At other times, the process starts with the producer introducing a product or a service to the consumer for which the need for the consumer to have the product or service is conveyed by the producer or a marketer. In either case, it is important the product or service being brought unto the market will meet the needs and expectations of the consumer or buyer (Porter, 1996). Where there are several competitors trading the same product or service, the need for there to be marketing strategies become very relevant and important because these strategies help in the creation of competitive advantage, which eventually becomes a tool for setting more sales (Baines, Fill and Page, 2011). In the present situation where the entrepreneur wants to introduce magnetic implants to a segmented group of people using a series of marketing options, it is important that all options presented be critically analysed in terms of how feasible and competitive they are in relation to the existing market and the market segmentation in question. The approach of the essay shall therefore be to analyse the options one after the other according to key marketing themes.
Definition of Product
Product is one of the 4 marketing mix or 4ps in marketing. This means that an understanding of the product that a person aims to introduce to the market is always important in determining the rate of success that will be experienced on the market. The reason an understanding of the product is important is that in marketing, it is actually the product that the marketer goes to introduce to the buyer and so it is important that the marketer has a comprehensive understanding and definition of the product he introduces. ...Show more