Marketing Mix - Product

The term "product" is defined as anything, either tangible or intangible, offered by the firm; as a solution to the needs and wants of the consumer; something that is profitable or potentially profitable; and a goods or service that meets the requirements of the various governing offices or society. The two most common ways that products can differentiated are:

The term "product" is defined as anything, either tangible or intangible, offered by the firm; as a solution to the needs and wants of the consumer; something that is profitable or potentially profitable; and a goods or service that meets the requirements of the various governing offices or society. The two most common ways that products can differentiated are:

1. Consumer goods versus industrial goods, and
2. Goods products (i.e. durables and non-durables) versus service products

Source: Boundless. “Product, Placement, Promotion, and Price.” Boundless Marketing. Boundless, 21 Jul. 2015. Retrieved 01 Jan. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/introduction-to-marketing-18/product-placement-promotion-and-price-108-4454/

1. Consumer goods versus industrial goods, and
2. Goods products (i.e. durables and non-durables) versus service products

The term "product" is defined as anything, either tangible or intangible, offered by the firm; as a solution to the needs and wants of the consumer; something that is profitable or potentially profitable; and a goods or service that meets the requirements of the various governing offices or society. The two most common ways that products can differentiated are:

1. Consumer goods versus industrial goods, and
2. Goods products (i.e. durables and non-durables) versus service products

Source: Boundless. “Product, Placement, Promotion, and Price.” Boundless Marketing. Boundless, 21 Jul. 2015. Retrieved 01 Jan. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/introduction-to-marketing-18/product-placement-promotion-and-price-108-445

You must ensure to have the right type of product that is in demand for your market. So during the product development phase, the marketer must do an extensive research on the life cycle of the product that they are creating.

All in all, marketers must ask themselves the question “what can I do to offer a better product to this group of people than my competitors”.

In developing the right product, you have to answer the following questions:

• What are the sizes or colors available?
• Where will the client use it?
• Are you creating features that are not needed by the client?
• What’s the name of the product?
• Does it have a catchy name?
• What features must the product have to meet the client’s needs?
• Are there any necessary features that you missed out?
• How is the product different from the products of your competitors?
• What does the product look like?
• What does the client want from the service or product?
• How will the customer use it?

What is Marketing Mix?

What is Marketing Mix?

A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income.

Marketing is about putting the right product in the right place, at the right price, at the right time. 

Create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy.

There's a lot of truth in this idea. However, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time.

But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel-economy in a country where fuel is very cheap; or publishing a textbook after the start of the new school year, or selling an item at a price that's too high – or too low – to attract the people you're targeting.

The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistakes.