The Product Policy - A Marketing Strategy

In marketing terms, we can define a product as being anything which can satisfy a need or a desire and is available for purchase on the market. A product can be offered in the form of a good, a service, an idea, a person or a combination between these elements. While producers see the object as a physical thing, consumers are actually buying the advantages that a certain product can deliver. In general, when a product is defined, the following aspects have to be taken into consideration:
Your Apple McBook Store

1. The physical components which refer to the technical and physical aspects of a product (such as weight, volume, color).
2. The non-physical components gather the brand, the product name, the instructions, the price and all services related to the product (warranty, service, installation).
3. Product communication is composed of all information which is sent to the final buyer: merchandising actions, advertising, promotions at the point of sale. All these actions have the role of facilitating the presentation of the product and influencing the purchasing decision.
4. The product imagine is something intangible and it shows how a product can represent its consumer as well as how that consumer wishes to be seen in the social surroundings.

The product planning process has 5 steps:

1. In the first step, a company must identify the basic advantage that the product offers. This is that one unique thing that will make consumers buy the product.
2. After this advantage has been determined, it is time to give it a material shape and create a primary form for that product.
3. In the third step, the generic product will be given a set of characteristics which are considered necessary and which are demanded by consumers in order for the desired product to be manufactured.
4. Next, the desired product has to be enhanced with all sorts of characteristics and additional services in order to determine the customer to buy our product, and not that of the competition.
5. The last step in the creation of a product is the one that defines the potential product. If the improved product represents the highest quality level that a product can currently reach, the potential product will reflect its possible evolution.


Visit Metrolic for more business tips!

Source:  Theo Grigore, Articlealley