Product Marketing Definition
Product marketing encompasses all aspects of a company’s product life cycle such as product conception, product development, product launch, product sustenance and product discontinuance.
Product conception takes care of the initial research analysis, keeping track of product requirements and product planning. Product development begins with the funding of a product’s production. It’s at this stage that tests are conducted on the product.
Product launch is the unveiling of the product to the general public. A typical product launch includes product reviews, customer assessment guides, press releases and product presentation
Sustaining a product requires constant and frequent attention to evaluate its progress; this is accomplished by conducting road shows, price alterations and printing product newsletters.
Discontinuance of a product occurs in instances where a product is not being sustained by the market, its discontinuation is important to avoid a company wasting its resources while keeping it in the market.
Definition Of Product Marketing
A Product is defined as a tangible object resulting from any form of output and satisfies a need whereas marketing is defined as the communication process that transfer products and services to customers.
Product marketing can be defined as coming up with offerings that once communicated to the general population attract and retain their interest.
Product Marketing Research
Conducting market research during the product marketing phase is crucial to the product’s success. The initial stage in product market research is the identification of the need.
The product development team relays on enquires, motivation to buy and decision makers among others to define a need that their product requires to address.
The design team is tasked with the responsibility of coming up with an approach strategy that seeks to address the identified need. This strategy is dependent on the company’s objectives, resource mobilization and skill set among other factors.
Product Marketing Campaign
A marketing campaign is designed to engage with the intended audience and result in renowned interest in the marketing company’s product or services.
Marketers can use the internet to convey their message to their audience. Social media platforms are a great vehicle of engaging people who might be interested in hearing what the product is all about.
Product marketing through the internet can be directed to celebrated personalities who have great influence and following over the internet. The engagement of these individuals with a product marketing campaign creates the necessary interest any marketer would desire.
Product marketing requires a sales plan for purposes of organization and implementation of the products sales. An effective sales plan includes the following: sales goals, sales activities, target accounts and timelines.
Product Marketing Testing
Product testing involves releasing the prototype version of the product, prior to its launch. These are carried out so that a select few can use the product in this trial phase and give their feedback to the product manufacturers.
Product marketing testing provides customer opinion, views and recommendations to the product manufactures. This input from the customer can influence changes to the final product.
Product marketing also involves establishing whether: distributors are willing to sale the product, to gauge the effectiveness of the products advertising strategy and find out whether the price is priced correctly.