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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. For the entrepreneur to be success with the magnetic implants he aims to introduce to the market, there are very key questions that must be asked and important conditions that must be fulfilled. One of the key questions concerns the needs that the product is going to serve to the consumer or buyer (Bode et al, 2011). Commonly, the buyer would want to be convinced that the product can serve a specific need or want before making purchase. With growing concerns of a sixth sense, the magnetic implant may come in just at the right time to provide this conceptual sixth sense (Levitt, 2000). The magnetic implant may therefore serve the need of developing a sixth sense around an object that gives off electromagnetic waves (Neporent, 2013). Marketing Environment The current case, not much seems to have been considered in terms of the marketing environment in which the product that is to be introduced is going to be introduced. However, an understanding of the marketing environment is very important in the determination of strategies and approaches that can best serve the interest of the product sales (Hillman, Withers and Collins, 2006). Generally, the marketing environment may be identified as a set of factors and forces that generally affect the entrepreneur’s ability to create and maintain successful trade and business relationship with customers (Levitt, 2000). There may generally be three levels of marketing environment but the one that could readily affect the entrepreneur in the present situation is the micro market environment, which deals with forces and factors that are very close to the organisation and affects ability to serve customers well. The reason ...Show more
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Marketing has been identified to belong to a cyclical chain, within which can be found key components and elements such as producers, products, services, marketers, market, strategies, and of course, buyers…
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