Question

I need to describe a consumer physical good based on Marketing. I would like to choose either or mobile phone or a laptop  as the physical good.

Which includes

* Brief description of the product

* Company background

* Competitive environment

* Target market description

* Product strategy - 3 levels of product

Answer 1

Description-

A product is a bundle of utilities. In order to market a product, it is essential to make the customers aware about its utilities . Utilities essentially refers to the uses of a product and the satisfaction derived out of its usage. Higher the utility, better is the compensation a consumer is willing to pay.

In the given case,to market a product,say mobile phone, a seller needs to describe the various functions and specifications of the product to make it fascinating for the customers. What helps in selling a product is its USP,that is, one feature that differentiates a product with other. For Apple it is brand value but for One plus it can be it's handsomely functioning processor. Describe the qualities to sell a product.

Company Background-

A product is sold through its branding. Higher the reputation of brand in the eyes of the customers, better is the marketability of the product.

Competitive Environment-

Competitor poses the biggest challenge in marketability of a product. In order to stand out in the face of competition, it is important to develop a unique feature in every product which differentiates it from others and help customers to identify its value.

Target market-

It refers to the market in which we expect to make the most of sales of the product. For example, for smartphones, youth defines the target market.

Product Strategy-

Strategy essentially implies determing the blue print of production, supply, after sales from beginning to end of a product.

A product needs to be delivered to the market with a strategy that enables its growth throughout it's shelf life.

Strategies includes-

1. Production strategies

2. Supply chain mechanism

3. Customer