Management Discussion

A product value position refers to a statement that highlights differentiators, uses, and features while recognizing customer problems. According to Key et al. (2020), it informs customers of what they will get from the product. Compelling value propositions stay around for a long time, informing customers. An example of a product that is selected from my surroundings is Buffer. Buffer is a social media scheduling platform that outlines simplicity in its value proposition and product. Buffer’s product value proposition states, “Simpler social media tools for authentic engagement.”

Buffer’s pricing strategy is based on simple terms. It offers four prices for the four significant packages offered for purchase, including $15 for a pro plan, $99 for a small business plan, $199 for a medium business plan, and $399 for a large business plan. Notably, this pricing strategy is competitive compared to other market prices. It aligns with the value proposition of being simple, whereby businesses can obtain simpler social media tools for authentic engagement at simpler prices. I chose to use their services because their prices are favorable for my budget.

Buffer’s product strategy defines achievements that are intended by the business. From the value proposition, the nature of their product is described to be social media tools, while the part that highlights authentic engagement describes to customers what to expect from using the tools. Notably, this is the sole benefit the company presents to customers for using their products. The social media tools offered by the product specifically draft and schedule messages to post on various social media platforms such as Pinterest, LinkedIn, Twitter, Instagram, and Facebook. The prices of these tools are used in presenting them as a competitive set.

References

Key, T. M., Clark, T., Ferrell, O. C., Stewart, D. W., & Pitt, L. (2020). Marketing’s theoretical and conceptual value proposition: Opportunities to address marketing’s influence. AMS Review, 10(3), 151-167.

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

Review this week’s course content and conduct additional research about how businesses create, manage, and price their offerings.
Look around your home and pick a product. Think about how the marketing team used the 4Ps. Specifically, how did they use pricing strategies and product strategies to earn your purchase?
1- Define the value proposition for the product
2- Identify the pricing strategy that supports the brand image
3- Identify the product strategy that makes the item unique against the competitive set