C4 Product in the Marketing Mix
Products are the goods and/or services offered to customers to meet their needs and wants in exchange for money. This is an essential element of a marketing plan because if customers cannot see how a product fits into their lives, they will not purchase it. This puts pressure on businesses to understand the ever changing needs of their customers and to continuously innovate to adapt to trends.
USPs are unique selling points. These are features of a product that make it stand out from competition in a way that is appealing to a target market. Market research can give a clear picture of what is already offered by competition. A thorough competitor analysis can help identify gaps that can inform a USP. Thorough research into customer preferences can inform a USP. Gathering customer opinions on existing competitors can help identify features that can be improved or added.
Research Questions to Support Product Development
Findings from market research can inform the decisions made in the marketing plan provided an appropriate research plan has been made. Here are some examples of questions you may consider when asking questions to support your marketing plan.
What are customer thoughts regarding the products you are considering bringing to market?
Do they have preferences for features, colours, design etc?
What are your competitors offering?
Do you have a USP?
What branding will be effective with your customers?
What does your packaging need to do?
What packaging design will stand out from competitors and appeal to your customers aesthetically?
