” The Product marketing strategies for an organization should be unique, simple yet effective and more importantly should attract potential customers.”
A Simple Description of Marketing:
The Definition of Marketing is a process whereby people exchange goods and services in exchange for money or something valuable.
For example: Selling an Ice Cream for Rs.10 !!!
Marketing for a Product should be done in a way that it satisfies Customer Needs and Wants.
For example – Selling of Ice cream during summer.
According to Father of Modern Marketing –Phillips Kotler :
“Marketing is a Social process by which Individual Group obtain what they need and want through creating offerings and freely exchanging products and services of value with others“Phillip Kotler’s Marketing Definition
Marketing and Selling:
People often confuse themselves with Selling and Marketing. They often consider both the same.
Marketing is a broad concept whereas Selling is just a part of Marketing.
- You can understand the above definition by the Following Example:
An Ice Cream ‘Seller’ before making a sale does not do other activities such as Labeling-Product Designing,-Promoting, etc.. whereas the ‘Marketer’ has to take into consideration all aspects before making the Ice Cream.
Let Us EXPLORE the aspects of Marketing a product Effectively.
Top 7 Product Market Strategy :
The Product-marketing-strategy for a business are as Follows:
#1. Market Planning :
The first and foremost important aspect of Products Marketing is its Market Planning. Set your plan according to your goals. In this area of work, the marketer should develop a proper and appropriate plan so that the product achieves Maximum visibility.
For Example: If an Ice cream Manufacturer is selling 100 boxes a day and wants to increase the sale, they should make an appropriate plan to achieve its target.
#2. Product Design :
This is part of the product that should attract customers. A good design of a product helps in improving the performance of the product and also gives a complete advantage in the market.
For Example: To attract kids for an Ice Cream the design should be made by keeping their likes/ alike in the mind. For Example: Having the logo of their Favorite Superhero say- Ironman, Hulk, etc..
#3. Packaging :
This refers to the design of the product package and the Label of the product. These are the two most important aspects of the Marketing Tool. A marketing tool is a tool that works as a salesman for the product.
A well-designed product sells itself. This is considered to be the major Pillar of Modern day marketing. The main work of packaging is to protect the good from any damages and providing that it should also work as a promotion Tool.
For Example – Having a superhero’s image on the package will want the kids to buy it.
#4. Branding :
A brand name is important for the product as it gives the product a unique identity. An Identity helps the product to be differentiated from their competitors.
Rather than giving a generic name to the product, it is highly advisable to give the product a brand name. Brand helps in proper framing of product-marketing strategy which helps to increase the growth of the company
A brand title should be simple clear and easy to remember.
For example- Amul, Magnum, etc…
#5. Pricing :
The amount paid for purchasing a product is called Price. It is the most important aspect as the price of the product determines if or whether the consumer would buy it or not.
The law human psychology says that if the price of the product is higher the consumer would less likely purchase it and if the price of the product is less the chances of them purchasing increases.
Example – Buying an Ice cream worth Rs.10 vs Rs.20.
#6. Promotion :
It is a Marketing aspect where with the use of communication we inform and persuade the potential target audience to buy it. The 4 tools of Promotion are- Advertising, Personal Selling, Sales promotion Techniques, and Publicity. The Combinations of these techniques helps us to achieve goals.
For example- Advertising on Television and newspapers, etc…
#7. Customer Support Service :
Customer support service or After-sale service is an additional aid that is provided by the company in case of any faults damages or Queries. This helps in providing maximum satisfaction to the customer which is the key to “Marketing Success” in modern times.
For Example- Toll-free number or Warranty card
Adopting this Product marketing Strategy for your business organization can help you achieve goals most effectively. The use of all marketing tools will help an organization grow to its full potential and beyond.
If you think that we have left something feel free and comment down below.