The marketing mix: product and packaging
Chapter 19: The marketing mix: product and packaging
The role of product in the marketing mix
The product itself is the most important feature of the marketing mix. After deciding the market segment for the product, the other parts of the marketing mix will be decided.
Large companies often have a department to develop new products. Whilst deciding the marketing mix, the company will also have to take into account the competitor’s products.
Types of product
There are several types of products involved in different industries.
• Consumer goods: these are goods consumed by people. They can be perishable goods as food or can last a long period of time as furniture.
• Consumer services: these are services that are produced for people. E.g.: hairdressing.
• Producer goods: these are goods produced for other businesses to use. They are bought to help with the production process from the previous stage of production. E.g.: lorries.
• Producer services: these are services that are produced to help other businesses. E.g.: accounting.
It is important to know which type of product the business has when developing it and promoting it if it wants to be successful. Other features have to be also accomplished by the product:
• It satisfies existing needs and wants of costumers.
• It is not too expensive to produce.
• The design has to be suitable for the product.
• The company has to be a market leader when developing its new products.
• Has something distinctive from its competitors.
• It is capable of stimulating the consumers’ wants.
Product development
To develop a product, the company has to follow a process:
1. Generate ideas: from the competitors’ products, customers’ suggestions, employees, Research and Development department and Sales Department.
2. Select the best ideas for further research: the company needs to decide which ideas to abandon and what ideas to make further research.
3. Decide of the company will be able to sell enough for the
The role of product in the marketing mix
The product itself is the most important feature of the marketing mix. After deciding the market segment for the product, the other parts of the marketing mix will be decided.
Large companies often have a department to develop new products. Whilst deciding the marketing mix, the company will also have to take into account the competitor’s products.
Types of product
There are several types of products involved in different industries.
• Consumer goods: these are goods consumed by people. They can be perishable goods as food or can last a long period of time as furniture.
• Consumer services: these are services that are produced for people. E.g.: hairdressing.
• Producer goods: these are goods produced for other businesses to use. They are bought to help with the production process from the previous stage of production. E.g.: lorries.
• Producer services: these are services that are produced to help other businesses. E.g.: accounting.
It is important to know which type of product the business has when developing it and promoting it if it wants to be successful. Other features have to be also accomplished by the product:
• It satisfies existing needs and wants of costumers.
• It is not too expensive to produce.
• The design has to be suitable for the product.
• The company has to be a market leader when developing its new products.
• Has something distinctive from its competitors.
• It is capable of stimulating the consumers’ wants.
Product development
To develop a product, the company has to follow a process:
1. Generate ideas: from the competitors’ products, customers’ suggestions, employees, Research and Development department and Sales Department.
2. Select the best ideas for further research: the company needs to decide which ideas to abandon and what ideas to make further research.
3. Decide of the company will be able to sell enough for the