Marketing Mix: Product by Tiang Shen Yu
The 4ps of marketing mix all play an essential aspect of a business that plans on encroaching a new market. The product, in particular, carries the relevance of the company and the market research. A product is the goods sold or the service that is offered to the consumers. As such, a firm must ensure that the product is viable and can attract consumers, especially since it is the first time that the product is being introduced in the market. Arguably, when entering the product, the main aim of the seller should be capturing the attention of the consumers of the product. This can be achieved by creating an appealing package since the visual impression of the consumers determine the nature of the market in terms of the number of consumers that the product will attract. Ehmke, Fulton, and Lusk support that “Other product attributes include quality, features, options, services, warranties, and brand name”(1). Agreeably the seller has to focus on appealing to the potential consumers using all the options presented on the table. In our case, for example, we are planning on serving Tifu in our restaurant as our main vegetarian diet. Through this, it is evident that the method that will be used to appeal to the potential customers will be different as the ones mentioned above. Considering that this is food, and there is a competitor who has established itself in the market, the restaurant needs to consider creating a perfect recipe that will yield the best results. This is because, in a competitive market, the most common way to win the customer is through serving quality.
Furthermore, a restaurant set up requires a high level of hygiene to be considered. As such, it should incorporate the concept of cleanliness in the operations of the restaurant will impact the impression that the restaurant will create to the target market. Additionally, the utility aspect of the product plays a significant role in encouraging consumers to buy the product (Ehmke, Fulton, and Lusk 1). In our case, for instance, the product’s capability to meet the needs of the consumer, which is improved health will determine the creation of loyal customers as well as the aspect of establishing a market. Researching and knowing about the customers is an essential aspect of marketing. This is because the information about the consumers will be beneficial to creating a product that meets the demand and the need of the consumer. In a marketing platform, the customer information acts as feedback, and this is an essential element since it enhances the knowledge that a firm has concerning the needs of the consumers.