- Does the product meet the needs and wants of a specific segment of the market?
a. What is the market?
b. How can the market be segmented?
c. What is the market coverage strategy and the target market(s)?
d. What are the needs and wants of the target market(s)?
§ If the answer to 1 is "no," the product will fail.
- What is the meaning of the product to consumers? (Product Positioning)
a. How do consumers make the buying decision? (Buyer Behavior Flow Chart)
b. What are the evaluative dimensions that consumers use to choose among brands?
c. Where do consumers evaluate competitors on the main dimensions? (Perceptions)
d. Where is consumer demand? (Preferences)
i. Do we have to meet demand?
ii. Do we have to create demand?
§ If the answer to 2 is "no meaning," the product will probably fail.
- How can the product positioning be substantiated with product features?
a. What is the core benefit proposition?
b. How can the product be designed to deliver the product promises?
§ If the promises are not met, the product will lose its meaning and probably fail.
- Given a product strategy (1-3), what is a logically consistent strategy for the 3 P's? Consider price, place, and promotion in that order. (Tactical Decisions)
a. Product positioning implies price.
b. A product/price strategy implies place.
c. A product/price/place strategy implies promotion.
§ If there are inconsistencies, the product may be less successful.
- Does the marketing plan follow MAGIC strategies?
§ If not, the plan can be matched and the competitive advantages lost.