If I was asked what is good and service, the first answer that pops in my mind is they are two spheres of marketing. Product can be both good and service; mostly it is an object which can be sold physically or in cyber form. I think brand name is inevitable for selling purpose, as it determines the value of the product is determined by the quality and the component which is targeted. Creating a distinctive name and profile for a product to imprint the product in the mind of the customers, mainly by advertising campaigns are necessary steps to exhibit the product in market (Huang and Sarigöllü 2012). From my perspective, Product marketing can be defined as the process by which product type, geographical region and needs of the customer satisfaction is being scrutinized. Way before the launch of new product, product managers analyze the consumer information by surveying market status of customer needs (Akdeniz, and Voorhees 2013).
This helps them to apprehend the future through fare of the product and also to ensure better engagement with the customers. If I am a customer and I want to buy a product I will calculate how it will enhance my life by solving my needs; the product managers upgrade the quality of product according to consumer perspective to satisfy buyers like us. The four principles of marketing are product, price, promotion and place. The value of the product depends on the satisfaction of the needs of a consumer (MacInnis et al.2014). The product should have the capacity to fulfil market demand. Price of the product should be decided by market value. Maximization of price is made after analyzing the market demand. If the price drops, the demand of the product becomes high but the per unit profit decreases. Value-based pricing is basically done on customer appraisal of the product (Aaker and Biel 2013).
Promotion of new product:
The strategy is only used for the luxurious products. Erickson group of marketing aggrandized in their website that they sell all natural products and they are 100% herbal. Distribution channels need reliability and easy access to warehouse and shipping. Evaluation of a place is crucial as excellent delivery enhances desire of the consumer for the product. After reviewing different company, I have seen that ownership of a product is defined by brand. It helps to predict the quality and avoid recognizable risks. It instigates loyalty of the customer; it also allows for premium prices and pursues multiple targets (Kapferer 2012).
A Smartphone case printing company, PRYNT dizzied the world by promoting a campaign named Kickstarter in 2015 which was worth $1.5 million.
I was surprised at their fast paced thought process and acute promotional skills. The product will be launched on Amazon in this spring, and it will be in stores by the end of this year, and their new campaign named ‘more than a selfie’ also gave the best results.
So it is justified that the value of a promotion of a product lies in punctuality and timeliness of the campaigners (Erdoğmuş and Cicek 2012).
Value of Customer Satisfaction:
The journey of the product from an idea to end product detects the process following which the product has taken the present shape. Marketing is all about new ideas, refined knowledge, and a mind to execute those ideas by employing strategies (Vries et al. 2012.). Decisions change from level to level. Basically I think it is best if a new product innovates at every level of the procedure to increase compatibility and relativity of the product in the market.
The Banana Republic missed a lot of quality as the fittings, or the quality of the fabric was not up to the mark which made the garment inappropriate to wear. Thus, it is best to avoid such complexity, and one should be conscious during development process of the product and its promotion (Alden et al.2013).
Finally, my theory of way to grab customer attention is proper marketing and brilliant promotional strategies. Accurate background study of market status of consumer requisite should be made to evade economic backdrop of the new product. Innovation needs to be made in promotional fields to increase brand value and better featuring of the product.
By: Kondal Reddy Pisarla (215150973)
Aaker, D.A. and Biel, A., 2013. Brand equity & advertising: advertising’s role in building strong brands. Psychology Press.
Akdeniz, B., Calantone, R.J. and Voorhees, C.M., 2013. Effectiveness of Marketing Cues on Consumer Perceptions of Quality: The Moderating Roles of Brand Reputation and Third‐Party Information. Psychology & Marketing,30(1), pp.76-89.
Alden, D.L., Kelley, J.B., Riefler, P., Lee, J.A. and Soutar, G.N., 2013. The Effect of Global Company Animosity on Global Brand Attitudes in Emerging and Developed Markets: Does Perceived Value Matter?. Journal of International Marketing, 21(2), pp.17-38.
Banana republic – Google Search. 2016. banana republic – Google Search. [ONLINE] Available at:https://www.google.com.au/search?q=banana+republic&espv=2&biw=1366&bih=623&site=webhp&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiBwdD4tKnMAhXHXaYKHcNxAfwQ_AUIBigB#imgrc=xu84HP7fVBVVOM%3A. [Accessed 23 April 2016].
De Vries, L., Gensler, S. and Leeflang, P.S., 2012. Popularity of brand posts on brand fan pages: An investigation of the effects of social media marketing. Journal of Interactive Marketing, 26(2), pp.83-91.
Erdoğmuş, İ.E. and Cicek, M., 2012. The impact of social media marketing on brand loyalty. Procedia-Social and Behavioral Sciences, 58, pp.1353-1360.
Huang, R. and Sarigöllü, E., 2012. How brand awareness relates to market outcome, brand equity, and the marketing mix. Journal of Business Research, 65(1), pp.92-99.
Kapferer, J.N., 2012. The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers.
Larsson, T. (2016). Development of product-service systems: challenges and opportunities for the manufacturing firm. [online] Tobiasclarsson.com. Available at: http://www.tobiasclarsson.com/2009/08/development-of-product-service-systems-challenges-and-opportunities-for-the-manufacturing-firm/ [Accessed 23 Apr. 2016].
MacInnis, D.J., Park, C.W. and Priester, J.W., 2014. Handbook of brand relationships. Routledge.
Prynt: the first instant camera case for iPhone and Android by Prynt — Kickstarter . 2016. Prynt: the first instant camera case for iPhone and Android by Prynt — Kickstarter . [ONLINE] Available at:https://www.kickstarter.com/projects/prynt/prynt-the-first-instant-camera-case-for-iphone-and. [Accessed 23 April 2016].
Prynt: Print photos from your smartphone instantly – YouTube. 2016. Prynt: Print photos from your smartphone instantly – YouTube. [ONLINE] Available at: https://www.youtube.com/watch?v=axzkcepJWks. [Accessed 23 April 2016].
prynt kickstarter video – Google Search. 2016. prynt kickstarter video – Google Search. [ONLINE] Available at: https://www.google.com.au/search?q=prynt+kickstarter+video&espv=2&biw=1366&bih=667&site=webhp&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiYl6-so6nMAhWCQpQKHYwjBpMQ_AUICCgD#imgrc=SNkz3gnC1FunnM%3A. [Accessed 23 April 2016].
SPACE Gallery. (2016). Goods & Services at SPACE Gallery. [online] Available at: http://www.space538.org/exhibitions/goods-services [Accessed 23 Apr. 2016].
The WritePass Journal. (2012). Customer relationship management (CRM) is a combination of people, processes and technology that seeks to understand a company’s customers.. [online] Available at: http://writepass.com/journal/2012/12/customer-relationship-management-crm-is-a-combination-of-people-processes-and-technology-that-seeks-to-understand-a-companys-customers/ [Accessed 23 Apr. 2016].
#MORETHANASELFIE CAMPAIGN – PRYNT x ARNELLE – YouTube. 2016. #MORETHANASELFIE CAMPAIGN – PRYNT x ARNELLE – YouTube. [ONLINE] Available at: https://www.youtube.com/watch?v=kLULhC9s7DE. [Accessed 23 April 2016].