What is Product Marketing

What is Product Marketing

What is Product Marketing

Correct product marketing is a very effective instrument, that can be used in order to minimize the risks in business. In fact, these are special techniques that attract the attention of customers to the new product. With the help of this instrument, it can become more popular. Of course, every case is individual, and there should be found exclusive approach.

In your practice, you have often come across the terms “product”, “service” and “product” more than once. Let’s give them closer attention. A product is everything that can be offered on the market in order to satisfy one’s desires and needs. These can be tangible goods, services, experience, individuals, places, objects of ownership, organizations, information, and ideas.

The product always has tangible and intangible components

This fundamental definition of a product was proposed by F. Kotler in 2000. It is very comprehensive and comprehensive. In fact, we can use the term “product” when speaking about a company’s offer, that is, about the goods and services that it sells. The product always has tangible and intangible components.

  • Those products in which the material component prevails, people often call goods. A classic example of a product may be a bag of salt, a can of beans, a machine, etc.
  • Products that are dominated by the intangible component, we usually call services. Examples of services include university studies, consultations in the background, development of a marketing strategy, etc.

However, it is worth remembering that each product still contains something tangible and intangible, so there are no pure goods and services. Each product contains elements of a service, and each service, in turn, contains a commodity component.
For example, if you buy a bag of salt, you get not only the salt and the bag (material components), but also the opportunity to bring it home without spilling it, and also get rid of the difficulties associated with packing salt in bags (intangible component).

Product marketing in action

When you are going to have fun on a tourist trip (intangible component), you will certainly be offered various promotional materials, sporting goods, documents and papers (material component). It turns out that we all sell and buy products, regardless of whether there are more “commodity” or “service” components in them.
However, it is worth remembering that the methods that are used in the sale of goods and services are different, and therefore, it is necessary to understand what the product offered by the company is closer to – the product or service (which component is predominant – tangible or intangible). In 1977, L. Shostak proposed introducing the concept of the “product-service” continuum, which is excellent for answering the question outlined in the previous paragraph.

And product marketing is very useful in this case. Marketing a new product is a practical tool with the help of which a manufacturer can produce a product that a consumer needs, where it is necessary when it is necessary and at a price that satisfies the consumer.

There are many marketing methods for promoting new products and services on the current market. Therefore, for businesses and entrepreneurs, in order to promote a new product, it is necessary, first of all, to study and effectively use the existing marketing arsenal. Of course, every entrepreneur must make their own nuances in proven marketing techniques. To adapt these methods for your specific business, for your marketing of a new product.

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Marketing a new product and its distinctive features.

Marketing a new product is different from traditional marketing research. And, above all, it is different in that the evaluation of the prospects of a new product at the stages of its development is carried out in the absence of a market, with a total absence of consumers. This creates certain difficulties and increases the likelihood of errors in research.

The lack of actual consumers makes it difficult to sample for research, makes it difficult to conduct surveys. Without a finished product, it is difficult to pinpoint a potential consumer, make a description of it, clarify its product requirements.

The absence of a market gives rise to another difficulty in marketing research – the lack of customer consumption practices for the product. In most cases, the potential consumer simply cannot assess the quality of the new product, cannot assess how and in what amounts he will use the new product.

Therefore, the analysis of analogs and prototypes becomes the main research tool in marketing new products. A new product in a small business is rarely completely unique, innovative. Usually that someone somewhere it, or its analogs, already produces. The experience of the producer and the consumer can be searched in another region or in another country. The difficulty is not in the search for prototypes but in the adequate use of the information obtained and the correct transfer of a new product to your market.

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The most successful approach is a combination of different methods.

Specialists would help to choose the correct method in order to promote a new product, but above all by their proper working out and their effective and competent use. Our agency is ready to cooperate, providing project management and product marketing service for its clients.

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