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The most important meaning of a product is what it means to the customer. Pen, for instance, may be a product to the manufacturer, but to the customer, it means a device for writing. What the producer considers as the consumer’s benefit may be at variance’ with what the consumer actually sees or perceive. Awa (2002) defined a product as anything one receives in an exchange transaction-a complexity of tangible and intangible attributes, including functional, social and psychological utilities or benefits. Tangible as used in the definition refers to the visible items (e.g. ruler) capable of offering attributes that satisfy the needs of the consumer. Intangible relates to the invisible but felt items such as services that satisfy the consumer’s needs.
A product strategy is the foundation of a product lifecycle, and its execution plan for further development. As firms develop their product strategy, product leaders zero in on target audiences and define key product and customer attributes. All great products start with a clear strategy that is customer and market driven. Strategy not only ensures that you work on what matters. It is also essential so that you can communicate what matters to our team and organization. The main purpose of a strategy is to provide the product manager with direction so they can guide their product team and manage the firm over the planning period. Strategies also help product managers communicate product’s value to cross-functional teams and key stakeholders, who want to know how products will achieve high-level business objectives. Product strategies can be a tool of competitive advantage and a crucial strategic marketing process, which is adopted by organization in order to provide products that, satisfies individual customer’s needs. In satisfying individual customer’s needs, quality has become a major differentiating factor among variant of products (Shammot, 2011). As a result, customers are willing to pay more for products that cater for their individual size, taste, style, need or expression. According to Abu (2012), a firm may be able to differentiate its product from the product of its competitors and thus be able to establish a competitive advantage. His generic strategies describe how a firm pursues competitive advantage across its chosen market scope. There are three generic strategies; lower cost, differentiated, or focuses. The firm can choose to pursue one or two types of competitive advantage, either via lower costs than its competitors or by differentiating itself along dimensions valued by customers to command a higher price.
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SIMILAR MARKETING FINAL YEAR PROJECT RESEARCH TOPICS
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1. THE EFFECT OF ADVERTISING ON CONSUMER BUYING BEHAVIOUR IN ENUGU METROPOLIS (A CASE STUDY OF NIGERIAN BOTTLING COMPANY 9TH MILE ENUGU.)
» CHAPTER ONE INTRODUCTION This chapter covers the introductory aspect of this project work. It discuses the problems needed to be solved in the other c...Continue Reading »Item Type & Format: Project Material - Ms Word | 58 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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2. THE IMPACT OF INNOVATIVE MARKETING STRATEGY ON SMALL FIRMS PERFORMANCE IN NIGER STATE
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY A driving force for competitive scuffle in the present chaotic environment is innovative marketin...Continue Reading »Item Type & Format: Project Material - Ms Word | 49 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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3. AN EVALUATIVE STUDY OF THE INFLUENCE OF PROMOTIONAL STRATEGIES IN COMPETITIVENE IN THE NIGERIAN PRINTING INDUSTRY
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Virtually every Nigerian business organization faces competition from other firms in the same ind...Continue Reading »Item Type & Format: Project Material - Ms Word | 112 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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4. THE EFFECT OF GLOBALIZATION ON BANKING OPERATION IN NIGERIA. (A CASE STUDY OF FIRST BANK NIGERIA PLC.)
» CHAPTER ONE 1.0 INTRODUCTION Banking in Nigeria was carried out devoid of any electronic devices until the middle of 1980s. The operations of bank wer...Continue Reading »Item Type & Format: Project Material - Ms Word | 69 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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5. ANALYZE THE ROLE OF PACKAGING AS A PROMOTIONAL TOOL IN THE MARKETING OF WEAVON.
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY In nowadays competitive marketing environment the role of package has changed due to increasing s...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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6. AN APPRAISAL OF THE PROMOTIONAL STRATEGIES USED BY MANUFACTURERS OF CONSUMER GOODS IN ENUGU. (A CASE STUDY OF HARDIS AND DROMEDAS LTD)
» CHAPTER ONE 1.0. INTRODUCTION. 1.1. BACKGROUND OF STUDY Marketing as a business concern is much more than developing a good product, pricing it correc...Continue Reading »Item Type & Format: Project Material - Ms Word | 149 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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7. THE IMPACT OF MARKETING INFORMATION SYSTEM ON MANAGERIAL DECISION MAKING
» ABSTRACTThis project looks at the impact of marketing information system on decision making in an organization, case study of Coca Cola Plc Benin City...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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8. PERCEPTION AND SOCIAL INFLUENCE OF ELECTRONIC MEDIA ADVERTISING ON STUDENTS
» (A CASE STUDY OF ABIA STATE UNIVERSITY)CHAPTER ONE INTRODUCTION 1.0 BACKGROUND OF THE STUDY In recent times some school of thought believes that tradi...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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9. EFFECTS OF MOTIVATION ON SALESFORCE PERFORMANCE IN GUINNESS NIGERIA PLC AND MOBILE TELECOMMUNICATION NETWORK IN SOUTH-EAST, NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 Background Of The Study To compete in today’s global markets, organizations strive to deliver their products (physi...Continue Reading »Item Type & Format: Project Material - Ms Word | 132 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT
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10. THE IMPACT OF PRODUCT INNOVATION ON THE GROWTH OF A FIR
» ABSTRACTThe purpose of this study is the impact of advertising on the company’s marketing growth of peacock paint limited ikot Ekam Akwa ibom state....Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | MARKETING DEPARTMENT