Define Your Product

The second fundamental to marketing is the Product. This term is interchangeable with the term service. Basically, we are examining what it is that you or your company provides in exchange for money or other items of value.

What You Make and for Whom

How do you know that you are offering the right product or service for the right audience? When you start to see sales. But in order for that to happen, you have fierst have a great understanding of your target market’s needs and wants before you can offer a product or service that is designed to add value to their lives by either removing or alleviating any problems they have, or in helping them seize opportunities.

How Your Product Competes

If your customer fits neatly into a generational segment, then that will give you a general sense of how they’re spending their resources. It may not be a 100% fit, but more of your customers are likely to fit into these segments than not. Consumers typically make purchase decisions based on perceived value, meaning that the value of the product or service is really up to them and in their minds.

You or your company can compete on quality, access, and cost. While you have final say about your competitive advantage, it’s your customer who ultimately determines which of these is most important. Your job is to continually communicate and survey your customers to get an understanding of how they prioritize those attributes when evaluating products and services that can help them solve their problem.