Product Strategy Based On Their Needs As A Company

1776 WordsNov 7, 20158 Pages
Product Strategy It is important to any business to have a product strategy based on their needs as a company. Because Lifeline Medical does not create the products in their inventory, a product strategy will be used differently than other companies. While Lifeline medical does not deal with certain parts of the product strategy, as a rental company Lifeline Medical needs to set their service apart from other competitors. In order to differentiate their business Lifeline Medical needs to develop a unique selling proposition (USP). When interviewing Lifeline Medical the company stated that their main strength is their exceptional customer service. It is suggested that the companies USP be the customer service that comes with their products. While Lifeline Medical has no control over what their competitors offer, the company can always keep up their exceptional customer service. For example, a potential business consumer could be researching a new equipment purchase. One of Lifeline Medical’s competitors could offer the product the business needs at a cheaper price than Lifeline. However Lifeline Medical may be chosen over their competitor due to the fact their company offers exceptional customer service 24/7. While this is not always the case, Lifeline Medicals USP will not only attract business consumers but the businesses will stay once they lease from the company. Segmentation Strategy Market segmentation is a crucial part of the success of a business. Through
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