ProductArmstrong and Kotler define product as “anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need” (Armstrong & Kotler, 2005, p. 223). Most definitions are similar and it should be emphasized that a “product is not limited to finished goods” (Perreault, Jr. & McCarthy, 2004, p.38). All businesses, whether for profit or not have at least one product. Even government, by providing services and physical goods, has products.
When creating a marketing strategy, product development and its related aspects such as packaging, warranty, and branding must be considered. Analyzing and understanding client needs is important to remember along with the specific demographics the product aims to address.
As stated by Perreault, Jr. & McCarthy, clients are buying satisfaction not parts (2004). Many companies fail to remember what the client is really searching for. In the words of famous marketer Jay Abraham, “give them your solution – or somebody else will” (Abraham, 2005, p. 235). Abraham also goes on to note that clients do not buy products, they buy benefits and advantages (2005).
Many managers are myopic when thinking about product development, focusing on procedures instead of the client’s perception of the product. This myopia goes hand in hand with the other aspects of product development; branding, features, quality, and warranty. Managers tend to see the tactical aspects of the product, and a clear, client-driven product strategy guides managers beyond this narrow tactical view.