Product & Place

Product

You need to understand your customers' needs in developing your products and services.

Before you put your product in the marketplace make sure you know the benefits you are offering to your customers. Is there a need for your product or service and what features will be valued by your customers? You should also have a plan on how you'll keep your product updated.

Once you've thought about your actual product or service you need to consider its branding and presentation.

Branding

A brand can be a name, symbol, design or any other feature unique to your business which sets you apart from your competitors. A brand can be improved by doing the following:

• making sure your business has a reputation for excellent service, quality and reliability
• being known for community involvement e.g. contributing to charities
• being easily recognised, understood and consistent 
• keeping your customers informed and responding quickly to their needs
• being honest and fair
• your products and services are readily available to the customers 
• all staff are knowledgeable about your product/service

There's no point having a really recognisable name and symbol if people associate it with poor service.

Packaging and presenting your product/service

When considering ways to package and present your product or service always keep your target customer in mind. Try to gain feedback from the type of person you’re trying to attract or at the very least, your family and staff members.

You should be doing the following:

• make sure your company name and logo are clearly visible
• use colours and textures to encourage a positive emotion e.g. people associate yellow with sunshine and happiness
• look for ways to 'bundle' with complimentary products or services, whether its your own or others e.g. guitar and guitar lessons, handbag and matching wallet
• consider the country and market you’re selling to and if your packaging needs to be different based on language or cultural considerations e.g. in Egypt yellow traditionally means mourning

Place

Place refers to how the product or service gets to the customer. This includes the place where the product/service can be bought as well as the distribution channel.

Location

Will you need premises of your own? Consider placing your product in other retail businesses or outlets.

Delivery

Depending on how often you deliver and to where, you will need to think about the different forms of transport.

Service level agreements with your distributors/clients

Will you sell on a commission basis or offer replacements or repairs if something goes wrong.

Display presentation

Try to place and present your products where they can get the maximum exposure in window displays and shop floors.

Alternative selling options

Allow for customers to place an order for your product/service by ordering by phone, fax, online or through an agency.