Download Product market

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Definition of product
Product is a tangible good, an intangible service, or
an idea. This is the "output" of any production
process. The product is also one variable of the
marketing mix. Products are classified as consumer
or business. Consumer products can be convenience,
shopping, specialty, or unsought. Business products
are raw materials, components, installation,
equipment, accessories etc.
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 Product
market
Product market is where goods and services
produced by businesses are sold to households. The
households use the income they receive from the sale
of resources to purchase the products. The money they
spend is returned to the businesses as revenue.
Product market regulation is an economic term that
describes restrictions in the market.
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Product marketing
Product marketing deals with the first of the "7P"'s of
marketing, which are Product, Pricing, Place, Promotion,
Packaging, Positioning & People.
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A product market is something that is referred to when pitching
a new product to the general public. The people you are trying to
make your product appeal to be your consumer market. For
example: If you were pitching a new video game console game to
the public, your consumer market would probably be the adult
male Video Game market (depending on the type of game). Thus
you would carry out market research to find out how best to
release the game. Likewise, a massage chair would probably not
appeal to younger children, so you would market your product to
an older generation.
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Product marketing is misunderstood. When most people think
of “marketing” they don’t think of product marketing – they think
of branding and communications or advertising. However as
companies increase their spending on social media and digital
marketing it may be time to invest more in product
marketing. Here’s why:
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Product Marketers have deep market knowledge –
Prospects are looking for helpful information online and do not
want to be “sold to”. Product marketers have a deep
understanding of the problems that people in a market face and
are great at creating content that can educate and help prospects.
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Product Marketers have deep solutions knowledge
– One of the key things that separate Product Marketing
from other forms of marketing is the depth of
understanding of products/solutions. This deep level of
understanding is critical when it comes to working with
customers in a more interactive way like through social
media. It’s not enough to just have to skills to
communicate canned messages, you’ll need someone
who can answer questions, react on the fly and
generally be as helpful as possible. Product marketers
are great at this.
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Product Marketers focus on customer value, not
technology/features – this is the part where I pick on
traditional product managers, who often officially
“own” product marketing but ignore it. Product
management is a big job and often product managers
can be so focused on feature development they can’t put
themselves into the shoes of the customer when it
comes to communicating why someone should
buy. Customers don’t care about features or technology
or anything else that represents how you do what you
do. What they care about is how you going to improve
their lives. Good product marketers nail this.
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The sales cycle is defined by the movement of a
product from the company to the customer, through
interaction between a company representative and a
customer. Some sales cycles take months of negotiation
and planning, while other cycles are nearly
instantaneous -- it depends largely on the type of
product being sold. Product marketing, while a separate
strategy, can have impact on the sales cycle at several
stages.
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 Product
Development
The sales cycle actually begins long before the
product offering, back when the product development
process is still occurring. In product development, the
features and benefits that salespeople will be able to
highlight are decided. This is also a vital stage for
deciding what features will attract customers the most
and how product packaging will appear, both of which
are important marketing factors.
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 Product
Pricing
Product pricing is also set in preparation for the sales
cycle. From a marketing perspective, this is an
important move because it defines the product position
in the current market. Salespeople dealing with a lowpriced product can draw attention to its costeffectiveness over competitor products. When a
business decides to use a higher-priced product, the
salesperson must draw attention to quality and
durability in order to create effective marketing.
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 Promotions
Product deals during the sales cycle can be either set
or fluid. Some salespeople have flexibility in pricing
and can offering special deals when they feel they are
close to making a sale. But companies can also use their
marketing strategies to arrange for a number of
promotions and discounts. Salespeople can draw
attention to these discounts in order to encourage
additional sales or buying a higher-priced product line.
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 Additional
Value
Additional value can be given to a product through the
sales cycle. A salesperson can offer to install a product
for free, or offer free service on the product for a certain
length of time after the sale. The sales process can also
include tools to search for or narrow down product
needs to help uncertain customers. These are key parts
of relational market strategy that attempts to secure
customer loyalty for the long term.
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