INTRODUCTION TO PRODUCT MARKETING:
The “7P”‘s of marketing are Product, Pricing, Place, and Promotion, Packaging, Positioning & People. Product Marketing is the first among them. Product marketing as opposed to product management deals with the marketing of the products to the consumers, and others. Product management deals with the development of the product within the firm or organization.
PRODUCT MARKETING ROLE:
Product marketing tackles five basic important questions as follows:
* What type of products will be made available? * Which customers are to be targeted? * What is the pricing strategy of the products? * How will the product be introduced to the target customers? * How tomake the product reach the customers?
AN OVERVIEW OF MARKETING MIX:
Marketing mix includes the four P’s. They are Price, Place, Promotion and Product. By blending these four principles, the firm attempts to create a positive response in the market. The four marketing mix variables are used by the marketers to satisfy their target customers. Price: Out of the four marketing mix variables, the most important one appears to be price. Price of the product creates the sales revenue. The price determines the sales of the product.
Place: Place basically refers to the ways to make a product available for the customer, its transportation method and storage. The distribution system involves making the product available to the right place at the right time.
Promotion: Promotion involves the communication with the target customers to help them choose the right product and assist them take up decisions. The cost of advertising or promotion takes up a countable portion of the production of the product. But proper and effective product marketing leads to the increase in sales .Thus, the amount spend in the promotion would seem to be a smaller proportion in future. Product: Product can be tangible or intangible which generally refers to the mass produced in specific volumes. Intangible products include services like hotel industry and travel agencies whereas tangible products are cars, razors etc. Product differentiation is required for a product to retain in the market. Every product has a life-cycle of its own.
PRODUCT MARKETING WITH MARKETING MIX:
It is important for the product to have good and right characteristics. The product must be one by which the consumer should be benefitted and would buy in large quantity to gain a healthy profit. The products must be available at the right place at the right time. The products availability should be made aware to the consumers.
SUCCESSFUL PRODUCT MARKETING STRATEGY:
Product marketing plays a major role in determining the function and appearance of the product. If you want to successfully market your product effectively, it is essential for a successfully advertising strategy. Initially, you need to know the consumer response to the product and what they expect. Customer advice could be helpful to make your product a success at the market. Once you alter your product as per advice and attain customer satisfaction, it would be the ideal moment to develop n effective product marketing strategy.
Free Article by Kathy Jhones
Kathy has written 94 Customer Service Articles for our Free Articles DirectoryRelated Articles
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