Product Strategy Essay Example | Topics and Well Written Essays - 1500 words

Product Strategy - Essay Example Consequently, by incorporating the consumers’ requirements in the designs, quality and composition of its products, an organization is in a position to win over customer loyalty and attract new and potential customers. The customer’s role in the research and development of new products is essential. The significance it plays, as far as profits and sales are concerned is extensive. Many entrepreneurs believe that inventions and innovations normally improve sales. This is opposed to reliance on customers’ needs, where one customer’s demand differs from another customer’s demand. They believe that what can break this barrier are innovations and inventions and that through innovation, a new product is introduced into the market and bridges the different consumer demands, making such opposing needs to converge (Wahab, 2013). Their paradigm is, however, inaccurate because marketing as a strategy concept involves, first knowing the target market, then the needs, wants and demands of the customers. Without knowing consumers’ demands then it is a waste of time selling because a business can be selling an irrelevant product that the target market does not need. Pursuant to that is understanding the products and services on offer since this is what will retain customers’ needs or demands; without consumers then marketing ceases to outlive its usefulness. Last is offering high-quality products and ensuring consumer satisfaction based on how the product is sold (Howard, 2014). Mark Cohen, in his article in the New York Times titled: A Revolutionary Marketing Strategy: Answer Customers’ Question, paints a picture of how the proprietor of Riverpools and Spas, Marcus Sheridon, used his marketing prowess to move the company which was on the brink of collapse back to prosperity. Where Marcus abandoned conventional marketing for content marketing this paid