What does apparel product strategy include in terms of strategy

Product strategy includes five strategies: product mix, service, brand and trademark, product life cycle and new product development.

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1. Product mix strategy in terms of product mix, the available options are:

(1) Expanding the product mix, including expanding the width of the product mix and strengthening the density of the product mix.

(2) Reduction of product portfolio, when the market downturn or tight supply of raw materials and energy, reduce the product portfolio will make profits rise.

(3) Product extension, including upward, downward and two-way extension.

2. Service strategyServices are the activities, benefits, and satisfactions that are used to sell or sold in conjunction with a product. Services are characterized by intangibility, connectivity, volatility and time.

Service marketing mix consists of product (Product), pricing (Price), location and channel (Place), promotion (Promotion), personnel (People), tangible display (Physicalevidence), process (Process) seven elements.

3. Brand and trademark strategy brand and trademark strategy is another alternative product strategy. For different product lines or the same product line under different product brand selection.

4. The entire process of a product's entry into the market and eventual exit from the market is called the product life cycle, which generally goes through four stages: product introduction, growth, maturity and decline. In the different stages of the product life cycle, the product's market share, sales, profits are not the same. In the introductory period, the product sales growth is slow, and the amount of profit is mostly negative.

When the sales volume grows rapidly, profits from negative to positive and rising rapidly, the product enters the growth period. After rapid growth in sales volume gradually stabilized, profit growth is stagnant, indicating that the maturity of the product to come. In the latter part of the maturity period, the product sales volume slowly declining profits began to decline. When the accelerated decline in sales, profits also fell faster, the product will enter a period of decline.

5. The type of new product development strategy is based on the combination of the dimensions of the new product strategy, the product's competitive field, the goal of new product development and measures to achieve the goal of the three-dimensional composition of the new product strategy. The dimensions and dimensions of the combination of the elements will form a variety of new product development strategy.

Reference:

Baidu Encyclopedia ? Product Strategy