What is Product in Marketing Mix
Product in the 4Ps of marketing mix is involved in developing and managing products or services. Product refers to what a company has sell, it may be a tangible or intangible product that the company offerings to customers.
The product in the 4Ps marketing mix is the most important element of the marketing mix. If the business fails to reach the satisfaction of customers, it’s impossible to persuade your customers to repurchase your product or service with price, promotion, or place.
In the marketing mix product, you need to defines who will buy this product, how much they going to pay for (not a price), what will the product offer, where should it be sold, and the product’s appeal.
In the beginning, you need to be answered to the questions that determine that your product is right for its market:
- What is your product offer and benefits to the customer?
- How do the product solve the problem?
- Who are the customers for the product? (You may define by demographics, behaviours, attitudes, and psychographic).
- How the customer use your product?
- What are the subtitude products in the market?
- Product in the marketing mix is involved in developing and managing products or services.
- In the marketing mix product, you need to defines who will buy this product, how much they going to pay, what will the product offer, where should it be sold, and the product’s appeal.
Product Development Strategy
Product development is the most basic thing that happens in the marketing mix product. New product development refers to a new product that is new to the company in any way, not only a newly develop but we can categorize a new product development in the four following methods:
- New to the market product
- New category entry
- Product line extension
- Revamped product
New to the market products
New to the market product is the product that have never been seen in the market before, normally they are an innovative product. Apple’s iPad and Tesla’s EV cars can be classified as the new-to-the-market-product.
The new to the market products have the highest potential because you will be the first who enter this market which means you are the only one who sells this product. However, this type of product carry the highest risk, since you need to research and develop the product and introduce them which is has a chance that the consumer does not adopt them.
New category entries
New category entry is a new product that new to the company but not new to the market, this product has already been established in the market before. Expanding to the new market is very important to the business because it has the potential to acquire new customers which means it is more revenue and profit to the company.
In the future, if the Apple fully enters the EV cars market its will be classified as the new category entry.
Product line extensions
Product line extension is a new product that has a new feature, flavors, or anything else to the existing product. Benefits of a product line extension strategy in the marketing mix product include the leverage on the customer loyalty and advantage on a manufacturing process since the company already produce similar goods.
This is the most common product strategy for a company that needs to offset reduced sales on some products due to seasonal or trend.
Revamped product is a new version of an old product. A revamped product refers to a product that has a new package, add new features, come with different features, and update the design.
The revamped product strategy is the lowest risk compared to others. In addition, the company has leverage on recognition and customer loyalty to the brand, your brand can advertise the revamped product along with an existing product.