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Types of Product and Service in Marketing Management

There are different types of goods in the market and when planning and developing a product, it is important to take these types into account. This is due to the simple fact that different type of goods are bought at different times and for various reasons. Okay??

You have to take into account the purpose of your product and what it will be used for as these will translate into the reason why the customer will buy our product and when they will buy it. The types of goods in today’s market are: convenience goods, shopping goods and specialty goods.

Convenience Goods
Convenience goods are those that customer buy without putting a lot of thought into the decision to buy them. This is mainly because the customer already has all the information they need on the product before they go out to buy it. The customer is not really looking to go out and get more information on the product and will opt to taking a substitute of the product as opposed to having to visit more than one store looking for that product. Continue reading →

Key Steps to Develop Market Segmentation

Market segmentation simply refers to the division of the entire market into different homogenous groups of customers. Market segmentation is very important as it allows the firm to effectively meet their customers’ needs. This is done through the development of products that are targeted towards a particular market segment.

Homogenous here simple means same or alike. This simply means that the needs, styles, tastes and preferences of the customers in that segment are all the same. This makes it much easier for the firm to take care of all its customers use different forms of product differentiation and assortment.

However, for market segmentation to be effective there are a number of requirements that need to be met by each market segment and these are:
The market segment should be measurable. It should be of a realistic size; a size that can be easily accounted for and one that the firm can effectively and efficiently produce products for. Continue reading →

Product Market Matrix to Develop Your Marketing Strategy

The product/market matrix is an accepted method of categorizing and identifying market and product developments and opportunities. The matrix basically identifies the various strategies that are available to organizations and divides them into four categories. These strategies are mainly geared towards helping the firm expand using the four categories.

These four categories are; market penetration, market development, product development and diversification. The matrix simply shows firms which category works best for existing products and new products and also which work best for existing markets and new markets. Where existing products are concerned, market penetration works for existing markets while market development works for new markets.

On the other hand, product development works for new products in existing markets while diversification works for new products in new markets. Continue reading →

Five Fundamentals Marketing Activities

There are five fundamental marketing activities and these are : Consumer analysis, Product Planning, Price planning, Distribution Planning and Promotion Planning.

We will not take a more in-depth look into each of these activities.

Consumer Analysis. Consumer analysis simply refers to the evaluation and examination of the consumer purchase processes, needs and characteristics. Remember that the product you are developing is targeted toward a certain demographic. You develop the product with a target market in mind; a target market that you want to purchase the product. Continue reading →

Four Key Elements of Marketing Mix

The marketing mix simply refers to the planned mix of the controllable elements of a product’s marketing plan. These elements are usually referred to as the 4Ps and they are Product, Price, Place, and Promotion.

Adjustments are usually made to each of these four elements until a perfect blend that adequately caters to the needs of the customers and at the same time generates optimum revenue is obtained. Continue reading →

Sales Strategy for Digital Products

For you to be successful in marketing industry, you need to consider a lot of strategies provided by professionals and other experienced marketers. Once you have decided to offer a lot of different digital products, there are lots of sales strategies that you should do to be successful in this industry. Sales strategy for digital products is different from the sales strategies for other products offered on the internet.

Professionals and other experienced marketers are the individuals who could provide a lot of pieces of advice on what to do once you entered this industry.

The first sales strategy for digital products that you should consider is by using samples and evaluations. For this strategy, you are just like advertising your offered products. Continue reading →