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Final Project on Comparison of product strategies
Estimated reading time: 5 minutes, 6 secondsComparison of Product Strategies of Bata and Servis Shoes
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EXECUTIVE SUMMARY
Product strategy is very essential component from the overall marketing Strategies. It is directly influence the consumer’s perception towards a particular company. We can say company only organizes due to its products and services. Good product is the only way, where company gets the market advantage over its competitors. Better product, better service creates the better image in the eyes of the customers.
We have often heard from the different People that Bata Products is more reliable, durable then Servis. On the other hand we have also heard about Servis Company, lot of people also has the same perception about its products and services. How much these information are true, hence this study aim to analysis those factors which make them more strengthen and loyal to buy the particular products. The study main purpose is to analysis the consumer’s perception towards Bata Company product and consumer’s perception towards Servis company products and does some comparative analysis over both company product strategies. For the sake of above arguments hence this study is going to conduct.
Comparison of Product Strategies
This study was conducted under the boundary of Lahore, for taking 120 samples from the Lahore population. For the purpose of getting data from both companies’ consumers, a questionnaires tool has been used for data collection. The non-probability Sampling technique was used to construct the sample of 120 respondents. Following are some true facts and figures found during the research study. In our research majority of the respondents were above 20 to 30 years old. Most of the respondents were Graduate and master. Majority of the consumers currently satisfy with the Bata products due to its quality,
Bata product have been designed according to consumers desired. 66 % and above are strongly agree Bata Products are easily available in the market. Majority of the consumers out of my respondents were feeling more comfortable by using Bata Shoes. According to findings of most of my respondents that Bata is able to cover the target consumers through its product lines as compare to Servis shoes. Servis shoes only attract the consumers due to price instead of product quality as compare to Bata.
INTRODUCTION OF THE PROJECT
Product strategy is like a roadmap and like a roadmap it’s useful only when you know where you are and where you want to go. (McGrath 2001)
Product strategy is one of the core components of the overall marketing strategies. It is the heart of the firm’s overall strategies. To survive and succeeded in a competitive market a firm must continuously monitors the need of its target customers and satisfy the customers by making changes in its product in line with the changes in the need.
A product strategy is a process that allows an organization to concentrate its limited resources on the greatest opportunities to increase sale and achieve a sustainable competitive advantages. It should be centered on the key concept that customer satisfaction is the main goal.
It is most effective when it is an integral component of corporate strategy; how the organization will successful engage customer’s prospects and competitors in the market arena. Customers constitute the source of company revenue through sale .A key component of Product strategy is often to keep marketing in line with a company’s overarching mission statement. A product strategy can serve as the foundation of a marketing plan.
A marketing plan contains a set of specific actions required to successful implement a product strategy. For example “use a low cost product to attract customers” It must take in account the capabilities in terms of engineering of production of distribution existing in the company or of time to acquire them. It must evaluate the customer’s expectations at the time of delivery.
The product itself guides decisions that a business makes to achieve market place success. A successful product strategy must be well planned and organized. Decisions makers assesses the product attribute, industry and the competitors. The information is used to develop a product strategy designed to achieve short term and long term sales revenues and distribution goals. Research is used to identify needs and desires of target customers to develop the product strategies.
This project will be concerned with studying the product strategies of two of the biggest shoe companies in Pakistan i.e. Bata and Servis. Both these companies belong to the shoe industry and have been established for decades now. They have stores and production houses almost all over the country. They have a presence in even the remotest areas of the country making them ideal candidates for this research project. Both these companies affect a lot of people around the country. Their product decisions not only affect the individuals but affect thousands of people. My main reason for selecting these companies for analysis is exactly this.
I want to study what product strategies these companies are implementing, whether they have the interest of their customers at heart, are they accumulating excessive profits due to their pricing or is their pricing strategy fair and in accordance with the rest of the industry. Another reason for the choice of shoe industry as the subject for my study is its sheer size. It is a huge industry employing hundreds of thousands of workers and contributing a significant amount to the country’s Gross Domestic Product. It is about time that a thorough analysis of the pricing strategies of the two biggest companies in this industry was carried out.
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