Marketing Management For Non-Marketing Managers

7PRODUCTS AND SERVICES: THE FIRST ‘P’ OF TACTICAL MARKETING

Figure 7-1: Marketing Alignment Map

The first, and arguably most important, decision made relative to the marketing mix is how the company will address the market’s needs with the product and/or service it will offer. Most companies are launched with a specific solution in mind. Often, it’s a product or service that will better address the market’s needs. In other cases, it’s the same product or service, modified to suit a particular niche in the market or delivered in a different way. The founder of a company wanted to build a better mousetrap, bank or law firm. Or, he or she believed he or she could do a better job preparing Italian food, staging performing arts that appealed to an underserved market or addressing world hunger. He or she started with specific products or service offerings in mind.

For many companies, decisions about core products and services remain the responsibility of the executive team, as an outgrowth of the discipline of marketing. This is especially common in small and mid-sized companies and in business-to-business, service-based organisations. In larger organisations, a professional product management expert might step in to help the company manage its product or service mix. (See box 7-1 for a refresher on the four ‘P’s of marketing.) Regardless, the executive and management teams need to have ...