Destiny Burton- Develop Value Offering Product Experience Assignment

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DEVELOP VALUE OFFERING PRODUCT EXPERIENCE ASSIGNMENT 1 MMIP: Develop Value Offering Product Experience Assignment Destiny R. Burton School of Business, Liberty University STCO 520: Strategic Marketing Management Dr. Starcher February 19, 2023 Author Note I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Destiny R. Burton. Email: drburton3@liberty.edu

DEVELOP VALUE OFFERING PRODUCT EXPERIENCE ASSIGNMENT 2 Develop Value Offering Product Experience Assignment Questions Q1. Explain the organization’s product plan. According to Hermans, product planning covers all the steps, activities, and decisions a company must perform and make to develop a successful product. "A product can be defined as an input-output device. The input is the customer value proposition, and the outcome is the company’s profit. Product planning includes everything you need to do internally to get from input to outcome" (Hermans, 2022). It doesn’t look like Hulu is working to expand their services or add any new features to their streaming services; if they are or have been, it hasn’t yet been revealed to the public. However, their latest known product plan was the live TV feature they added to their services back in 2017. "The product plan describes what the product team is set out to build, the reason for building the product, and by when the product is ready for launch" (Product plan. 2020). Hulu wanted to bring something to the streaming network that none of their competitors were doing at the time, and most of them still aren’t today. Adding live TV to their services was a great way not only for them to gain additional revenue but also for their existing and new customers who don’t want to pay over $100 a month for cable. Q2. Explain the product’s/service’s current life cycle stage (introduction, growth, maturity, or decline). Select one stage to discuss and omit the others.

DEVELOP VALUE OFFERING PRODUCT EXPERIENCE ASSIGNMENT 3 "A product life cycle consists of four stages: introduction, growth, maturity, and decline. A lot of products continue to remain in a prolonged maturity state. However, eventually, in every product life cycle, the product eventually phases out from the market" (Tyulin & Chursin, 2020). Hulu is currently at the maturity stage in the product life cycle. The company has been growing since the day they launched back in 2008, and they’ve constantly enhanced their services. However, since this is a service, all of their revenue is generated from mostly existing customers, which can result in Hulu reaching saturation. This is the stage where it starts to get a little competitive and companies change up their marketing plans to outshine their competitors, which is what Hulu is still doing. Q3. Discuss viable techniques of building the equity of the brand. Brand equity is comprised of four dimensions: brand loyalty, brand awareness, brand associations, and perceived quality, each of which adds value to a company in different ways. Once a brand has determined the worth of its brand equity (Pappu & Christodoulides, 2017). Hulu can continue to build brand loyalty by attracting new customers through awareness and reassurance, and also by responding to competitive threats in a timely manner. Also, Hulu can build awareness by using familiarity to connect with their potential customers, which leads to their liking and supporting their services. Hulu is a good example of a brand with positive brand equity that is reliable, innovative, and purposeful, and that plays an important role in people's daily lives, making it indispensable. Q4. Discuss several branding decisions recently made or appropriate to make. In 2021, the Director of Brand Strategy Amy Davis shared with the public that they are looking to rebrand Hulu, as she said, "The Hulu brand is about connecting people with stories,

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DEVELOP VALUE OFFERING PRODUCT EXPERIENCE ASSIGNMENT 4 and that needs to be showcased more." They want to make that mission clearer to all of their long-term customers as well as catch the attention of potential customers. Vessel is the design system that Hulu uses, and they’re looking to use this system to revamp the app. Hulu had four global design principles: always a story, do it different, simply essential, and delightfully human. These principles are used to talk about and guide the work. Q5. Discuss organizational efforts at customer satisfaction, loyalty, and retention. Hulu does an amazing job meeting the needs and wants of their customers. In fact, their idea to add live tv to their services came from a survey they conducted for their customers wanting to know in what ways and/or areas they could increase and satisfy customer experience. "Hulu listens to their customers. And they’re willing to make big changes to their service and platform in order to maintain their customer focus" (Christenberry, n.d.). Hulu pays attention to customer feedback and acts on it; they partner with other companies to offer better packages; they offer a fantastic help center for new and existing customers; and they focus on the user, not just the buyer.

DEVELOP VALUE OFFERING PRODUCT EXPERIENCE ASSIGNMENT 5 References Bersch, Akkerman, R., & Kolisch, R. (2021). Strategic planning of new product introductions: Integrated planning of products and modules in the automotive industry. Omega, 105. https://doi.org/10.1016/j.omega.2021.102515 Christenberry, E. (n.d.). 4 Ways Hulu Makes Customer Focus the Heart of Their Business Strategy [Review of 4 Ways Hulu Makes Customer Focus the Heart of Their Business Strategy ]. Sharpencx.com; sharpencx. Retrieved February 19, 2023, from https://sharpencx.com/blog/hulu-exemplifies-customer-focus/ Hermans, K. (2022, November 4). What is a product plan and how to create one in 6 steps . LogRocket Blog. https://blog.logrocket.com/product-management/what-is-a-product- plan-how-to-create/ Johnston, G. (2022). Marketing Management. McGraw-Hill Education Pappu, & Christodoulides, G. (2017). Brand equity: defining, measuring and managing brand equity (Pappu & G. Christodoulides, Eds.). Emerald Publishing Limited. Product Plan: What is it & How to Create it the Right Way? (2020, July 23). Bit Blog. https://blog.bit.ai/product-plan/#:~:text=A%20product%20plan%2C%20also%20known Tyulin, & Chursin, A. (2020). The new economy of the product life cycle innovation and design in the digital era. Springer.

Destiny Burton- Develop Value Offering Product Experience Assignment

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