Principles of Marketing and Product Development
Benjamin Franklin once said, “Either write something worth reading (promotion) or do something worth writing about (product).”
I agree more with doing something worth writing about (product).
If a product is made which is of high worth, unique and solves many problems and challenges, many will write and speak about it and the product will automatically gain popularity and widespread acceptance. Many will try the product and give good feedback, which will give word of mouth publicity and the product will gain wider acceptance.
It is the responsibility to determine the type of drug you produce before producing a product. What would you be required to do? Is it fulfilling a need or a desire? Is this product a market vacuum? Due to the economic climate, I suggest a niche product for most developing small and medium-sized businesses. With this type of commodity, you will carve out a niche market to satisfy a limited yet enthusiastic consumer base. These consumers spread the word about the brands and are ardent fans of the company. This concludes with the fashionable product, and we see the entrance of a retail company (Eveleigh, 2017).
There are many examples, like Microsoft Windows-It is one of the most widely used products and is accepted majorly. Its market share is more than 76%. Medicine is another product which, when introduced, many talks about and, with the help of various testing reports, it is worth is proven and once accepted, the majority of people prefer to use it. Like paracetamol, it is a widely accepted medication for pain and fever. When products like televisions, tube lights, washing machines, ovens, the internet, cars, airplanes, and so on were introduced, they solved many life challenges and made life easier. As a result, many people wrote about them, and many players mass produced them so that they were widely available. All these products gained acceptance and were worth writing about (Wertz, 2019).
Product Development
Before venturing into entrepreneurship, you must first decide what is needed in the heavy demand for your products. What distinguishes the commodity? Each product that is worth designing must be distinct from the basic feature.
Intangible benefits can be discovered. Marketing and storytelling were thrown into the mix here. While the commodity is the most critical aspect of the marketing function, it must be related to other factors such as advertising, place, and price. Starbucks, for example, makes chocolate, but do not just grab a cup of coffee if you go there. You can purchase all the extra perks, such as a high product fragrance and a calming environment. Such advantages include free shipping, installation, and after-sales programs (Bhardwaj, 2021).
Market analysis must be carried out to determine if the competitor has a market in which to deal with the commodity. The aim of victorious goods is to satisfy the needs of customers. Market research allows you to identify certain unsatisfactory circumstances. The general population and their ages have reached a tipping stage. You cannot drop your company plan if you just see a small market for it. Instead, tailoring the message to these groups’ worldviews could be the better choice. Name identity correlated with these people’s self-images continues to be a strong communication tool.
If the product is creative and new, you can draw early adopters during the development process of the sales cycle. VishWajeet Prasad’s book on consumer behavior depicts early adopters spreading brands like wildfires. In this novel, he explains how rap culture exploded exponentially for urban millennials at a low cost. It was later successfully introduced to the retail industry in various segments around the world. Herbal teas follow the same pattern. There was no strong market for the product prior to the introduction of green tea and decaffeinated teas. Most citizens were happy with regular tea. Another profitable market resulted from a limited niche that tried and manipulated something else.
Writing something worth reading is only of value if the product is worth it. If the write up is good, and the product is not worth it, the credibility of the writing is diminished, and it is considered more of a marketing gimmick.
Conclusion
You can helicopter through the product the next time you make a commercial for one of your product lines to see what is inside. Can the commodity meet the fundamental need or desire? Is the commodity exceptional, and if not, what makes it so? What are the single points of sale? What does the product do differently than competitors? As advertisers, we will have to answer certain concerns. Without an excellent product, global profits and price reductions will be ineffective. Writing something worth reading is only of value if the product is worth it. If the write up is good, and the product is not worth it, the credibility of the writing is diminished, and it is considered more of a marketing gimmick.
