market strategy episode 2

Hope you enjoy the part 1 of this market strategy
For those that missed the part 1  click here to read the part 1

So let begin

 FOCUS ON THE PRODUCT

 This area  is  concerned  with  developing  the right product for the target market.  This offering may  involve a physical  product, a service,  or  a  blend  of  both.  Remember  that  a product  is  not  limited  to  a physical good.  The important thing is  that  your  product and/or service should  satisfy  a specific  customer need.

At the  most  fundamental level we  normally talk  about  the  core product.   The core product answers the question "what  is  the buyer really buying?"  The  woman buying  a camera  is  not buying  a  mechanical  box, she  is  buying  the opportunity  to  take  photo's,  when  she want  to have and keep forms of  "immortality"  or precious  moments.   The marketers' job is  to sell  these  core  benefits of  the  product  or service.

Branding  

means the use  of a name,  term, symbol,
design, or a combination of these, to identify a product.  It includes  the use of brand names, trademarks, and practically all other means of product  identification. A brand name is  a word, letter,  or a group of words or letters.  Examples  include  Nike, IBM,  and Kellogg's. Trademark  is  a legal term  and includes only  those words, symbols, or marks that  are legally registered for use by a  single company.

 Brand promotion has advantages for sellers as well as for  customers. A  good brand name speeds up  shopping for the  customer,  if  the customer can  immediately  recognize the product,  and it  will  reduce  the  seller's  selling time and effort. When customers repeatedly buy by brand,  the seller  is protected  against competition  from other  companies.  Good brands  can  improve the company's image,  and thus  speed up acceptance of new  products marketed under the same company name. 

 Packaging

  involves promoting and protecting the  product.  This  can  be  important  to  both sellers and  customers.  It  can  make a  product more convenient  to use or  store.  It  can prevent  spoiling or damage.  Good packaging makes products  easier to  identify and promotes  the  brand at the  point of sale  and even in use. 

 In addition to  branding and  packaging if  the formal  product is  a physical  object, the  market may  recognize  it as  having  characteristics  like a quality feel,  specific  features,  as  well as styling.   If  it  is  a service,  it  may  have  some or all of these facets in an analogous manner. 

The  total product  can  also  consist of  elements like free  delivery, installation, warranties, services,  maintenance  systems,  customer advice, financing and other things  that customers perceived to be of value. 

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