marketing mix: product

• What is the definition of marketing according to The Institute of Marketing?

  Marketing is the management process involved in identifying, anticipating and satisfying customer requirements profitably.
• Why is it incorrect to define marketing as simply advertising and selling?

  Because marketing encompasses a broader range of activities beyond just advertising and selling.
• How can marketing be regarded in relation to business philosophy?

  Marketing can be regarded as a philosophy focused on satisfying customers' needs and wants.
• What are the key activities involved in marketing?

  Key activities include researching the market, analyzing market conditions, setting marketing goals, and developing a marketing strategy based on the marketing mix.
• What is the strict definition of a market?

  A market is defined as a place where buyers and sellers meet.
• What characterizes a market-oriented business?

  A market-oriented business bases its marketing activities on the needs of the market rather than its internal strengths.
• What are some disadvantages of market orientation?

  Disadvantages include high costs of market research, constant internal change, unpredictability of the future, and abandonment of earlier product investments.
• What is product orientation?

  Product orientation focuses on the internal strengths of the business rather than the needs of the market.
• What are the disadvantages of product orientation?

  Disadvantages include failure to respond to changes in market structure and neglecting fashion and taste in the product mix.
• What is asset-led marketing?

  Asset-led marketing relates customer tastes to the business's own strengths and capabilities.
• What should be discussed when judging the orientation of various businesses/products?

  One should assess whether the business/product is market-led, product-led, or asset-led.
• Physical Characteristics


  Size, shape, color, design, material, packaging
• Functional Attributes


  Performance, quality, durability, reliability, efficiency
• Emotional Benefits


  How the product makes the customer feel (e.g. convenience, status, satisfaction)
• Innovative Features


  New or improved technologies, features, or components
• Physical Characteristics - Important

  Color, design, and material can influence customer appeal and perceived quality
• Functional Attributes - Vital

  Performance, quality, and reliability are essential for delivering on product promises and meeting customer needs
• Functional Attributes - Critical

  Durability and efficiency can impact product lifespan, maintenance, and environmental sustainability
• Emotional Benefits - Highly Influential

  Emotions can drive purchasing decisions, brand loyalty, and customer advocacy
• Emotional Benefits - Key

  Satisfaction, convenience, and status can become crucial differentiators for a product
• Innovative Features - Distinguishing

  Unique or improved technologies can differentiate a product and create a competitive advantage
• Innovative Features - Enhancing

  Innovative features can increase customer perceived value, increase brand reputation, and drive repeat business
• Unique Identity


  Distinctive design and color can make a product stand out in the market
• Brand Recognition


  Consistent packaging and design can reinforce brand identity
• User Experience


  Effective packaging can improve product usability and accessibility
• Increased Costs


  Custom-designed packaging and materials can increase production costs
• Limited Flexibility


  Custom designs may limit product versatility and adaptability
• Performance


  Efficient and powerful products can meet customer needs and deliver on promises
• Higher Costs


  High-quality materials and manufacturing processes can increase production costs
• Limited Upgradeability


  Non-upgradeable products may become obsolete faster
• Brand Advocacy


  Positive emotional experiences can drive word-of-mouth marketing and increase brand reputation
• Differentiation


  Unique emotional benefits can differentiate a product from competitors
• Intangible


  Emotional benefits may be difficult to quantify and measure
• Variable Results


  Emotional experiences can vary greatly from customer to customer
• Differentiation


  Unique features can differentiate a product and create a competitive advantage
• Increased Value


  Innovative features can increase customer perceived value and drive premium pricing
• Improved Performance


  New technologies and features can improve product performance and efficiency
• Higher Costs


  Development of new features can increase research and development expenditures
• Technical Issues


  New features may introduce technical issues and require additional support