Product Strategy and Branding

Introduction

Marketing mix entails various areas of focus in marketing plan and how they interact significantly. These set of actions are used by a company to promote its products or brand in the market (Eti, 2020). Product strategy and branding are memorable and meaningful brand elements that foster connection among customers. This paper will focus on product strategy and branding concepts as discussed in the article by Constantinides (2006), Almquist (2016) and Bergh (2018). Successful product strategy and branding develop brand identity and awareness that sets the products apart from other brands. A well designed brand and product repeatedly reminds the current and potential customers that they need to purchase the product.

Article #1: The Marketing Mix Revisited

The 4Ps of marketing approach are a common technique of marketing that enhance the way in which a product is received in the market. They 4Ps ensure that the product meets the needs the demand and needs of the consumer. Constantinides (2006) points out on the 4Ps of marketing mix and how they are increasingly influential in information the development of both market practice and theory. Utilizing the 4Ps of marketing enable accomplishment of product goals since they focus on selling the services or products as quickly as possible. Constantinides (2006) focus on bring an up to date picture of the current debate regarding marketing mix as a predominant and paradigm tool through reviewing marketing management principles such as relationship marketing, consumer marketing, industrial marketing, retail marketing and service marketing.

Constantinides (2006) assess the existing stand of the 4Ps of Marketing Mix Framework as the prevailing marketing paradigm and recognizes environmental changes, market developments and trends as well as the changes that can influence the marketing mix future. The article has also recognized two major boundaries of the marketing mix as a management tool that is vital in all explored domains. It also examines several area-specific boundaries and highlights the necessity for more research. Despite the limitations of the 4ps such as failing to incorporate the human element and absence of strategic dimensions, studies have indicated that the 4Ps are effective in mitigating and correcting operational marketing issues.

Article #2: The elements of Value

Almquist, Senior and Bloch (2016) when clients evaluate a product, they consider the observed value with the rates. However, what clients truthfully value can be challenging to understand and psychologically difficult. Almquist, Senior and Bloch (2016) identifies thirty elements of value, basic attributes in their most discrete and essential forms. The elements of value fall into four categories that include emotional, functional, and social and life changing impacts. Considerably, some of the elements inwardly dedicated, primarily addressing the consumer personal needs while others are outwardly focused enabling the customers to navigate and interact with the external world. This model shares similar identical concepts with Maslow hierarchy of needs model.

The combined survey data indicated that the organizations that scored high on four or more components of the value pyramid were organizations that gained more revenue and raised their client loyalty. The article provides as an example of Apple which scored high on 11 of the 30 elements thus enabling the organizations to offer premium rates for their items. Apple has been able to add value through using Amazon Prime as a way of offering consumers more features. Almquist, Senior and Bloch, (2016) wanted to help companies to manage the value side of the equation more directly and understand how these elements can help in improving the business performance. It’s clear that the more the elements the more the consumer loyalty and the greater the business’ persistent growth of revenue. The company has also invested in $220 million in a 20 year deal through purchasing the naming rights for the San Francisco 49ers’ new stadium which puts the brand back into the cultural conservations. The company required a novel strategy and substantial cultural change in order to bring back the brand into growth.

Article #3: The CEO of Levi Strauss on Leading an Iconic Brand back to Growth

The article focuses on how Chip, Levi Strauss’ CEO led the corporation back to growth after its financial performance had been inconsistent for over ten years. This was through a listening tour with the top sixty executives of the company where he asked them about three things that need to be changed and three things that must not change. The CEO discovered that the company lacked a clear strategy, lacked financial discipline, urgency and data discipline (Bergh, 2018). Therefore, the team created a plan that included structuring a profitable core, expanding for more, being a leader in the omni-channel retailer and accomplishing operational merit. The strategy was achieved through funding investments in the company Eureka Innovation Lab. The new business strategy proved to be substantial and successful since it revamped the ladies’ apparel line.

Conclusion

In summation, when it comes to deciding what works well for an organization there is no specific branding and product strategy. An effective marketing strategy should combine the 4Ps of marketing that are designed to meet the marketing goals of the company. The elements of value are a range of internal and external needs that products need to meet. These are the building blocks in meeting the consumer needs and are represented into four categories: emotional, functional, social impact and life changing. Išoraitė (2016) shows that the importance of the marketing elements depend mainly on the company activities and their strategy. Consumers are becoming choosier which has led to the need for companies to change their usual practices.

References

Almquist, E.; Senior, J.; & Bloch, N. (2016). The elements of value. Harvard Business Review, 94(9), 46-53.

Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard Business Review, 96(4), 33-39.

Constantinides, E. (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing, Journal of Marketing Management. https://doi.org/10.1362/026725706776861190

Eti, I. A. (2020). Theoretical Inspection And Rethink of Marketing Mix. Available at SSRN 3685642.

Išoraitė, M. (2016). Marketing mix theoretical aspects. International Journal of Research-Granthaalayah, 4(6), 25-37. https://doi.org/10.29121/granthaalayah.v4.i6.2016.2633