What are the things to keep in mind while developing the best product?
When you are thinking to create a product, your main priority should be to design something that is new to the market, different from your competition, and satisfy your target audience. Think from a client’s perspective about what they would want from the service or product and what features they are looking for. What purpose does your product serve, how will the audiences use it and where, does the product have all the necessary features that people will need are some important questions you need to answer while forming the perfect product. Think of a catchy and good name for your product and distinguish it from that of the completion. Work on the appearance of the product, the colors and sizes in which it will be available.
What are the things to keep in mind while deciding the price of the product?
There are various strategies of pricing that helps the business decide the perceived value of their products and services, which include market penetration, neutral pricing, and market skimming. While thinking about the pricing of your product keep in mind the production cost of the product, and the value of your service or product that the audiences have. Your pricing should keep up with that of your competitors. If you think that your market share will increase if you drop the prices of your product slightly then you should as many brands do it.
What are the things to keep in mind while deciding the place of your product distribution?
It is important to decide where you want to sell your product and service, whether you want it to sell in a shopping mall, online stores, supermarkets, etc. To decide that you must consider your target audience, where they would prefer to go and look for your products and services. Study the distribution behavior of your competitors and how they access the various channels of distribution and then think of yours wisely. With today’s generation shifting to online shopping, many brands have shifted their distribution on the internet. Distribution strategies used by businesses are intensive, exclusive, franchising, and selective distribution.
What are the things to keep in mind when promoting your product?
The best way to promote your brand and its products as per today’s scenario is through social media. Strategize the best occasions and timings for your product promotion, the medium of promotion, and how to plan on spreading marketing messages to your audiences and potential customers. Whether you want to use tv ads, radio, print or Instagram ads, etc to reach your audiences. Study competitor’s promotion strategies and decide on the budget of your promotions. These were a few things to keep in mind while planning your marketing mix. University students can get help on this topic of any other topic in marketing from Ph.D. level experts if they buy assignments online. There are many websites to chose from if you want to buy assignments in Australia.