Product Strategy
This is the fundamental need or benefit a product satisfies — not the physical object itself.
Core product benefit
Convenience, shopping, specialty, and unsought are the four types in this classification system for consumer goods.
Consumer product classifications
Launching a product at a high price to get maximum revenue from early adopters before lowering it.
Price skimming
Coca-Cola placing its product in every possible outlet — gas stations, vending machines, grocery stores — is an example of this.
Intensive distribution
Coordinating all promotional tools — ads, PR, social, personal selling — so they deliver one consistent message.
IMC Integrated Marketing Communications
This term describes a company's full assortment of product lines — its total portfolio of offerings.
Product mix
A company typically spends heavily on advertising and offers few product variants during this PLC stage.
Introduction
Setting a very low initial price to rapidly gain market share and discourage competitors.
Penetration pricing
Only one retailer or dealer in a territory is permitted to sell the product under this strategy.
Exclusive distribution
Using sales incentives and discounts directed at retailers or wholesalers to move product through the channel is this strategy.
Push strategy
A group of closely related products sold by the same company under one umbrella is called this.
Product line
Competitors often use sales promotions to compete for market share and rely on reminder advertising in this stage of the PLC.
Maturity
Airlines and hotels use this strategy — adjusting prices in real time based on timing and availability -- in order to cover some costs.
Yield management
This strategy uses a limited number of carefully chosen outlets to sell the product.
Selective distribution
Advertising heavily to consumers so they demand the product from retailers — creating demand through the channel.
Pull strategy
During new product development, this stage estimates sales, costs, and profits to see if the concept meets company objectives.
Business analysis
The added value a brand name gives to a product, reflected in consumer awareness, perceived quality, brand associations, and loyalty.
Brand equity
Walmart's pricing philosophy — consistently low prices rather than frequent sale promotions.
Every day low pricing
The path a product takes from producer to end consumer — potentially including wholesalers and retailers — is called this.
Marketing channel
When a product is complex, high-priced, or requires customization — like industrial equipment or insurance — this promotional tool is most appropriate.
Personal selling
Before a national launch, companies roll out a product in a limited geographic area in this stage that can alert competitors.
Test marketing
These consumers are the last group to adopt a new product — often skeptical, older, and price-sensitive.
Laggards
This illegal strategy involves setting prices so low that competitors are driven out, with plans to raise prices later.
Predatory pricing
Unlike multichannel retailing, this approach doesn't just offer multiple platforms — it fully integrates them so inventory, customer data, and messaging are unified across every touchpoint.
Omnichannel retailing
This promotional tool would be best for a company to communicate the same message to a geographically dispersed audience if an objective is to maximize reach.
Advertising