Essay on An Entrepreneur Who Is Developing A New Product

Essay on An Entrepreneur Who Is Developing A New Product

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It is very difficult to be in the position of an entrepreneur who is developing a new product in the market. Some people may not purchase new products if they do not know enough vital information about them. Therefore, it is important for an entrepreneur to follow steps on how to make their product sell and be successful in the market. There are three layers of a product such as the core product, the actual product, and the augmented product. Considering that a lawn mower is a necessity for most people, it is important to make sure that the product is valuable to the customer and works well. “When they develop product strategies, the marketers need to consider how to satisfy customers’ wants and needs at each of the three layers—that is how they can create value.” (Solomon, Marshall, and Stuart 223)
“Creating a product would be pointless unless you know your target market, how the product will appeal to that market, and how it will differ from other products.” (Martin) A constructive targeting strategy for marketing this new product would be to look at each layer of the product and understand them fully. “The core product consists of all of the benefits the product will provide for consumers or business customers.” (Solomon, Marshall, and Stuart 224) By understanding the benefits of the product, the marketer will have a better chance of selling it. A consumer will not purchase a new, robotic lawn mower if they do not believe it will benefit them in a different way than their current lawn mower. “Marketing is about supplying benefits, not attributes, and benefits are the foundation of any value proposition.” (Solomon, Marshall, and Stuart 224)
Furthermore, the second layer of a product that a marketer must understand completely...

... middle of paper ...” (Martin) If a consumer is given the opportunity to test out a product, they are more willing to purchase it if it is beneficial to their needs.
Overall, target markets are very important for knowing who your customers are and the types of products or services that they need. Once that an entrepreneur knows who they are going after to target, they will create a plan on how to market their product for consumers to purchase. “The target marketing strategy divides the total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments.” (Solomon, Marshall, and Stuart 195) Therefore, by having a target market a marketer will be more attentive, effective in their targeting strategies and be able to get results that are beneficial for them and their market.

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