Concept of the Product

Following the identification of your target audience and competitors, the following item on your to-do list should create a marketing mix. To appeal to clients, every business requires its own marketing mix. This post will discuss the marketing mix definition, importance, elements, and how to create an effective marketing mix for your product or service. The core marketing concept mix is a collection of actions a company takes to develop and advertise its product or service to customers. It aids in ensuring that you can provide the right goods, at the right time, at the right location, for the right price to your clients.

Traditionally, the marketing mix was implemented using the four Ps of marketing; however, three additional Ps have been added to the mix in recent years, resulting in the seven Ps of marketing principles. Businesses utilise a combination of these marketing mix elements to elicit the desired response from their target audience.

What is a Product?

Consider the phrase “product” in the marketing mix to be a catch-all term for everything a company wishes to offer its customers (an end-user or another business). The entity that satisfies a customer’s need and desire is referred to as a product.

Any of the following entities can be considered products:

• Goods
• Services
• Events and Experiential Learning
• Persons
• Locations and Properties
• Organisations
• Information
• Idea

The Product Mix

People frequently visit establishments that offer a variety of things in one area, whether physical (the supermarket) or virtual (the internet like Amazon). The product mix refers to the range of items available, which can be grouped based on comparable features or benefits. In an apparel store, each t-shirt is a product unit (a unit of product) part of a product line called “T-Shirts.” So, in this area, you select a t-shirt based on its distinctive variety, features, or price points, all of which are distinguishing elements for you when making a decision.

Understanding and Creating Benefits

Given the importance of a product in the core marketing concept, it’s a good idea to know who your target market is, what your offer’s benefits are, how you’ll position this product in the market, and what your USP will be.

According to Philip Kotler, a product can be analysed on three levels.

Core benefit

The core is the initial level to be specified and investigated. What is the primary or most important benefit of a product to its users? In the instance of a camera, they can acquire a device that will allow them to capture memories for the rest of their lives.

Actual Product

Any additional benefits are included to differentiate the product and showcase its unique selling proposition. All cameras in our scenario provide the same basic benefit. However, any extra features or strong branding might improve the product.

Augmented Product

Finally, an assessment of what additional benefits might be supplied to the customer to ensure a loyal purchasing client is required. These can include after-sales service, extended warranties, and product support blogs or hotlines, in our case.

Product Development

The production concept in marketing is constructing a new or distinct product that provides the end consumer with inventive new benefits. This encompasses the development of a completely new product and the enhancement of an existing one. These adjustments or new product introductions could be aimed at a newly determined consumer need or a market niche.

Traditionally, product development entails the following steps:

• Think up new ideas
• Screen Concepts
• Create and test new ideas
• Examine the potential for profit
• Carry out market or beta testing
• Completion of Technical Aspects
• Complete the Commercial Aspects
• Conduct a post-launch evaluation

Product Life Cycle

The logical stages of a product’s lifecycle are a crucial aspect of any product. The stages of a typical concept of a product are as follows:

• Introduction – Following the debut of a product, there is a period of slow growth.

• Growth – Once the product is established, it enters a rapid growth phase.

• Maturity – A time of reduced sales as the product becomes more widely available.

• Decline – There is a decrease in sales because the product no longer meets a need or because there are better alternatives.

Conclusion

Because it is the centre of the exchange, the product plays a significant part in the marketing mix. The core product marketing concept encompasses more than one facet of the marketing mix. Instead, the product marketing function concentrates on a specific product or product range across the marketing mix. The huge brand’s concentration on core products and client needs has allowed it to stay ahead of the competition and become the industry standard.