PRODUCT
1 Definition Anything capable of satisfying a need can be called product Anything that can be offered to a market for attention, acqusition , use , or consuption that might satisfy a want or need. It includes physical objects, persons, services, places, organizations, and ideas. Consumers view products as bundles of benefits and choose one that give them the best for their money PRODUCT
In other words, creating a product that has a hungry audience. “Spend 10% of time on product creation and 90% of time on marketing the product” – Dan Kennedy marketing legend. Part of marketing is market research or niche identification. How do you find a hungry market? 1. Understanding the psychology of why people buy. Here are things you can sell in order of effectiveness. • PAIN (or relief of pain) • PROBLEM (solution to a problem) • PLEASURE (delivery of pleasure) • PREVENTION How To Create A Product That Sells 2
3 If you can find market with no competition, you have to ask yourself, “Have I found a gold mine or is there a reason no one has tapped into this market? ”. Usually there is a reason and it is because no one is buying. “A niche market is the subset of the market on which a specific product is focusing; the market niche defines the specific product features aimed at satisfying specific market needs. ” The market defines the product features. Selling an information product is not about what YOU want, like or need. It is about providing a solution to a market with a want, like or need, it is about your market and prospects and satisfying what they want. The Thing About Niches
1. Uninformed pricing strategy PRICE PROBLEM • the price is too high and customers cannot afford to make the purchase. • sometimes businesses price their products too low, there are two major concerns here: 1) your customers might shying away from purchasing wondering about product quality. 2) manufacturing costs may be too high for your business to profit. Why Businesses Fail: How to Avoid it 2
1. Uninformed pricing strategy WHAT TO DO? If there are similar products on the market, do an analysis of those to determine how u should price your product. If your product is completely new, conduct a market research campaign to help identify a fair price Why Businesses Fail: How to Avoid it 2
2 WHAT TO DO? If there are similar products on the market, do an analysis of those to determine how u should price your product. If your product is completely new, conduct a market research campaign to help identify a fair price Why Businesses Fail: How to Avoid it
2 2. Poor knowledge of the market PROBLEM Some of the most innovative products fail because there’s no market for them, simply targeting the wrong audience with their marketing efforts. When it comes to launching a new product, you MUST know your audience. A market research can help you determine whethere is actually a market for your product, and if so, who you should be targeting with your marketing efforts. Why Businesses Fail: How to Avoid it
2 Many product failures can be avoided by conducting a thorough market analysis and doing enough product testing before launch. A little market research can go a long way towards ensuring your new product will be a success. A dedicated campaign can help inform your pricing strategy and focus your marketing efforts on your target audience. If you’re thinking about developing a new product, let help you get started with a market research. CONCUSION
Скачать презентацию PRODUCT 1 Definition Anything capable of satisfying
Product presentaion.pptx