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The product as an element of the marketing mix of a company is made up of its portfolio of items. Within it is a product line associated closely with a variety of products. These products may provide similar features or may have the same benefits. A product line consists of products, which are single units with distinct looks, functionalities, or price points.
Each product item will have three main elements that need to be focused on. These are the brand, the packaging, and the associated services.
Each product item has three primary components that must always be prioritized. These are:-
- The Packaging and labelling of products
- The Branding of products
- The Associated Services
Product benefits and USPs must be specified before implementing these three elements to the product as an element of the marketing mix. It is important to understand the product mix as it makes a huge impact on the company’s brand image.
Benefits, Recognition and Creation
Given the importance of the product as an element of the marketing mix, it’s a good idea to know who your target market is, what your offer’s features/benefits are, how you’ll position this product in the market, and what your USP will be.
In a popular academic work, “Principles of Marketing,” by Philip Kotler, he claims that a product can be evaluated on three levels. Which are
Core – This is the very initial level to be specified and examined.
Actual – Additional benefits are included to differentiate the product and highlight its unique selling proposition.
Augmented – Finally, there will be an assessment, which will conclude what extra benefits can further be proposed by the product to give it an upper hand in the market.
Decisions Based on Products
A company can begin to make critical product decisions once they have a good understanding of the basic product mix and benefits:
Design Choices- The most important option here is to choose how strong the design will be across the whole product.
Quality Decisions- The quality of the product is maintained in conjunction with the other aspects of the marketing mix. A higher price might be charged if the product is of outstanding quality.
Features Decisions- What will be the final characteristics of the developed product? The company might also charge a premium for additional appealing features and perks.
Branding Decisions- Decisions on the branding of products are crucial because they transform a product into something more than just a good. A brand can generate immediate sales while also instilling confidence in the product’s quality and dependability.
Product as an element of the marketing mix is the most crucial component. The marketing manager must arm himself with the 4p’s of the marketing mix, i.e., product, place (distribution), pricing, and promotion, to develop a thorough marketing program. The instrument in question is the first of its kind. There is no use in marketing if you don’t have a product. The product is at the centre of the entire marketing strategy.
Development of Product
Product development is constructing a new or distinct product that provides the end consumer with unique new benefits. This encompasses the development of a completely new product and the enhancement of an existing one. These adjustments or new introductions could be aimed at a newly determined consumer need or a market.
Development of Product traditionally includes the following steps:
- Generate the Ideas
- Screening of Ideas
- Developing and Testing the Ideas
- Analysis for Profitability Potential
- Conduct market tests or Beta Tests
- Finalizing the Technical Aspects
- Finalizing the Commercial Aspects
- Conduct Post Launch Review
Product Life Cycle
The logical stages of a product’s lifecycle are important for any product. The stages through which a product goes throughout its life are as follows:
- Introduction – After the debut of the product, it goes through slow growth for a particular time.
- Growth – The growth increases once the foundation is properly set up.
- Maturity – Sales reduce over time as the product becomes widely available.
- Decline – The drop in the sale can be observed as the product fails to meet the expectation of the customers.
Conclusion
It’s important to keep a close check on the product’s progress throughout its lifecycle. A realistic forecast of this path could aid the company in relaunching or redesigning a current product or developing a new one. If a company does not bring innovations and benefits to their product, then the product is bound to fall. There are identical products of different companies present in the market. The more exquisite design and the feature will have the upper hand in this gruesome competitive market. Thus, having a unique product with different benefits is very important.
