When it comes to introducing a new product into the marketplace it is crucial to get off on the right foot marketing your good or service. The product’s marketing team will work to create and execute a plan that takes into consideration all four aspects of effective product marketing. When developing a marketing mix considered the following; product, promotion, price and place each offering a unique benefit to help move the goods and services that are offered.
This goes almost without saying but if you are offering a good or service that is of little value to consumers than it is safe to speculate that there is a possibility of imminent failure. It is near impossible to sell something that no one sees any value in. Your product must be viable. It must be something of quality that people can’t imagine themselves living without it. The product needs to have value. It is important that the products physical attributes are considered, what the product or service does, how it is different from what the competition offers and what benefit it offers to the purchaser.
The promotion of your product is defined as anything used to communicate the features and benefits that your product or service provides to your target market. This often includes aspects such as the products packaging as well as product advertising, sales promotions and public relation efforts. Product packaging and labeling are important because they can be used to really grab the attention of your target consumer at the point of sale. Shrink sleeves are a popular option in labeling as they offer a three hundred and sixty degree space to promote the product. As far as a label being able to grab the attention of consumers shrink sleeves bring the ability to use an array of colors as well as a larger area of coverage to further assist in marketing the product.
When it comes to promoting services the number one method to increase awareness and get consumers to perceive value is word of mouth. When people are talking about the service they have gotten from you in a positive light it is the best advertising a company providing services can wish for.
The price at which you offer your good or service for also plays a large role in the marketing mix. When determining your products price it is crucial as this is the driving factor in profit and therefore also determines the survival of your company. When setting the price be sure that it compliments all the other aspects of the marketing mix. Take into consideration the value that the product or services is perceived by consumers. Consider the three basic pricing strategies as well: market skimming, market penetration and neutral pricing.
Where you find your product or service also plays a huge role in the success or failure of your marketing plan. Think about it; if you are selling cold water you will sell more if you make it available to people who it offers value to. Cold water is of value to participants in street fairs when it is ninety degrees out however during forty degree whether hot cocoa and coffee make more sense.
It all comes down to having the right product, available at the right time, in the right place, promoted to the right market.