Product Marketing for the 21st Century

Marketing by definition is all about reaching out to the consumers through targeted messages and by positioning the product based on the pricing, promotion, distribution elements of the marketing mix. Further, the marketers must be able to glocalize or adapt the global brands to local conditions to leverage upon the market power of the specific regions and countries. Further, marketers have obligations towards the consumers and hence must follow ethical norms. Finally, marketers must also be in compliance with the legal and regulatory rules and procedures in vogue in the specific markets that they operate.PricingPricing affects the marketing of a product as it determines the consumer segment that is likely to buy the product. For instance, it is common for marketers to segment the market according to the price range that they are selling the product in. There can be lower priced models for the lower end of the segment, medium priced models and finally, the premium or the upper end models for the upper crust of the market. Pricing is important because it determines the discovered value of the product and can be either undervalued or overvalued leading to the product getting sold in abundance or otherwise. Finally, pricing affects the bottom line of the company since it is the direct determinant of revenues. It is for these reasons that pricing is an important variable in the marketing mix (Blois, 2007, 42).PromotionThe way in which the product is promoted determines the extent to which the marketing campaign is successful in its scope and reach. For instance, targeted promotion at specific consumer segments means that the message that is intended to be sent because of the promotional campaign would be heard in the correct context or not. Successful advertising also impacts the bottom lines of companies since they determine the sales of the product. Finally, promotion is important because without advertising or word of mouth publicity coupled with point of sale promotions, it is difficult for marketers to get their message across and make sure that consumers absorb the message that is being conveyed. It is for these reasons that promotion is considered an important variable in the marketing mix (Egan & Johnson, 2008, 17).DistributionThis variable is usually not given the importance that it ought to be accorded by marketers. The point about distribution being important is that availability and accessibility of the product determine to a great extent how successful it would be in the real world market. For instance, when the latest version of the Apple iPhone 4S debuted recently, the outlets were not stocked with enough products leading to wait times by the consumers making them switch over to substitutes or alternatives. It is for this reason that many marketers design the distribution channels first and then plan their marketing strategies so as to leverage upon the synergies that would accrue from the combination of distribution channels and advertising. Further, many marketers test the products’ applicability and desirability in the market by rolling out test launches in select regions which would ensure that the products and their relevance to the market can be gauged by measuring the response (Kotler & Armstrong, 2010, 80).Marketing in International MarketsAmong the pricing, promotion and distribution elements to be considered for international markets, the following specific elements must be taken into consideration: The pricing must be done based on the local purchasing power determined according to the PPP or Purchasing Power Parity. Next, the promotion must be done in such a way that it is a combination of global brand appeal tailored to local conditions or “Glocal” in approach. Finally, the distribution must take into account the varying needs of the global supply chain and its success would depend on how well the company taps into the specifics of the local market. The point here is that when marketing to international markets, attention must be paid to the fact that there is a need to understand the local conditions and hence blind application of global strategies must be avoided. This means that a “Glocal” approach where the global strategies are adapted to local conditions must be followed so that the product is successful in the local markets.Ethical ConsiderationsThe primary ethical consideration that marketers ought to consider is whether the product being marketed or advertised is according to the normative rules of conduct like not targeting inappropriate advertising at children or using props or visuals that might be offensive to certain groups. The point here is that marketing by definition is all about winning the hearts and minds of consumers and to achieve this, the ethical norms must not be sacrificed. Given the fact that many marketers use messages that use stereotypes, they must be considerate towards minorities, disadvantaged sections and other groups when designing their marketing strategies (Constantinides, 2006, 418).Effect of Legal and Regulatory RequirementsThe legal or regulatory requirements that affect the marketing function include compliance with local labor laws and policies dealing with specific conditions under which the marketers operate in a given market. The fact that each country and region has separate laws for marketers to obey means that they should not only be cognizant of these laws and regulations but also be in compliance with them. It needs to be remembered that punitive action by the regulators impacts the product’s brand value apart from entailing costs that might have to be borne by the companies in marketing the product (Hassan & Submission, 2003, 140).ReferencesBlois, K. (2007). `Business Customers’ Behavior – A Challenge for the Relationship Marketing Concept?’ Journal of Business Market Management 1(1):41-58.Egan & John (2008). `A century of marketing’. The Marketing Review 8(1):3-23.Kotler, P. & Armstrong, G. (2010). Principles of Marketing (12th Edition) (Principles of Marketing). Prentice Hall.Hassan, S. S. & Submission, H. C. (2003). `Global marketing eviews’. Journal of Global Marketing 6(3):139-142.Constantinides, E. (2006). `The Marketing Mix Revisited: Towards the 21st Century Marketing’. Journal of Marketing Management 22(3):407-438.

Avail Ready Finance For Business Through Quick Commercial Loans

Business people always require finance either for starting a new venture or for expanding the older one. The finance must come to them easy and quick. Considering their urgent requirements, loan product quick commercial loans has been specifically designed. Business people can utilize quick commercial loans for making investments in infrastructure, buying products and services, starting new project or expanding the established one.

Business people are required to furnish some details of their business before the quick commercial loans deal takes place. They are supposed to give audited financial statement of last 3 years in case of starting a new business. For expanding the business, lenders may ask business financial statements, balance and profit-loss statements. Lenders would like details of owners, partners and stockholders of the business as well.

Business persons can avail quick commercial loans either in secured or unsecured form. To take secured quick commercial loans, also called commercial mortgages, borrowers should place commercial property with the lender as collateral. With the loan secured, lenders provide business people quick commercial loans anywhere in the range of £50,000 to £50,000,000. Larger loan will depend on the higher equity in the collateral.

Because of the secured nature of the loan, interest rate remains lower on quick commercial loans which infect can be brought down once the borrower compares different loan packages. The interest rate comes in variable and fixed options. Under fixed rate, interest rate and monthly installments amount are predetermined and borrowers know how much they have to pay and thus they can plan the loan. The interest rate in variable option can change any time according to the market and borrower may be paying higher rate if it goes up.

There is a larger and comfortable repayment period of 12 to 25 years to the borrowers in case of secured quick commercial loans. The loan amount and repayment duration, however, should be chosen carefully keeping one’s financial capacity in mind.

For availing unsecured quick commercial loans, borrowers should produce concrete proof of their repayment capacity and business profile. Credit score of these borrowers counts a lot in settling the loan deal.

Even if you are labeled as bad credit, availing quick commercial loans should be no problem provided you have a plan of loan repayment laid down before the lender to win his confidence. Make efforts to take your credit score closure to acceptable level of 720 in FICCO scale which ranges from 300 to 850. A credit score of 580 and below is considered as bad credit. Have your credit report checked and make it error free and also pay off your easy debts to show improvements in credit score.

Apply for quick commercial loans online as this way, out of numerous loan offers; you can pick up the one having lower interest rate.

Quick commercial loans become an instrument of sound financial health for business people if a lot of thought goes into availing it. Be particular in paying monthly installments at due date.

Gaining Trend of Outsourced Product Development

The stiff business environment expects companies to expand their market share by offering new web products to the targeted market. In order to expand the market, the businesses are making the best use of advanced technology to develop web solutions that can engage maximum visitors towards their business.

Most of the businesses plan out similar strategies but unfortunately only few of them succeed in capturing a wider market. The reason may be shorter product lifecycles, better and advanced use of technology, the right skills to accomplish the work and necessary infrastructure to complete the solution.

While every company aims to enhance their potential without increasing their spending limit, the trend to outsource product development has become very popular. It not only helps in saving money but also helps to collaborate with global talent and advanced technologies. The faster means of communication is also successful in bridging the gap due to time difference between two countries. Such outsourced product development companies are aware of the importance of reducing time to market so that the product can be launched exactly the time when there is a huge demand for it and then capture a wider market so as to sustain the position in the industry.

When businesses outsource their development requirements, they get the following advantages without hiring additional man-power or setting up the department:

1. Makes the development process cost-efficient

2. Reduce level of risks after launching it in the market

3. Provides access to advanced technology

4. Highly skilled web developers

When such tedious development processes is taken care of by experts, the business owner can concentrate more on core business areas. Those businesses that have set-up the entire development department but still have failed to achieve the desired results can understand the importance of outsourcing better. However, if you are new in this field, it is not recommended to experience the same when you already have a better option in your hand.

Look for the outsourced development firm that has experience, capability and expertise to accomplish the tasks as per your expectations. Most of the companies will look like same but reviewing their previous work and direct interaction with developers will help you gain more clarity about the company you will be working with. So, don’t hesitate in short listing down the options and then talk one-by-one to compare the development firms and make the best deal for your business.