As the product is the item being sold to the customer, the thing that will bring in money, its features and design need careful consideration. Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market. When an organisation is considering introducing a product into a market, they should ask themselves the following questions:
Who is the product aimed at
What benefit will customers expect from it
What will be its advantage over competitor products? Or its unique selling point?
How does the firm plan to Position the product within the market?
The answers to these questions will help a firm design, package and add value to its products. To learn more about product strategies within the marketing mix click on the following link: Marketing Mix and Product strategies and to learn more about pricing including example pricing strategies click this link: Marketing Mix and Pricing Strategies.