Providing value is a key objective of market-driven organizations. Based on the formula for providing added value, there are only five “basic”, alternative strategies that a company can consider if their goal is to provide additional value to their customers. This typically involves decisions involving your product offering and/or your price. Let’s consider Time Warner Cable. Time Warner offers a number of different packages. For example, one package Triple Play Silver is offered with 175 channels, internet up to 60Mbps and unlimited calling for $49.99 for 12 months. Due to increased competition from streaming and etc. Time Warner wants to pursue a strategy of providing greater value to its customers in the Los Angeles area.
For your 2018 marketing plans, if you were the Product Manager for cable services for Time Warner and you wanted to provide “additional value to customers” starting January 1, 2018 (a) describe the five possible “general” alternative value strategies that you could consider and state how each alternative provides additional value (using only the value formula primarily as your support) and (b) for at least 3 of the 5 alternative value strategies, provide “actual examples specifically related to Time Warner’s current offerings” describing what you, the Product Manager, might do to the product offering and/or price to deliver more value to customers who sign up for cable services in 2018?
Increase Q (benefits) and keep P (cost/price) the same (more for the same)
Decrease Q (benefits) and decrease P (cost /price) even more (less for much less)
Keep Q (benefits) the same and decrease P (cost/price) (same for less)
Increase Q (benefits) and increase P (cost/price less) (more for more)
Increase Q (benefits) and reduce P (cost/price) (more for less)