Answer to Question #205246 in Economics for Abinaya

Question

What is the five main products for marketing?

Answer 1

I. Market Opportunity Analysis and Market Segmentation Finding and analyzing new market opportunities is a one-time and systematic action. The market and consumer preferences are changing rapidly. Close attention to news, visiting specialized exhibitions, studying goods and pricing policy of competitors - it is necessary to collect market information in all possible legal ways. It is important to be aware of! We have already written about the analysis of market potential - the article is here. The next step after the analysis is the selection of target markets or segmentation. Each opportunity needs to be considered in the context of the size and nature of the market. This process cannot be done without marketing specialists.

II. Product development Development of new and improvement of existing products is a prerequisite for the successful stay of an enterprise on the market. In each case, there are risks and opportunities that are preliminarily calculated by marketers. Not least is the quality and efficiency of the product environment - packaging, brand, service, etc.

III. Pricing Policy Finding the optimal price level that will satisfy supply and demand is a whole art, harmony, which is achieved by certain proven methods. When determining the pricing policy, a whole list of factors is taken into account. For example, the current market situation, the current state of the enterprise, etc.

IV. Organization of the product sales process Market sales of a product for a manufacturer is the main way to obtain value and profit. The marketing process is as complex as manufacturing. Experts determine the promotion strategy and the paths (channels) for moving the product to the end consumer. Obviously, the list of channels needs testing and systematic adjustment.

V. Communication policy Communication in marketing is the information interaction of the enterprise with those who directly influence the result of the market passage of the product, leading to success or failure. Namely - with potential buyers.