I need some assistance with these assignment. configuring, communicating and delivering value Thank you in advance for the help! In other words we are going to deal with the whole marketing mix of the sporting goods footwear products. Thus now onwards we may be using the marketing concepts related to the product itself while as earlier the customer was under focus.
The value of a product or a service can be created by defining it. That is, what our product is and how it is going to satisfy the needs of customers. The value configuration phase includes three parts ─ product, brand and price of the product.
Defining our product is very essential in order to position it in the minds of customers. According to Know This.com, marketing starts with the product since it is what an organization has to offer its target market. Product in other words is the solution to the problems of the customer. These solutions include tangible or intangible (or both) product offerings marketed by an organization.
Another importance of the product in marketing is that it generates revenue for the company. It is the “thing” that companies sell in order to realize profits and satisfy stakeholders. There should be a well developed product strategy which is compatible with the target market to succeed in the long run.
Because of these two reasons, we must define our product. But our aim here is to create a value for our product offering. We have to take into consideration various factors which can help us create a value which will be later communicated and delivered to the customers. In other words before communicating the offering, it should be made worth communicating. First of all the product is to be categorized. According to Pride, William M. and Ferrell, O.C., 2005, there are two general categories of product ─ Consumer products and Business products.
As far as sporting goods market is considered it can be targeted with both consumer as well as business products.