Factors to Consider in Marketing a Product

Series Summary

It doesn't matter how good a product or service is; without the proper marketing plan, it is doomed to fail. Marketing is a complex process of planning how to appeal to buyers. Using the four Ps (product, price, place and promotion), individuals use creativity to interact with buyers, which is no simple task. It takes a great deal of study, especially in the social sciences, to appeal to a particular group. Focusing on psychology, sociology, economics and anthropology, marketers interpret modern culture, and one could argue that they may actually help create it. In this free video series, find out how to develop a marketing plan. With the help of a marketing professional, Peggy Collins, discover how to set goals for a successful product. Identify the crucial factors in marketing a product. Also, learn to build a marketing model. Design a marketing plan by setting action goals. Curious about what it takes to start a marketing firm? Let Collins discuss how to begin a marketing firm. Find out about many kinds of marketing, such as service marketing, guerrilla marketing and brand marketing. Marketing is crucial to the success of any service or product. So, take a moment, and learn more about the marketing industry today!

Video Transcript

"The most fundamental of your considerations in marketing a product is the simple who, what, when, how, and why. I'm Peggy Collins and I'm going to tell you some factors to considering marketing a product. Begin with what your product is, you must be able to tell potential buyers what it is and the purpose it serves. If you can't do this, factor number two doesn't matter. Where, when, and how the product will be utilized by its end user are also important factors to consider. They'll determine your target market and marketing strategy, the how is the distribution question, how will the consumer get the product? Will it be available at retail stores, sold on a website, if you want to use retail stores, there's distribution chain that requires you to cultivate business, relationships with retail merchants. This business model can take time and tremendous perseverance. But the rewards for a great product can be in the millions in a relatively short time. If you decide to sell your product on the internet, how will you drive traffic to the website and encourage consumers to seek it out? What steps need to be taken to prepare to produce the product? How long will it take to produce? How will it be priced? Don't underestimate the importance of packaging and making a product sell. Now for the big questions. What kind of resources will be required to product, package, and market the product? Finally, have you researched the product's feasibility? Short term and long term sales potential, in the marketplace you hope to establish. Consider all the factors before jumping in. I'm Peggy Collins, wishing you good luck and good business."