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Marketing In a Digital World: PRODUCT



After we know about marketing in a digital world from previous article, now this article is about product. A product is anything customers need or want. A product can be a service, idea, or goods. When marketers sell a product, the important thing is about positioning the product. 


Product development

Firms need to develop their product to fulfill customer's needs. Firms always need innovations. Innovation is a critical element in the success of a product. More innovative firms typically enjoy market success. There are two types of innovation, radical innovation, and incremental innovation. Radical innovation disrupts traditional practices. On the other side, incremental innovation focuses on improving an existing product. To do innovation and development, firms need a cross-functional team ((manager from marketing, sales, operations, R & D). Now, how to develop products?

Discovery - Idea screen - Scoping - Business case and plan - Development - Testing and Validation - Launch. 


Brand management

First, what is a brand? And why do firms need to manage their brands? A brand is a name, symbol, or design that differentiates a firm's product from its competitors. Firms need to manage their brand because strong brands can charge higher prices, enjoy greater loyalty, and experience higher profitability. Besides, firms have to know about brand equity. Brand equity is the value of a brand over a generic product in the same category. 


What is changing? 

The firm-centered approach is starting to break down due to the rise of digital tools. Nowadays, it's moving from firm-centered products to co-created products & brands.


References: Marketing in Digital Worlds ( Illinois Gies College of Business through Coursera) 

Picture: https://www.pexels.com/

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