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    MKT 205 (Part 5) : Soomo Learning

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    Michele Allen
    This video discusses the "product" aspect of marketing. It defines product as the item or service being offered to consumers in exchange for money. A company must use target market research to design products that satisfy consumers' needs and wants. The characteristics of the target market also influence how product features are highlighted and where the product is presented. Understanding the target market is crucial for creating an effective product that people want to buy. The video concludes by noting that marketing is a continuous process from before a product is made through the end of its lifecycle.

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    MKT 205 (Part 5) : Soomo Learning

    Uploaded by

    Michele Allen
    228 views1 page
    This video discusses the "product" aspect of marketing. It defines product as the item or service being offered to consumers in exchange for money. A company must use target market research to design products that satisfy consumers' needs and wants. The characteristics of the target market also influence how product features are highlighted and where the product is presented. Understanding the target market is crucial for creating an effective product that people want to buy. The video concludes by noting that marketing is a continuous process from before a product is made through the end of its lifecycle.

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    MKT_205_Part_5_Transcript

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    This video discusses the "product" aspect of marketing. It defines product as the item or service being offered to consumers in exchange for money. A company must use target market research to design products that satisfy consumers' needs and wants. The characteristics of the target market also influence how product features are highlighted and where the product is presented. Understanding the target market is crucial for creating an effective product that people want to buy. The video concludes by noting that marketing is a continuous process from before a product is made through the end of its lifecycle.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    228 views1 page

    MKT 205 (Part 5) : Soomo Learning

    Uploaded by

    Michele Allen
    This video discusses the "product" aspect of marketing. It defines product as the item or service being offered to consumers in exchange for money. A company must use target market research to design products that satisfy consumers' needs and wants. The characteristics of the target market also influence how product features are highlighted and where the product is presented. Understanding the target market is crucial for creating an effective product that people want to buy. The video concludes by noting that marketing is a continuous process from before a product is made through the end of its lifecycle.

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    © All Rights Reserved
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    MKT 205 (Part 5)

    TEXT ON SCREEN:
    Marketing 205: Applied Marketing Strategies. Overview: Part V.

    NARRATOR:
    In a previous video, we focused on the third P of marketing: place. In this video, we'll be looking
    at the fourth P: product. By now, you've likely heard the word "product" enough times in this
    course to at least have a general sense of what it means. Just to make sure we're all on the same
    page, product is what the company is selling to the consumer. It could be a physical, tangible
    item that a consumer can use in some way, or it could be a service offered for a consumer, such
    as house cleaning or dog walking. Either way, the product is what's being offered to the
    consumer in exchange for their money.

    As you've learned, the primary focus of all of the Four Ps of marketing is creating a product that
    satisfies the needs and wants of the target market. This means a company uses target market
    research to decide which products and services to offer, or how they will be created and
    designed. But this target market-centric focus allows flows into how and where the product is
    presented to the consumer. The costs associated with creating the offering affects price, as you
    learned in the video segment on price.

    You might be asking yourself, why does product appear after the other Four Ps of marketing?
    Even those responsible for deciding which offerings to create, start by understanding the target
    market. The best companies base the design of the offering on meeting the consumer's needs and
    wants. Then, marketers use what they know about the target market to communicate, promote,
    and deliver the offering to the consumer in ways the target market research shows work best for
    them.

    Let's assume a company has created a new walking shoe. If the target market for that offering is
    20-something-year-old college students who are active on social media, the marketer would
    highlight product features and benefits, such as "fashionable" and "made from sustainable
    materials." If the target market for the offering is retired grandparents who are living on a fixed
    income and enjoy spending their days outside, the product features and benefits the marketer
    would highlight may include, "easy to slip on" and "washable," or perhaps, "made of leather to
    promote durability." Whatever the product might be, the marketer has to make sure that they
    understand the characteristics of their target market. If you don't know who you're marketing to
    and what they're looking for, you won't be able to create a product that meets their wants and
    needs.

    With a solid understanding of the "target market" concept and the Four Ps now under your belt,
    we'll focus in the final video of this series on how marketing is a continuous, cyclical process
    that may start well before a product is created and should continue all the way to the end of the
    offerings’ lifecycle. [3:01]

    Soomo Learning
    www.soomolearning.com

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