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Technique
The technique you choose to use should
always be based on what the consumer wants, because it is their money
they plan on spending, and rarely will you convince them they want
something that they truly do not. With proper application of the four
Ps, you should have a very effective product management. With want,
ability to have, and knowledge of the product, it will move.
There are two main methods to successfully put products on the market
that will be snapped up by the consumer.
First, usually the easiest, is to give them exactly what they ask for.
Market research, Consumer focus, find out exactly what they want and
make it for them. This method is basically filling a need in an existing
market.
The second strategy is much trickier: The innovative approach. When a
company gets an idea for a product that could potentially become a
corner stone of the economy, but there is currently no market, what do
they do with the idea? Well, they create a market for it. Much more
tricky. Time Magazine is one such innovation. Though it was not a
technological breakthrough, as most of the innovational product
marketing is, it was nonetheless, an idea that hadn’t been put to
large-scale use before. A magazine that is printed every week containing
highlights and news from the previous. (When people wanted their news,
they would just read the newspaper each morning.) Now it is one of the
most successful magazines in the world.
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