LESSON 1: MARKETING MIX: PRODUCT

• WHAT ARE THE 4 ELEMENTS OF MARKETING MIX?

  4P's: Product, Price, Promotion, place
•  applies to anything that is being marketed, whether it is a tangible product, an intangible good, a service, a place, or even a person.

  Product
•   Refers to tangible products that consumers can actually observe with their senses.

  Goods
• Refers to intangible offerings that are abstract in nature and cannot be observed with our senses. In fact, a key characteristic of services is that the act of delivery itself is the product.


  Services
• AS CUSTOMERS, WHAT QUESTIONS DO WE FREQUENTLY ASK BEFORE WE BUY A PRODUCT?

  1. What need does it satisfy?
  2. What value does it offer to its customer?
  3. What makes it unique?
  4. What is its unique selling proposition? (USP) 
• PACKAGING (protects) and LABELING (defines)
• Serves to contain and protect, and sometimes, identify and promote the product.

  Packaging
• purpose of packaging:

  • It protects the product enroute to the customer.
  • It makes product storage and display more practical and effective
  • It preserves the product for further customer use.
• When deciding on product packaging, four factors must be considered: 

  • The quantity of the product that should be contained in the package.
  •  Physical attributes of the packaging that facilitate the customer's use.
  • The legal requirements that packaging may comply with.
  • And the most appropriate shape in the package.
• is a display of information about a product on its container, packaging or the product itself.

  Labeling
• The following factors must be considered in diciding on the labeling of a product:

  • Establish the image or personality of the product based on the tastes and preference of the target market.
  • Determine the most important feature of the product of the target market.
  • Determine where the product will be sold and applicable to regulatory requirements, if any.
  • Determine the placement of the product in relation to other products, and particularly competitors.
• • Legal requirements must also be considered in a product’s labeling for food and beverages. All food products must contain the name of the manufacturer, country of origin, net content and its nutritional value table.
• One of the most effective ways to get ahead of the competition

  product development
• THE NEW PRODUCT DEVELOPMENT PROCESS

  STEP 1: IDEA GENERATION

  STEP 2: IDEA SCREENING

  STEP 3: CONCEPT DEVELOPMENT AND TESTING

  STEP 4: BUSINESS ANALYSIS

  STEP 5: PRODUCT DEVELOPMENT

  STEP 6: MARKETING TESTING
• labeling - It must also include the product handling and preservation requirements. Some marketers include other facts on their package label that enhance marketability and even customer’s trust.
• are instances when customers are forced to buy existing products and services in the market even if these are only partially serve their need

  introduction of new products (product development)