#1 Marketing Mix – Product
A product is an item that is built or produced to satisfy the needs
of a certain group of people. The product can be intangible or tangible
as it can be in the form of services or goods.
You must ensure to have the right type of product that is in demand
for your market. So during the product development phase, the marketer
must do an extensive research on the life cycle of the product that they
are creating.
A product has a certain life cycle that includes the growth phase,
the maturity phase, and the sales decline phase. It is important for
marketers to reinvent their products to stimulate more demand once it
reaches the sales decline phase.
Marketers must also create the right product mix. It may be wise to
expand your current product mix by diversifying and increasing the depth
of your product line.
All in all, marketers must ask themselves the question “what can I do
to offer a better product to this group of people than my competitors”.
In developing the right product, you have to answer the following questions:
- What does the client want from the service or product?
- How will the customer use it?
- Where will the client use it?
- What features must the product have to meet the client’s needs?
- Are there any necessary features that you missed out?
- Are you creating features that are not needed by the client?
- What’s the name of the product?
- Does it have a catchy name?
- What are the sizes or colors available?
- How is the product different from the products of your competitors?
- What does the product look like?
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