Since products and marketing go hand in hand, product marketing can be described as the introduction and selling of a new product or technology to a predetermined client base. It is basically about what people will buy, who are the targeted people to buy and encouraging these people to buy.
One of the most challenging and exciting aspects of product marketing is coming up with an effective strategy that will launch a new merchandise. Product plays the most important role in a well thought out marketing plan. Where there exists a broad range of product lines, the price or costing is largely affected in terms of manufacturing, promotion and marketing.
The prospective consumer base specifically has the need regarding what the products offer to solve. It is important to recognize the importance of who will buy the products and what their needs are. Accessibility as to where these are available also plays an important factor in product marketing. What Is The Role of Product Marketing This is where the role of promotion and advertising come into play. Product marketing presents the means on how the products will be made available to the consumers. Distribution options are available, including the use of online resources which is one of the cheapest and most effective avenues to market goods and services nowadays.
People are looking for better quality of life, to improve their mind, body, spirit, increase mood, health and take time out to feel better. They want quality information and of course have to find you amongst the growing plethora of websites and online advertising.
You are there to do business and build relationships – long lasting ones hopefully.
Statistics show in 2005, the health and wellness industry was worth $200 billion dollars in sales. Towards 2011 we are hitting the $500 billion mark and is projected to continue growing and reach $1 trillion within the next five years.
Wellbeing, wellness and spiritual development was barely talked about 10 years ago yet we’re expected to reach $1 trillion in the next five years. What Is The Role of Product Marketing Amazing when you think about how we’ve catapulted so quickly. This proves the Internet plays a major role in marketing your retreat or A to Zen of events, classes and wellbeing workshops and an overall global acceptance of our industry.
Well packaged products also help develop an effective product marketing strategy. It is also wise to consider whether the merchandise should be given a separate brand name or whether to associate it with the trade name carried by the business entity. What Is The Role of Product Marketing A well established business name certainly adds credit when associated to a fresh product being introduced into the market.
Consumers must have a complete understanding of the nature of the products and how it is intended to be classified. Likewise, the products have to be clearly defined commodities in terms of benefits to the consumers and how it differs over competing brands or products in the marketplace more.
