List two features of the product and assess how they transform into benefits for you; determine consumer behavior towards your product as compared to their current behavior towards your competitor’s product:Discuss how the product fits your lifestyle or psychographic.
Discuss how the product fits your lifestyle or psychographic.
What questions do you have about the overarching Unit 5 assignment? Although not due until the end of the class, it is important that you begin planning for this project early in the course. What are your initial thoughts about how you will approach this assignment? Explain.
I would like to know about the introduction in the description. Where it says a Project Template is provided that allows you to organize your work in increments. Is there actually a template, and if so where is it, or is that just part of the description? The best way for me to approach this assignment is to first establish what is going to be my product or service. After knowing my product or service I will then use information and data from sources such as school library, intellipath, editorial board, and other websites for assistance on the assignment.
Using the product you chose in Unit 1 discussion board, List two features of the product and assess how they transform into benefits for you; determine consumer behavior towards your product as compared to their current behavior towards your competitor’s product. Discuss how the product fits your lifestyle or psychographic.
In the Unit 1 discussion board post the product I chose was recorded TV. The DVRs and video cassettes are both items I am most accustomed to. Being a sports fan, I have always recorded sports events on television. Back in the day when there were only video cassettes I can remember recording and I would have to use up a lot of video cassettes or record on the same one over and over. When the DVRs came out it made things a lot better for me. I could record as much as I wanted to with better quality. TiVo has always been a leader in recorded TV. There have been some competitors, but TiVo has remained standing because most of its competitors have gone out of business. I think getting recorded TV from cable and satellite providers is the best option. There’s no upfront cost for the DVRs and I feel this is convenient because it is part of your monthly bill.
Based on Maslow’s Hierarchy of Needs, what level of need will your ‘improved’ product meet? Explain.
Again, the product I chose was recorded TV. I thought that the 3D TVs are in the introduction phase equated to the DVRs, DVDs, and video cassettes. I also stated that some issues the 3D TVs have, being in the introduction phase, were it being expensive and technical issues such as unsuited glasses. The other three being in the stages they are in are still part of everyday life… more or less. The Maslow’s Hierarchy of Needs five-stage model includes, Physiological needs, Safety needs, Love and belongingness needs, Esteem needs, and Self-actualization needs. If I was to choose the level of need that my improved product meets on this category it would be love and belongingness needs. I chose this stage because due to recorded TV being considered as entertainment, it is something that relates to everybody. The love and belongingness needs are defined as social and involves feelings of belongingness and the need for interpersonal relationships which motivates behavior. Or in other words being part of a group, family, or friends. Watching TV with others is a good way of experiencing this.
Draft a mission statement for your product and set three (3) specific applicable marketing goals which you would like to meet in your marketing strategy.
Mission statement for a recorded TV product:
We are here to provide you with the highest quality programming and technology. In doing this we want to serve you with the most choices at the best value, making your life experience a little better.
To be number one in customer satisfaction in the recorded TV industry
To please customers or better their lives
To sell more products than competitors and to make a profit doing so.