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The Concept of Product in the Context of Marketing - Essay Example

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The present research paper "The Concept of Product in the Context of Marketing" is on product marketing. Here, different concepts regarding product marketing shall be discussed. The entire discussion looked after the various factors related to product marketing…
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The Concept of Product in the Context of Marketing
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Download file to see previous pages The factors are marketing mix, distribution of products, pricing structure, and the overall macroeconomic environment. Even extrageneous factors like the strength of the competitor, market share of the competitor are also equally significant factors.
A product is the heart of marketing. Marketing means understanding the needs and requirements of the customers and delivering them a product that exactly fits their requirements. Therefore, the very purpose of marketing is to develop a product that matches what the customers want. Marketing becomes very convenient and a simple process if the whole product exactly suits what the customer has been looking for. This proves that marketing is incomplete without the right product to sell.
A product can be developed only after a proper market study. Studying the market means studying consumer behavior. This can be accomplished through market research. After getting the inputs from studying the market, it is central to identify the apt technology of production and the feasibility of production. Moreover, the market segmentation needs to be done. The objective of segmenting the market is to ascertain the segment of consumers who require the product and can afford to buy it.
There are different kinds of products available in the market vying for customers’ attention. Are all the products similar? The answer is no. Then what is the need for differentiating one product from another? The answer is simple. All the products available in the market may not cater to the customer’s requirements. Moreover, for one particular use, there can be hundreds of products in that category. For example, the case of toothpaste can be considered. Toothpaste satisfies the requirement of cleaning the mouth. ...Download file to see next pages Read More
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