Good morning everyone. Today, we are going to talk about one of the most important elements of the marketing mix, which is the product.
Now, when we say product, we are not just talking about a physical item like a phone or a packet of chips. A product is anything that satisfies a customer’s needs or wants. It includes everything the customer experiences when buying something, such as its design, features, packaging, brand name, and even the services that come with it. Developing the right product is the foundation of every marketing strategy because if the product does not meet customer expectations, no amount of advertising or promotion can make it successful.
Let’s start by looking at the two main types of products: goods and services. Goods are tangible items that you can touch, see, store, and own. Examples include a mobile phone, a pair of shoes, or a piece of furniture. Services, on the other hand, are intangible. You cannot touch them or store them. They are experiences or actions provided to customers. For example, getting a haircut, taking online tuition, or going to the doctor are all services.
A simple way to remember this is that if you can drop it on your foot, it is a good. If you cannot, it is a service. But in reality, most products are a mix of both tangible and intangible features. For example, when you buy an iPhone, the phone itself is the tangible part, while the Apple brand, the customer service, and the feeling of status that comes with it are the intangible parts. Similarly, a Rolex watch has tangible value in its materials and design, but its brand image and prestige are what make it truly valuable.
This is why marketers focus on both physical features and emotional value. Many customers make their decisions not only based on how a product works but also on how it makes them feel.
Now let’s talk about product development. This is the process of creating or improving a product to meet changing customer preferences or to respond to competition. It is important because customer tastes, technology, and trends change very quickly. A good example is Apple, which releases new iPhones every year with upgraded features to stay ahead of competitors and maintain customer interest. Businesses often use market research to find out what customers want before developing new products, and they may test the product in a small market before a full launch.
Another key idea is product differentiation. This means making your product stand out from competitors. It can be done through better design, higher quality, stronger branding, or improved customer service. For instance, Starbucks differentiates itself by providing a comfortable and welcoming environment, not just coffee.
Closely related to this is the concept of a Unique Selling Point, or USP. A USP is a special feature or benefit that makes a product different and memorable. For example, Dyson vacuum cleaners are known for their powerful suction and innovative bagless design. Domino’s Pizza became famous for its promise of delivering pizza within 30 minutes or giving it free. These features made customers choose their products over others.
Having a clear USP helps a business promote its product effectively, build customer loyalty, and guide future product development.
So, to summarise what we have learned today, the product is the foundation of the marketing mix. It is not just the physical item being sold, but the complete experience that the customer gets. Products can be goods or services, or a combination of both. They include both tangible and intangible elements. Product development keeps a business competitive, while differentiation and a strong USP help a product stand out in the market.
