The product is a key component of the marketing mix, along with price, location, and promotion. Its functionality, features, ancillary services, and packaging all play important roles in attracting customers and generating sales. A high-quality product is essential for successful marketing efforts.
The role of the product in the marketing mix is one of the key components that makes the entire process of connecting with consumers and generating sales possible. Along with price, location, and promotion, the product delivers the most value to the customer and serves as a complete motive for the marketing effort. When the good or service in question is of high quality and possesses the right kind of features to grab consumers’ attention, the potential for success is greatly enhanced.
There are several aspects of the product in the marketing mix that need to be considered to make the most of this particular component. The function of the product is the most important aspect. Put simply, if the product does not offer the required functionality, consumers will soon turn away from the product and no amount of promotion or competitive pricing will impact the marketability of the good or service. At the same time, if the product meets or exceeds customer expectations in terms of performance, there is a good chance that sales of the good or service will progress rapidly. The product features will also play a significant role in placing the good or service for sale in the outlets where the target customers can be found.
Another key aspect of the product in the market mix is represented by the ancillary services included in the good or service itself. This can be in the form of a warranty associated with the product or some sort of guaranteed customer service and support after the sale. These added perks can go a long way in helping define the promotion strategies used with the product, as well as helping you get a better price.
Packaging also affects the product’s role in the marketing mix. Typically, the packaging should be attractive in order to grab the consumers’ attention. At the same time, the packaging should be user-friendly, as the form is easy to transport and can be opened with relatively little difficulty. The packaging can also be crucial to the promotional aspect of the mix, as the outside of the package may contain important information about what the product can be used for as well as any recommendations for storage and other important aspects.
The product’s role in the marketing mix is central to the entire marketing effort. Unless the product has the right features and functions to attract customers, is attractively packaged, and offers reasonable after-sales service, even the best efforts to promote and position the product in the right stores at competitive prices will likely result in in lackluster sales. Only by having a high-quality product that can be promoted and placed on merit will the marketing mix really work at its best.
Protect your devices with Threat Protection by NordVPN
