Question

Discuss in detail how Developing New Products, Pricing Concepts for Establishing Value, Integrated Marketing Communications and Product, Branding, and Packaging Decisions are relates in four separate points.

Answer 1

The decision about a product's price, communication, branding, the packaging is all elements of the marketing mix of a product. Product decision is probably the main component of marketing. And all these above-mentioned factors are crucial for developing a new product and establishing its value. These all together work for product development but holds individual value in the life of the product. Let us start in detail about every aspect:

1)Product: it is said to be or defined as a collection of physical, service, and symbolic attributes that yield satisfaction or benefits to a user or buyer. A product can be said as a combination of physical(shape, size, color, etc) as well as subjective attributes(image quality, specification, etc).

Pricing concept for establishing value: Pricing is a part of marketing mix.pricing is not a universal factor but pricing differs from product to product and also area wise. Pricing plays a major role in establishing product value. Like low pricing is introduced to generate high sales. For example, let us take the telecommunication sector whenever there is a new service provider or new product the organization tries t penetrate the market by lowering the price so as to tap the maximum customer base.hence by lowering the prices it is creating value which will be acceptable by the customer. Similarly, price skimming is introduced whenever there is any high-end product. So the gist of all this is pricing vary as per the product and also the market and is considered one of the most important factors in establishing value. Establishing value implies the price that one pays for a product satisfies it equally or the benefit received from the product is greater than the price paid. Like when we purchase Apple iPhone though it is costly the value perceived by it's purchased is quenching or satisfying.

Marketing communication and product: It is said as to how the product is being communicated to or positioned in the market. Different product has different features with different target market hence marketing communication vary according to the product as well as the target market and hence it is one of the marketing mix of the product but has a distinct role in product promotion. marketing communication can be said as the use of different marketing channels to communicate product-related messages to the target audience. Choosing this marketing tool to vary from product to product like FMCG product mainly go for advertisement on television but Cars require personal selling. Hence marketing communication decision is a separate point and is a separate department in every organization.

Branding and packaging: In present age of globalization even a minute detail relate to the product is important to increase its sale. Branding and packaging are one of them. To create a niche and recognition these two features are very important. Branding focuses on differentiation and packaging on identification like McDonald's yellow arch. Branding is like giving a personal touch to a product and a lot of effort and research take place before giving a name to a product.

Hence from above, we can say that all are interconnected and no single feature can exist without others still they are different as every aspect has its own identity and importance.hence dicision regaeding all is separate process and function and a lot of research is being required for all steps mentioned above.