Question

1. According to Ted Levitt, what is the definition of a product? What satisfactions do customers want?

2. Explain what is meant by positioning as a product-selling strategy. What is a value proposition?

Answer 1

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[Q] According to Ted Levitt, what is the definition of a product? What satisfactions do customers want?

According to the former editor of the Harvard Business Review Ted Levitt, products are critical thinking tools. Individuals purchase products in the event that they satisfy a critical thinking need. The present better taught and additionally requesting clients are looking for a group of fulfillments.

Satisfactions emerges from the product itself, from the organization that makes or circulates the product, and from the sales representative who sells and give administrations [services] the product.

Today’s product [Meets and surpasses expectations] incorporates:

• Enhanced quality.
• Superior selection.
• New-product Developments.

Today’s organization [Acts as a team to provide] incorporates:

• Delivery and establishment.
• Training and direction.
• Quick response times.
• Credit alternatives.
• Customer administration.

Today’s sales representative [Acts as a partner] incorporates:

• More polite and dependable.
• More learned.
• Provides administration after the deal.
• More comprehension of clients.

[Q] Explain what is meant by positioning as a product-selling strategy. What is a value proposition?

Product positioning is an idea that applies to both existing and new products. It is a type of marketing that introduces the advantages of your product to a specific objective audience. Through focus groups and statistical surveying, advertisers can figure out which audience to target dependent on favorable reactions to the product [the product's name, notoriety, and niche.]

Positioning as a product-selling strategy is a significant segment of the marketing plan that includes choices and exercises proposed to make and keep up a specific idea of the organization’s product in the client's psyche. For instance, a product may have a primary objective audience and furthermore an optional audience that is likewise inspired by the product, however maybe in an alternate way. Every audience will discover the product engaging for various reasons, which is the reason it's essential to tailor advertising messages to concentrate on the advantages every audience esteems most.

Value proposition: alludes to the worth an organization vows to convey to clients should they decide to purchase their product. A value proposition is likewise an affirmation of purpose or an explanation that acquaints an organization's image with purchasers by mentioning to them what the organization depends on, how it works, and why it merits their business.