How to Use Product Marketing for Business

How to Use Product Marketing for Business

How to Use Product Marketing for Business

A new product very rarely starts making a profit right away. In addition, the launch of a new product on the market is fraught with serious risks and does not always bring success. In order to minimize the risk, it is necessary to use the correct product marketing, the right techniques that can draw the attention of consumers to it, make it popular and purchased. The main thing for the business is to find its own effective strategy for developing and promoting a new product.

Marketing is a set of means to promote a product or service.That is, the creation of a global image of the product, “legends” around it, PR actions and the like. Advertising is also included in the marketing, the latter without it simply can not exist. Advertising can be outdoor, viral, spread on the Internet, etc.

In recent years, very popular in Western Europe and the United States became advertising, like the title of the news on a major news portal “The motorcycle rider’s ipad crashed out of his pocket and crashed through the frontal glass truck, remaining whole. ” Such advertising is called “hidden advertising.”

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That is, customized news that consumers and potential customers perceive it as news, and not as advertising. So, this “advertising” is already included in the field of marketing. Another example of marketing is product placement.

What is it?

Product placement is the introduction of brands into works of art, be it a romance, a movie, etc. For example, when in the movie “Blade Runner”. You see an advertisement for a famous drink by which Richard Gere’s hero passes – this is product placement. When the hero Viggo Mortensen is in post-apocalyptic the drama “The Road” (the film version of Cormac McCarthy’s novel of the same name) drinks Coca-Cola, finding it in the machine is product placement.

So, the main differences between advertising and marketing are as follows:

• Scale. Advertising – “less.” She is welcome. And marketing is a complex of receptions;

• If marketing is aimed at making a profit absolutely always,

then advertising can be social, political, etc.;

• Since marketing is technology and theory, new methods are more common

uses advertising (for example, advertising in the subway, on asphalt, etc.);

• Self-sufficiency of advertising, which can exist by itself.

But marketing without advertising will die.

In the classical sense, marketing was considered as an entrepreneurial activity that manages the promotion of goods and services from producer to consumer. The modern definition of marketing (as given by the American Marketing Association) is this: marketing is the foresight, management, and satisfaction of the demand for goods, services, organizations, people, territories, and ideas through the exchange. Today requires the broadest understanding of marketing, not limited to individual functions and tasks.

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Marketing is developing in the same way as other areas of economic activity. In the industrial era, two main types of marketing were used:

Ø product-oriented marketing, a product or service;

Ø consumer-oriented marketing, to a particular clientele, to predetermined groups of consumers.

Using product marketing for business

And here, product marketing comes to help the manufacturer. It is a practical tool with the help of which a manufacturer can produce a product that a consumer needs, and for the price that satisfies him. Consider the simplest and most inexpensive product marketing methods that can be successfully used in small businesses at different stages of development and launch of a new product on the market.

Trial marketing

Trial marketing small can be one of the most useful researches at the stage of developing a new product for small businesses. It combines both market testing and quality research on a new product.

Trial marketing is best used when new products are relatively inexpensive. You must purchase a certain amount of a prototype or analog of a new product, and offer them to the buyer. The technology of the experiment allows for analyzing the behavior of consumers.

With the help of trial product marketing, a small market niche is created: there, both the product itself and its potential consumer are tested.

Tasks of trial marketing

This type of marketing of the products has the following tasks:

– to study whether the consumer needs this product;

– to identify the potential consumer of the new product, study what the potential consumer is;

– to determine what volume of the market can be expected in the production of a new product;

– to start explaining to potential consumers what benefits the new product will bring them;

– to start attracting customers;

– to specify the features and quality indicators of the new product design, manufacturability, packaging, etc.

Trial marketing analysis should answer several questions.

1) Is the consumer ready to buy the new product?

2) Will the manufacturer be able to produce is with the necessary quality and cost?

3) Do the market conditions let introduce it?

4) Will the business have enough resources for the launch of it on the market?

If all the questions get positive answers, start sales.

Marketing at the stage of launching a new product on the market

This type of product marketing deals with the developing of a product launch program. It must:

– inform potential consumers about a new, yet unknown product;

– provide the maximum consumer involvement by various methods;

– strengthen PR and advertising;

– convince consumers of the high quality and value of the new product;

– stimulate sales of it through retailers;

– create a market segment of it.

Recently, consumer marketing has become increasingly popular, representing a consumer’s personal acquaintance with a new product, aimed at stimulating sales directly to a specific consumer. The advantages and benefits of the product are offered to the consumer in a limited time interval and in a certain place.

 

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