Strategic Management: Formulation and Implementation

Product/service Strategy

Product strategy consists in offering the right consumer goods and services to the right target audience.

Product strategy includes quality, new product, package design, brand names, research and development. product life cycle, and warranties and services. The goal of product strategy is to develop products that will meet buyer expectation.

Packing And Labelling Decisions

Most marketers treat packing as an element of product strategy. Packing can be define as

"the activities of designing and producing the container or wrapper for a product."... "Labelling is part of packing and consists of printed information that describes the product, appearing on or with the package" (Philip Kotler and Ronald E. Turner).

Physical products require packing decisions to create such benefits as protection, economy, convenience, and promotion. Physical products also require labelling for identification and possible grading, description, and promotion of the product. Also laws require sellers to present certain minimum information on the label to inform and protect consumers.