Running head: PRODUCT STRATEGY AND BRANDING
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Product Strategy and Branding
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Article 1: The Elements of Value
Almquist et al. (2016) begin by criticizing marketers for placing too much attention on
the prices of their products rather than the value the product offers to their customers. Even
though managing pricing is essential, it should not push them to ignore other critical facets such
as what customers' value. Pinning down exactly what consumers value is not easy, and as such
many organizations tend to use discrete choice analysis and consumer research techniques to try
and figure this out. However, using these tools and techniques might not be effective considering
they evaluate customer reaction to preconceived concepts of value, which might not be accurate.
According to the authors, although consumer preferences might be individual, certain universal
preferences, especially when it concerns the value people attach to a product (Almquist et al.
2016). Once organizations understand these universal values, they can use them to determine
how to design their products that appeal more to customers. By doing this, organizations will
gain loyalty from their customers, revenues will increase, and their brand will also grow. The
authors identified thirty elements of value they believe organizations should take note of.
Article 2: The CEO of Levi Strauss On Leading an Iconic Brand Back to Growth
Chip Bergh indicated that even as he was trying to figure out how matters at Levi Strauss
went on, he still sought to understand its market and its customers (Bergh, 2018). When visiting
Bangalore, he asked employees to help set up an in-home visit, which is a tool that helps collect
pertinent consumer data regarding how they view and use a particular product. Through his
interaction with one of the company's customers, he was able to come up with a tagline he
believed represented the essence of Levi Strauss. He also realized that organizations could get a
lot of value by simply listening to their consumers (Bergh, 2018). Chip then came up with a four-
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part strategy geared towards helping increase the value customers attach to the company's
products.
Article 3: The Marketing Mix Revisited: Towards the 21st Century Marketing
In this article, E. Constantinides (2006) looks at the efficacy of the 4Ps marketing mix
concept. This framework came into prominence in the 1960s and has grown exponentially with
more and more organizations using it during product development. It is a simple marketing
framework, with the four Ps representing product, price, promotion, and place. Constantinides
(2006) concedes that even though studies into the efficacy of this framework are limited,
organizations believe that it has immensely contributed to their success. This marketing tool
revolutionized marketing management. Despite all these benefits, Constantinides also argues that
there are some shortcomings associated with using the 4Ps marketing mix.
Reflection
The most informative and inspirational article of the three I had a chance to read is the
one by Chip Bergh on how he led back Levi Strauss back to its glory days. Even though
employees at the company felt that Levi Strauss was doing okay, Chip did not shy away from
changing their mindset and showing them how to improve their performance. He believed that
understanding the organization's customers was key to improving the company's brand and its
revenues. The important lesson I took from all this is that understanding what customers value is
key to the success of any organization.
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References
Almquist, E.; Senior, J.; & Bloch, N. (2016). The elements of value.@Harvard Business Review,
94(9), 46-53.
Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth.@Harvard
Business Review, 96(4), 33-39.
Constantinides, E. (2006) The Marketing Mix Revisited: Towards the 21st Century
Marketing,@Journal of Marketing Management[email protected]/10.1362/026725706776861190
