Cultural/Social/Psychological/Situational influences on why the consumer purchase this product Discuss which and how these influences impacts the consumer decision process
-Consumer decision making process. What motivates and engages the customer to buy this product or service over direct or indirect competition Describe this within the context of your product/service
-Cultural/Social/Psychological/Situational influences on why the consumer purchase this product Discuss which and how these influences impacts the consumer decision process
-How does Cognitive Dissonance apply and what can be or is being done to reduce this with your product or service See definition in book and discuss
-If a B2B product, what reasons does the business have to purchase vs competition Not sure what else to add here. If your product/service is B2B, answer the question within the context of your product/service Explore the competitive situation or value add
-If this is new/product/service describe risks for market entry Not sure what else to say here. Describe the risks of market entry for your product or service if it’s new. However, if not a new product call that out, so at least I know you thought about it.
Include risk mitigation Use definition in book and discuss relative to your product
Legal/ethical/sustainability issues Same as above
-Define where the product is positioned within the product Life Cycle Define based on book definitions for your product or service
What could company do to impact product Life Cycle Read subject matter in book and discuss in the context of your product/service
-What is the Target market for your product/Service? Discuss the Target Market for your product or service
How is the market Segmented and what are the strategies for positioning within the market? Discuss how the market for your product or service is segmented and the strategies it employs for positioning
-If B2B product, what factors impact market segmentation If B2B discuss how it is segmented and then potential positioning strategies(sub bullets).
Can the product be re-positioned in its current market?
Is there a larger market available withing the segment either through geographical or product evolution?
-How do the 3 steps of effective market position apply? See in book and discuss in context of your product or service
Explain how the product is priced to meet segmentation Discuss in context of your product/service
-How has technology and evolution of global market impacted pricing (Tariff, Internet, Currency, Geo-Political)? Discuss within context of your product or service. Parathesis content are suggestions but not inclusive
-What Challenges does your product have with pricing (COGS)? Discuss the pricing challenges within the context of your product or service. (COGS is Cost Of Good Sold. I don’t remember seeing this in the book. But basically it’s how much does it cost to produce the product ie materials and manufacture. You’re fine if you stick with talking about challenges associated variable/fixed costs here.)
-Legal/Ethical/Sustainability issues as it relates to your product/service pricing (predatory pricing?) Discuss within the context of your product/service and specific to pricing. Legal/Ethical/Sustainability are suggestions and you could address one or all three.