How Marketers Create Value for Products & Services

Instructor: Tara Schofield
Marketing a product can be fun and exciting as well as critical for the success of new items. This lesson explains how marketers create value when presenting new products and services.

Why is Marketing Important?

Marketing is the process of creating a message about a product or service and communicating that message in an effective format. Marketing can take many forms, including press releases, advertisements, and communication with clients.

Marketing is important because it gets the attention of the target audience and creates interest in your offerings. Let's imagine you work for Apple and are on the marketing team of the new iPhone. The objective of your group is to announce the new phone, build excitement about the new features, and educate potential users about the advanced technology included in the phone. Your role is to find the most exciting and innovative way to get the message out about the new iPhone.

How Does Marketing Create Value for a Product or Service?

One vital role of marketing is to create value for a product or service. This can be done by providing information prior to a product release or continuing the marketing message after an item is available for sale. There are several ways this is accomplished:

Providing Education - Marketing communications focus on explaining what features a new product has and how it will be useful for the consumer. In marketing the new iPhone, you will show the innovative, creative features that come with the new model. You also explain how the features will benefit the consumer. For instance, the updated screen may be more scratch resistant and anti-reflective. The benefit for the consumer is it will not have scratches and be easier to see, especially when used in direct sunlight. By sharing this information with phone users, you are educating them on the new product.

Creating a Need - While facts about the product are important, marketers must also help the consumer understand why they need the new product. For instance, you know there are many phones on the market and consumers have numerous choices. Your job is to help customers 'believe' they must have an iPhone because it fits their needs. You may market the size of the phone and how it fits easily in their hand, the fashionable design and how it will look stylish when being used, and the faster processor that allows the user to do more in less time. Each of these elements may create a need for the user.

Reaching the Target Market - Marketers must understand their target market, the people who are most likely to purchase the product or service. There are many factors that must be considered when reaching the target market, including their age ranges, income levels, location, education level, and other factors that identify the potential customers. Once marketers understand who their likely customers are, they can create messages that appeal to those customers and place messages where they will see them.

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