Marketing Strategy : A Product Strategy

1359 Words Apr 4th, 2016 6 Pages
A product strategy is a road map to marketing a particular product. A sound product strategy takes into account several things: what buyers is the product aimed at, what is the goal for the amount of market share to be achieved, what the profitability goals are, and how the product will be marketed to those potential customers. A large part of a successful product strategy is branding. A branding strategy positions the product in the market and helps it gain market share. Branding creates the image of the products features and benefits in the consumers mind and differentiates it from its competitors in the buyers mind. More than describing the product itself, branding should evoke an emotional response.
In 2002, Eli Lily was set to launch a new drug on the market, a competitor to Pfizer’s wildly successful Viagra, a pill to treat erectile dysfunction that was not only generating over a billion dollars a year for Pfizer, it had the highest brand recognition of any pharmaceutical product in the world (Ofek, 2010, p. 1). Lily’s drug, named Cialis, treated the same condition, but had the benefit of lasting far longer than Viagra, thirty-six hours rather than the four-hour effective window for Viagra, as well as a few other benefits compared with its chief competitor as well. There were three main strategies available for Lily to use when bringing Cialis to market: niche, compete, or beat. They only had a small window of time to choose one (Ofek, 2010, p. 2).
As Cialis is a…
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