This is the process where a product is promoted and sold to the target customers. It deals with outbound marketing or customer-facing tasks. Product Marketing focuses on the type of product, needs of the customer, type of customer, and the geographic area in which they are located.
Product marketing in an organisation addresses four important strategic questions:
- What products will be offered (the breadth and depth of the product line)
- Who will be the target customers (the boundaries of the market segments to be served)
- How will the products reach those customers (the distribution channel and are there viable possibilities that create a solid organisation model)
- At what price should be products be offered
Traditional methods of product marketing, including paid advertising, direct mail, and product placements. The advantages of product marketing are:
- Specific intentions – an organisation doesn’t have to be subversive with product-based advertising, and the consumer decision is a much simpler one. A product will be pitched, and if consumers like it, they will buy it; if they don’t like it, they will not buy it
- Higher visibility potential – when it comes to product marketing, an organisation will get what they pay for, as it’s a way of guaranteeing high-level exposure, as long as the budget is available to substantiate the approach
- Fast returns – usually with product marketing it is a fast strategy, as soon as the money is paid advertisements will go into circulation
Marketing is the actions that an organisation undertakes to maintain relationships with customers. The marketing team will have been heavily involved in the new product development process for the trainers.