One of the important aspects of products as related to marketing that we will
discuss is the specifications of the product. Each product is unique, even if
they are designed to fulfill the same niche in the market. A bathroom vanity
is not simply a bathroom vanity to someone with an eye for marketing. It has
been specifically designed and manufactured to be different in some way than
all other bathroom vanities. It's composition, manufacturing process,
warranty, available colors, all sorts of aspects come into play in a product's
specifications. Through marketing, these differences can be capitalized upon
to promote the product over other similar products in the same niche.
Once you have learned all about the importance of product specifications, we
will move on to how the product meets a consumer's wants or needs. A lot of
scientific research and experimental development, or SR ED, goes into learning
exactly what customers want when it comes to products, as well as into applying
the principles learned during these studies to the engineering of the product.
Without people who want or need to accomplish something, there can be no use
in designing or marketing a tool to help them in this process. This is another
aspect of products that makes them important in marketing.
A large part of the role of products in marketing is accomplished through a
process called "branding" which we will also investigate during
our journey through the aspects of marketing. We will learn how branding helps
consumers identify and favor certain products over others, and why a plain real
estate web site company with no connections will not do as well as the exact
same site which has been branded with the logo of a major national real estate
chain such as ReMax or Coldwell Banker.