Nordstrom Product
Nordstrom Wedding: Product Strategy
The objective of the product strategies that will be developed and employed for Nordstrom Wedding, the new bridal- and nuptial-focused department of the popular and well-known department store, will be to develop and promote bridal gowns and accessories that are both stylish and affordable, while appealing to a wide range of tastes. Given the degree of competition that exists in the retail wedding industry in this day and age, when celebrity weddings, reality television shows, and the rising rates of marriages are all creating large opportunities for interested companies and individuals. This means that product strategy must be highly effective if Nordstrom Wedding is to be able to establish itself in the industry and obtain a decent market share alongside long-established companies.
This leads to one key area in which product strategy must be focused: differentiation. I order to be truly competitive and ultimately the best provider of wedding needs around, Nordstrom Wedding will need to demonstrate that it can deliver something different from everything else out there (Chance 2011). A clear understanding of the focused market segment, which is essential in effective product strategy development, is fairly easily obtained for Nordstrom Wedding (Kotler 2011). It must also be remembered, however, that potential customers in this market are now occupying ever-wider demographics in terms of age and even income bracket, and this must be accounted for if Nordstrom is to develop the broadest possible customer base and the greatest profit potential.
Whole Product Offer
With the backing of Nordstrom's other large-scale retail activities and its supplier and distribution network, Nordstrom Wedding is in a unique position to be able to offer full wedding packages at very competitive prices, and this fact should not go unacknowledged in the company's product strategy. A "whole product offer" means that the company can provide a products (pr set of products) that meet exactly and precisely the needs of the consumer, and being able to assert this in marketing and live up to it in sales can really set a company and its products apart from the competition (Cricket 2011). His product strategy would also have other direct and indirect benefits for the company, increasing sales potential and profitability while diminishing costs in certain areas and also significantly adding to the brand image and value-added aspects of all of the company's products.
Offering the whole product enables marketing and product development to be examined efficiently and effectively from all three identified "levels" of product strategy examination: the basic desire behind the product can be identified, the specific offerings of the products at Nordstrom Wedding can be differentiated and emphasized, and augmentation of the product through additional services and the convenience of whole-product procurement adds the finishing touch to this strategy (Kotler 2011). Distribution and sales costs will be significantly decreased by offering the full class of wedding products as single-product packages, and this could also be the basis for an entire marketing campaign.
Selling to Wants
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