More Than That: Understanding Product Marketing Vol.3

We hope you enjoy this month’s More Than That Series! For the next couple of volumes we’ll be sharing material and tips to help you better understand Product Marketing. Read on because… It’s so much more than that!

 

The Seven P’s of the Product Marketing plan

Professionals of product marketing also point to a number of core concepts known as “seven P’s,” which are:

  • Product
  • Pricing
  • Place
  • Promotion
  • Process
  • People
  • Physical environment

 

Product:

You presumably have a specific product in mind if you’re interested in learning more about product marketing. The term ‘ Product, ‘ based on your business form, however, includes several very different things.

A hardware store, for example, would regard a new range of tools and equipment as a product, particularly the specific power tools in that particular line. On the other hand, a startup technology-as – a-service would see its offer as its product. Whatever your business offers, some or all of the seven Ps can still be utilized to market your product.

 

Pricing:

Pricing is one of the most critical of the seven P’s and a significant concern for all companies, whatever they offer.

Putting a product’s price is more than just setting a number to the point that somehow an owner of the business expects their customers will pay for a product. There are several important factors when setting a product’s price. Market research and strategic intelligence collection are essential to your product marketing campaigns, no matter what you sell.

 

Place:

When it comes to product marketing, it can be tempting for the casual observer to mistake location with the physical environment. Still, the two words apply to two very different pieces of the puzzle. The place can also be referred to as delivery of the goods, or how you plan to bring the product to your customers. Again this phase of product marketing varies significantly from one company to another.

There are three primary types of distribution:

  • Exclusive distribution
  • Selective distribution
  • Intensive distribution

The first category, exclusive distribution, is precisely what it sounds like, in which a transaction takes place by an even smaller number of indirect merchants to a minimal amount of stores.

The second type, selective distribution, is quite popular and is the primary method of delivery for a specific product type, such as power tools and household furnishings.

The third type, which is intensive distribution, is when a product is sold almost everywhere.

 

Promotion:

Promotion in product marketing does not merely refer to where a company is being marketed. It can apply to almost any dimension of the delivery of the product to its target market.

There is two preferred methods of advertising for the bulk of internet advertisers when it comes to online ads-paid search and paid media. Paid search is an effective way of raising the visibility of the company, creating leads, driving sales, and accessing a wider public.

 

Process: 

Even though no two product marketing campaigns will be precisely the same, product marketing’s fifth “P” – phase – can vary significantly from business to business.

Even the most carefully planned steps of the cycle can be optimized and enhanced. In the development world, upon launching a new app or device, companies also learn a lot about their product marketing strategy, which is a great way to identify new options for possible launches. The same is true of companies selling physical products. Perhaps to increase visibility or acceptance, the delivery system can be extended or narrower. Maybe the target market can be streamlined to provide more personalized content for a proposed product launch, which may improve future paid search and paid media advertising strategies.

 

People:

Launches of products were not just happening–people make them possible. Whether we should be thinking about a new line of cardboard boxes or the latest iPhone, product releases are indeed the outcome of endless hours of work done by a broad range of people, from product managers and developers to production and distribution staff.

 

Physical Environment:

Within the sense of product marketing, the physical environment is much more than the atmosphere in which companies operate. In essence, it is about the consumer’s perception when looking for your items, and the expectations of your brand when they contribute to the physical environment of the supermarket or retail. To every form of business, the physical environment is not a concern, nor is it particularly important for every product type.

 

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