As mentioned last week, in the next several columns I will be reviewing the four P’s of marketing: price, product, place (distribution) and promotion. This week I want to focus on “product” as it refers to tangible physical products as well as services.

As you think about your product, consider how it will ultimately fulfill your customers’ needs. This includes product support such as warranties, technical support, etc. Here are a few aspects of your product to evaluate before you begin marketing it:

• New Product Development – This is the process of creating and bringing a new product or service to a market. It includes the idea of generating the necessary research and development so your product meets industry standards while fulfilling the purpose you created it for.
• Brand – A brand is a name, symbol, term or design that distinguishes your product and, more importantly, differentiates your product from others. It may take years to build a well-recognized brand, but you need to think hard and be meticulous in defining your brand from the beginning. It’s also wise to continue working on the brand as the product evolves. 
• Quality – This may become one of your main competitive advantages, and you need to be clear on the level of quality your product holds.
• Styling – Appearance is critical to your product’s success. You may need to hold focus groups and test ideas in smaller sample groups to decide how you will market and price your product.
• Safety – Your product must meet all federal and state safety regulations, but you can also include additional safety features that will increase your product’s value.

In today’s highly competitive marketplace, product is a critical part of the marketing mix, so it’s essential that you figure out all your product details before launching it to the public. Next week, I will review “place,” or the distribution of a product or service, another of the four P’s of marketing.

Let Zions Bank’s Business Resource Center assist you with your business needs. Call us for a free appointment at 801-594-8245. We are open Monday through Friday from 9 a.m. to 5 p.m. Beth Holbrook can be reached at beth.holbrook@zionsbank.com.