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
- Perfect Payments (how Asian consumers use mobile payment systems) Trendwatching
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- Supreme Court Seems Inclined to Bolster Truth-in-Labeling Laws (questions what is misleading in product labeling) Los Angeles Times
- Small Businesses Search in Vain for Web-Ad Help (how sales tactics are draining funds) Wall Street Journal
- How Breakfast Became the Most Important Meal of the Day (the battle for breakfast money) Time
- The New Reality of R&D (how companies are acquiring products) Fast Company
- No Laptops, No Wi-Fi: How One Cafe Fired Up Sales (decision opens up space for more to buy) NPR
Latest Blog Posts
- Marketers Beware: Asian Pacific Consumers Are Embracing Mobile Payments
- The U.S. Supreme Court Tackles a Key Product Labeling Issue
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- Some Companies Find Product Development is Better Left to Others
- If a Small Café Says Goodbye to Free WiFi Will It Say Hello to Increased Sales?