What is the role of product in the marketing mix?

The product is a crucial component of the marketing mix. It involves every aspect of what you're trying to sell, including design, quality, features, options, packaging, and market positioning. The product should address the needs and wants of the customer, and its value proposition should be clear. The product strategy should be customer-focused, as customers care solely about what your product or service can do for them. This is often implemented through a product-led marketing approach.

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Product – your customers care solely about what your product or service can do for them. So implement the approach called "product-led marketing." In a marketing mix, product considerations involve every aspect of what you're trying to sell, including design, quality, features, options, packaging and market positioning. Price – consider what you're trying to achieve with your pricing strategy and how price will work with the rest of your marketing strategy, the experts say. Make sure that you ask the following questions when selling products: Will there be offerings of higher-end versions at an additional cost? Will the costs need to be covered right away? Will there be sales promotions? Promotion – this includes TV and print advertising, content marketing, coupons or scheduled discounts, social media and email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more. Place – the same market research that informed your prod...

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Marketing Mix

“Do I understand my customers? Do I address their full experience? Do I have the right talent?” The Marketing Mix concept was developed to address the...

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