Products are physical or virtual items that fulfill a customer's requirements, ranging from necessities to breakthroughs. Businesses must understand customers' needs and desires to produce satisfying products. Markets serve as hubs where buyers and sellers can come together to exchange goods and services, and they offer businesses a platform to display their offerings and provide consumers with a convenient location to purchase. The intersection of products and markets creates an exciting and constantly evolving landscape that reflects the ever-changing interactions between businesses and consumers. Businesses must grasp market variables such as pricing, distribution, and competition to successfully market their products and entice customers. Conducting market research and adopting a customer-centric strategy that resonates with their target audience can provide valuable insights into consumer behavior and industry trends. For businesses to succeed, it is crucial to have a solid understanding of market dynamics like competition, pricing, and distribution. Conducting market research and studying consumer behavior can help companies develop products and strategies that meet customer needs, attract more customers, and thrive in an ever-changing economic landscape. Moreover, customer profiling is another vital aspect of this process, which involves building comprehensive profiles of different consumer categories to understand their preferences, motivations, and buying habits. Businesses can more effectively target particular client segments by dividing the consumer base into specific groups based on shared traits like psychographics, behaviors, or demographics. Furthermore, pricing strategy is also crucial, as it involves creating pricing models that align with customers' willingness to pay and perception of value. This process includes steps like pricing trials, market data analysis, and consideration of perceived quality, competitive pricing, and price elasticity. Additionally, businesses can optimize their pricing strategy and increase revenue by studying market data, conducting pricing experiments, and understanding client preferences. However, it is essential to note that keeping an efficient pricing plan requires constant monitoring and adjustment. Lastly, there are three types of distribution, including intensive distribution, which refers to mass distribution - building and setting up a market without considering geographical and other factors. As a result of intensive distribution, it can reach a wider spread of consumers. Moreover, this distribution aims to improve market penetration and make the product easily accessible to consumers concerning their preferred purchase channels. Additionally, the Product Distribution Strategy heavily relies on the pivotal contribution of Wholesalers and Retailers. Acting as intermediaries between distributors or manufacturers and retailers, Wholesalers purchase products in large quantities at a lower price and distribute them to retailers in smaller quantities at a higher price. Wholesalers take charge of the storage and distribution of goods, while retailers may occasionally require the assistance of a wholesaler to procure specific products from a distributor. Fulfilling retailer orders and streamlining the distribution process are among the many responsibilities of a wholesaler. References: Philippines - Selling factors and techniques. (2024, January 24). International Trade Administration | Trade.gov. https://www.trade.gov/country-commercial-guides/philippines- selling-factors-and-techniques Max, & Max. (2023, January 12). What is a Product? Definition of Products and Different Types of Products. Marketing-Insider. https://marketing-insider.eu/what-is-a-product/ Conrad, S., CPA. (2023, March 26). What is a Product Market? - Definition | Meaning | Example. My Accounting Course. https://www.myaccountingcourse.com/accounting-dictionary/productmarket Ascenda Brand Marketing. (2023, June 9). The power of market research: understanding customer needs & preferences. https://www.linkedin.com/pulse/power-market-research-understandingcustomer-needs-preferences/ https://www.gartner.com/en/digital-markets/insights/customer-centric-marketing https://www.feedough.com/what-is-customer-profiling-meaning-elements-examples/
