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Building Competitive Retail Products

1. The document provides guidance on building competitive retail products by identifying customer needs, researching the market, developing unique product features, designing packaging and branding, creating a pricing strategy, developing a marketing plan, and monitoring and adapting to customer feedback. 2. It emphasizes understanding customers, researching market trends and competitors, developing distinctive product features through testing, creating eye-catching packaging and a memorable brand identity, analyzing costs and competitors for pricing, and implementing social media, influencer, and email marketing strategies. 3. The document stresses the importance of obtaining ongoing customer feedback to analyze product performance, identify shifts in the market, and ensure continuous improvement.

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14 views

Building Competitive Retail Products

1. The document provides guidance on building competitive retail products by identifying customer needs, researching the market, developing unique product features, designing packaging and branding, creating a pricing strategy, developing a marketing plan, and monitoring and adapting to customer feedback. 2. It emphasizes understanding customers, researching market trends and competitors, developing distinctive product features through testing, creating eye-catching packaging and a memorable brand identity, analyzing costs and competitors for pricing, and implementing social media, influencer, and email marketing strategies. 3. The document stresses the importance of obtaining ongoing customer feedback to analyze product performance, identify shifts in the market, and ensure continuous improvement.

Uploaded by

afridal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Building Competitive

Retail Products
Delivering a product to the retail market can be challenging. Learn how by
identifying customer needs, researching the market, developing unique product
features, designing packaging and branding, pricing strategy, creating a
marketing plan, and monitoring and adapting to your customer feedback.
Identifying Customer Needs
Target Audience Customer Feedback Competitive Edge

Understand your demographic Find out what your customers Differentiate yourself from
to better serve your audience. want and provide it in your your competitors with unique
product. product features.
Researching the Market

Market Trends Competitor Analysis Consumer Preferences

Stay up-to-date on market trends Analyzing your competitors can Research consumer preferences to
to ensure you are providing what give you insight into what works understand what drives consumers
your consumers want. and what doesn't in the current to purchase similar products on
retail market. the market.
Developing Unique Product Features

1 Brainstorm Ideas

Develop a list of unique product features


for your retail product.
Test and Evaluate 2
Test your product to evaluate its
effectiveness. 3 Finalize Features

Finalize the product feature list which best


meets your consumer's needs.
Designing Packaging and Branding

Packaging Design Brand Identity Logo Development

Create a unique and eye-catching Design a brand identity that will Develop a memorable logo that
product package design for your be memorable to consumers and encapsulates your brand identity.
retail product. sets you apart from your
competitors.
Pricing Strategy
Competitor Analysis Production Cost Discounts and Sales
Analysis
Research your competitor's Develop a discount strategy
pricing and develop a pricing Analyze the cost of for promotional events and
strategy that puts you in a production plus overhead end-of-season sales.
competitive position. costs to determine ideal
pricing for your product.
Creating a Marketing Plan

1 Social Media Marketing

Implement a social media strategy that


showcases your product in a relatable way.
Influencer Marketing 2
Partner with influential people to market
your product to their followers.
3 Email Marketing

Create an email marketing strategy to


advertise your product to your customer
base.
Monitoring and Adapting to Customer
Feedback

Customer Feedback Product Analysis Market Analysis

Obtain feedback from customers Analyze the product metrics to see Research the market to identify
through surveys, focus groups, what is working and what can be shifts in trends, consumer
and social media interaction. improved upon. spending habits, and competitors.

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