Marketing Plan : Define the Product Strategy Resources : Project Scope, Vegemite

Question

Marketing Plan : Define the Product Strategy

Resources: Project Scope, VegemiteWebsite ( go to this web site : http://www.vegemite.com.au)

Complete the Marketing Plan : Define the Product Strategy Worksheet.

Worksheet format given below :

Write a short paragraph defining the product to include the following:

a. Value proposition

b. Characteristics

c. Nature of product (consumer versus business product, and what type of product it represents)

<Compose answer here>

Identify the product’s position in the product line (if offered with other similar products) and, more broadly, the company’s overall product mix. Address the following:

a. How would this product differ from other products in the product line (if appropriate)?

b. How does the marketing message differ for this product from other products in the product line?

<Compose answer here>

Explanation / Answer

Product strategy-

The product strategy is the life cycle of the product and its implementation for the further development. The product strategy consists of its values, characteristics, life span, nature of the product etc. development strategic plan.

Vegemite is the product which revitalize the brand of the company. It contains the Vitamins B1, B2, B3 and folate. It is the extract of pure veggies. The raw material comes from the farm products such as Wheat, Vegetables etc. The vegemite product is used with the wide range of recipes. It has the healthier benefits. The goal of the product is to bring existing product to the new market. The nature of the that it is the tangible product which has been consumed with another food. This can be used as the business product as well as the consumer product. Business product because it is used for the business purpose in restaurants where as it is the main product for the customers as they consume it directly also.

The Product position in the product line is as the main product because other products have some variations. Company provides the recipes for the support of the main product. It is the product mix strategy they follow. The position of the product is the main part of the strategy.

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