Product:
When designing a product strategy, we must first understand what a product is. It is “anything that
can be offered to market for attention, acquisition, use, or consumption that might satisfy a want or need”
(Armstrong, Kotler, Trifts, & Buchwitz, 2011 pp. 289) However, the ultimate goal for our product is to
deliver value to the customers. The way that we will maximize the value created for each customer is by
using the three levels of product. The three levels of product consist of the core customer value, the
actual product, and the augmented product (Armstrong, Kotler, Trifts, & Buchwitz, 2011). The three levels
of product are implemented throughout the product life cycle. The fruit fly eliminator is a consumer
shopping product. It has a higher price, and is bought less frequently, and has much planning and
shopping effort placed behind it by the customer. (Armstrong, Kotler, Trifts, & Buchwitz, 2011). The
product will be distributed through fewer outlets but provides greater satisfaction on a product and service
level.
During the introduction phase of the fruit fly eliminator, the core customer value of our product is
that the customer is buying a solution to their pesky fruit fly problem. The company is offering the basic
product to its consumers. . We will focus primarily on pushing our product onto the market, creating
awareness, as well as trying free trials to build a reputation for the product. During this phase, the
company needs also to focus on the service features, design, quality level, and packaging to ensure that
the product is seen as valuable towards the customer life (Armstrong, Kotler, Trifts, & Buchwitz, 2011).
We will continue this strategy until we believe that the product has entered the growth stage of the
product.
Once the product has enough awareness, and sales start to grow, the company will change its
strategy to fit the changing market. During the growth phase the company will offer product extensions,
services, and warranties in order to maximize market share. Examples of these will be a 6 month
warranty, as well as customer and product support if they’re any issues. This will augment our product,
allowing the fruit fly eliminator to take control of the market over our competitors. Continuing this strategy
into the maturity phase of the product, while introducing different models of the fruit fly eliminator, and try
to move into different markets (Armstrong, Kotler, Trifts, & Buchwitz, 2011).
As the company enters the decline phase of the product life cycle, we will take an approach of
reducing costs and prices in order to remain competitive. It is difficult to remain profitable with an aging
product, therefore, a constant effort to upgrade the fruit fly eliminator is essential. This is the idea of
maintaining the brand, trying to ensure that the product does not withdraw from the market (Armstrong,
Kotler, Trifts, & Buchwitz, 2011). By following this rigorous product strategy, the company should see
profitable sales, and a long product life cycle.