Marketing starts with the product since it is what an organization has to offer its target market. As we’ve stressed many times in this tutorial, organizations attempt to provide solutions to a target market’s problems. These solutions include tangible or intangible (or both) product offerings marketed by an organization.
In addition to satisfying the target market’s needs, the product is important because it is how organizations generate revenue. It is the “thing” that for-profit companies sell in order to realize profits and satisfy stakeholders and what non-profit organizations use to generate funds needed to sustain itself. Without a well-developed product strategy that includes input from the target market, a marketing organization will not have long-term success.
In this part of the Principles of Marketing Tutorials we take a close look at the key concepts all marketers should consider when faced with product decisions. In the Managing Products tutorial we will extend the discussion to look at the key issues in managing product decisions.
Latest Marketing Stories
- Disney Bets $1 Billion on Technology to Track Theme-Park Visitors (high-tech and customer tracking) BusinessWeek
- Who Has The Biggest Marketing Budgets? (survey of marketing spending) Forbes
- Retailers Are Using Mobile Apps to Drive Up Sales (building store traffic with apps) Los Angeles Times
- Worst Product Flops of All Time (10 big product failures) 24/7 Wall St.
- The Price Of A Pizza In 237 U.S. Neighborhoods (stats on how pizza prices vary within cities) NPR
- Hey, We Want More $$$ Too! More Theme Parks Jack Up Ticket Prices (competitors see market leader's price increase as reason to raise their price) Time
- With ‘Drone to Home’ Service, Netflix Uses Satire Against Amazon (comical approach to competitive advertising) New York Times
Latest Blog Posts
- Is Disney’s New Customer Tracking Technology Big Marketing or Big Brother?
- This Research Asks Top Marketers How Things Are Going
- The Big Failures That Rest in the Marketing Boneyard
- Another Example of Beer and the Product Life Cycle
- The Effectiveness of Comparative Promotion Often Depends On What Customers Know