Developing a product in the market must be one of the hardest parts in marketing because it requires full understanding about all the aspects of the product and the market. There are many terms in marketing that should be understood before putting up a business and these terms have their own functions to ensure the survival of the product and the manufacturer. In order to lengthen the product life cycle in the market, it is important to have a creative and competitive decision from the marketers.
One of the most popular terms in marketing is the marketing mix. Determining the right price, deciding for the appropriate place, conceptualizing the effective promotion, and defining the needs and wants of consumers are some of the activities that have to done by the marketers (NetMBA, Business Knowledge Center, 2007). These tactics are collectively referred to as marketing mix because the four primary components such as product, price, place, and promotion should be determined altogether at the same time.
It may sound very hard for a non-marketer because these four components still have to be defined one by one before they would come up with a proper combination for the marketability of the manufactured goods. A product may not always be referred to as a consumer good, it may also refer to the services that the marketing firm is offering to the public. In making a decision regarding a product, there are a lot of areas that should be first analyzed. The brand name of the product is very important because it will serve as the distinction of the product from others that are already in the market.
Brand naming requires creativity because brand awareness and brand recall would be easier because of well-conceptualize brand name. Aside from the brand name; the style, quality, and packaging of the product also need strategy. In marketing, the awareness and loyalty of the consumers should be gained in order to assure the not only the profit but also the long life cycle of a certain good or service. It is important to make the customers aware of the difference of a certain product among competitors.
In making a product decision, the marketers also need to consider the safety and satisfaction of consumers by carefully analyzing the product from presentation to assumption of probable effects of that certain good to the users. While developing the product’s name, packaging, and other important aspects regarding a certain item, the price of the product should also be determined by the manufacturing firm. Most of the time, the price is the main factor why a product does not stay long in the market. The product easily goes through declining stage regardless of the quality, which is often shadowed by the price.
The satisfaction of the consumers is not always based on the quality of the product in the market. Many customers are still considering the quantity rather than the quality of what they are going to use. If the product is affordable, more consumers might get convinced to buy the product; however, if the price of the product does not meet the budget of the consumers, they would disregard the quality of the particular good in the market and buy the product of the direct competitors. Apparently, it is a challenge for the manufacturing firms to produce high quality products while gaining the appropriate profit.