What are the factors that must be considered when looking at the marketing concept of a product?

Answer 1

There are many factors to be considered. First and foremost, you have to analyze the market make-up and figure out if there is a market to receive your product and who exactly will by it (your Target Market). Secondly, you have to analyze the different competitors in your chosen industry, conduct a SWOT analysis of each one of them in order to find out what their strengths and weaknesses are. Third, you have to then design your product, everything from the usefulness, color, size, shape, design, problems, and other various factors have to be taken into account. Fourth, you have to develop a pricing strategy based on competitor research that will allow you to competitively sell in your market. Fifthly, you then have to decide how you want to promote your product, for example, will you advertise on television, newspapers, door to door (not ideal) sales? The Sixth and the last factor that must be taken into consideration when developing a new product is the distribution of that product. How will you effectively distribute this product to consumers in a low-cost and timely manner. What will your supply chain look like? Will there be distribution centers, inventory warehouses, or retail stores? All these are equally important, and one factor cannot be decided upon without the consideration of all other factors.