magine yourself as a young aspiring entrepreneur, thousands of questions, thousands of uncertainties, thousands of anxious thoughts have started to rise in your mind. One of them is undoubtedly about getting your product to the public or attracting target customers. Why product is important than marketing?
This is a valid question for every entrepreneur, but the problem is what should be the solution to this and how we should approach the problems. Marketing has always been the most daunting and challenging task for every entrepreneur. But before marketing, the product comes first.
Previously I have discussed successful viral marketing techniques. Today, I’m trying to discuss something different. I will try to explain why marketing is not the first priority, and the product is the most important for your business.
Why Product is Important Than Marketing
Why Marketing shouldn’t be your first priority? Indeed, marketing is essential. Nowadays, if we look at the market, especially if we look in Bangladesh, tons of money is spent on marketing. Thousands of money are being spent on worthless marketing commercials and advertisements. Unfortunately, most of these are just useless.
Let me clarify with a small example. Imagine your self as a CEO of a furniture company. You have started to sell chairs that even can not bear one person for 10 minutes. If there was an award for a chair with a temporary life duration, your chair could be the winner of that award. Now you have to answer me who would like to buy that chair and its effect on your company for the long term?
Even if you are the customer, you also wouldn’t want to buy that kind of chair for sure. No matter how fancy tv commercials you see, how emotional content you have seen, you will still not like to buy that chair.
On the other hand, look at one plus brand. One plus brand is using their money on developing the product rather than marketing and advertising, which is why one plus is now able to give better phones at the cheapest rates.
In spite of having a cheap investment in marketing, one plus is one of the most trending brands. The reason is very simple in the case of one plus, and that is spending more on their product.
A Most Important Aspect Of Marketing
If you ask me about what’s the most important factor in marketing, then I would reply that product itself is the biggest aspect of marketing. Imagine if a company with bad products.
Marketing strategies may influence to increase the sale in the short term, but in the long term, the company is bound to fail. This is why the product more important than marketing.
You may have heard the term market mix, or you are confused about it. Let’s discuss what’s the marketing mix and what it actually does.
Marketing mix means simply a strategy with some tools in order for the marketing campaign successful. This is widely used by marketers around the world.
There are four elements of a marketing mix, and these are also highly recommended by marketers worldwide. The four elements are product, price, place, and promotion, but nowadays, it is modified into a 7 p system, but today, I will discuss only these four elements.
Elements Of Marketing Mix
If someone asks you which of the following is an element of the marketing mix, you may struggle to answer, but if you read below, you will soon get your answer.
Product is the most important of the four p’s. If the product is not good, then the company is bound to fail, which I’ve mentioned earlier in this article. In the case of a product, one must understand if the product is capable enough for solving the issue or not.
Because if the product is not adding value to the life of the customer, the product will surely not survive in the market. It is one of the main elements of the product mix
Price is another factor since price decides the amount of customers you can get through your solution or product. If the price is low, then the number of target customers will increase. It is another fundamental element of market mix.
The place is also essential when you are talking about the marketing of product. Where you want to sell your product, how about the geographical locations, how the people of that place are critical.
Promotion means how to reach the people, should the marketing be done online or through newspapers. These kinds of discussions are done when talking about promotion is done.
Which of the p’s is most important and what is the most important out of the p’s .The p’s that are mentioned above, the product is the most important of them. Because if the product is good, then the marketing will be done by people automatically. This is known as referral marketing.
Types Of Product In Marketing
Usually, there are four types of product we can see in marketing that are widely used.
Convenience products are those products that are bought frequently or needed by the customer on a regular basis.
A pen can be considered a convenient product for a student since he needs it on a regular basis. If the link of the pen gets finished, he has to buy another one from the market.
Shopping products are those products that require time by customers to buy. While buying a shopping product, a customer has to spend a lot of time to select. For example, Buying a dress.
Specialty products are those products that require several steps by a customer to buy the product. For example, if someone wants to buy a flat, he would surely like to visit that, stay there and also hear some suggestions from different sets of people. Since, in this case, several steps are maintained; this is termed as a specialty product.
Unsought products are those products which people are less likely to buy when the conditions are nothing special. This means people buy this product in exceptional conditions. In a brief sense, people do not know about what the product is actually for. This needs aggressive promotion. For example, Life- insurance, coffin.
Marketing Mix Product: Example
Let’s assume the famous book ‘Rich Dad Poor Dad’ by Robert Kiyosaki, the product. This is sold in book stores like amazon, local book shops, or in Bangladesh platforms like Rokomari. These can be termed as place.
In order to buy this book, one has to pay also, which means it also has a price. There is also some promotion of this book on the internet, newspaper, and also in the reviews done on youtube, good reads, and any other platform.
These are the real-life marketing mix implications, and one can find thousands of examples of the marketing mix in the world. The product marketing mix is essential for people interested in delivering a new product to the world.
While taking the product definition, one must keep in mind the three significant factors: design, decision, and selection. These are three significant factors of product decision, and one must always keep in mind.
At last one thing, I want to say if someone asks you to define a product, then the answer you should give is,
“The most important thing for marketing.”
So, in short, the importance of product in marketing can’t be described in words. If we look at the product market mix, then undoubtedly, the product is the primary key to success. Because product is important than marketing.
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