The elements of the product are the series of properties that identify and characterize it, such as design, price or brand. From a marketing point of view, these properties are what make the public decide whether to consume an item or not.
When a product is launched on the market, companies pay close attention to the elements that make it up.
Market studies are usually done that attempt one of two things; assume what the audience likes and replicate it, or create something that they assume they will like.
Main elements of a product
Details that may seem insignificant or even go unnoticed by the consumer are meticulously prepared by those who launch products to the market.
The colors, labels and even the shape of a container make people decide to buy one item or another.
Design
The design encompasses several characteristics of a product. Although the visual ones are more noticeable, any factor such as efficacy, safety or way of packaging / packaging will affect and influence how consumers perceive the product.
In many cases, simple or elegant solutions generate more sales. An example is water bottles with lids that do not need to be unscrewed or cans that can be opened without a bottle opener thanks to an already built-in hook.
Price
Pricing is the most obvious reason for buying or not buying a specific item.
For a successful sales model, a correct balance is necessary between the price of the product and its characteristics.
It is important to put a balanced price so that the entire process of preparation and subsequent sale is profitable.
It is possible to manage this variable by offering some extra features to a product (such as offers, guarantee or better quality) to stand out from the competition.
Brand
The name of any product is how it is identified, and it can play a crucial role in its popularity. For this reason, names are used that are attractive, easy to pronounce or reminiscent of pleasant words.
A widely used technique in advertising is warping, which consists of creating a name that doesn't really mean anything, but has commercial appeal and is phonetically related to a sales area.
Container
Together with the design of a product, the packaging is what presents it visually and qualifies its attractiveness or effectiveness.
More ergonomic or more efficient packaging to use normally are more popular and attract more people.
An example of how the effectiveness of a container increases its popularity can be seen above all in sauces and condiments such as ketchup or mustard.
Varieties packaged in plastic bottles that can be squeezed to serve directly over food are more preferred than those marketed in glass jars and bottles.
Reputation
Quality needs the backing of an adequate reputation. Cases where a good quality product is not popular because it is unknown and therefore does not have the confidence of the public are normal.
In the opposite case, when a product enjoys a good reputation, a snowball effect is generated, where consumers continue to prefer it over others because they have already become accustomed to it.
References
- What Is Product Strategy? (sf). Retrieved on December 3, 2017, from Study.
- George Root (nd). Elements of Product Strategy. Retrieved on December 3, 2017, from Small Business.
- Product design and development (sf). Retrieved on December 3, 2017, from KEMI.
- Elements that make up the product (December 4, 2008). Retrieved on December 3, 2017, from Marketing.
- Product characteristics (sf). Retrieved on December 3, 2017, from Gestiopolis.