How to develop a product

In order to define the specificities of the products, we have to define four important factors that will explain what the product is. We have to give the product quality, its features, the style and the design. By giving these attributes, we will talk about the benefits that I can bring to the consumer.
The quality of the product has a direct impact on product or service performance. Quality can be used to describe the value of the product, if it’s going to break or not. But we can explain it by saying that it describes whether the product is capable to satisfy the customer needs and the customer satisfaction, it can be stated or implied needs.
There is two way to express the quality of a product. There is the performance quality and the conformance quality. Performance quality expresses the ability of a product to perform its functions. Conformance quality expresses the freedom form defects, and the product must deliver a certain level of performance.
The features of a product a being used when a product is delivered with the possibility to add more to it. This can be a way to differentiate you products from the competitors. You can add value to a product by giving it new features.
Finally, a distinctive product style and design can often make the difference between your products and the others. Style simply describes the appearance of a product, design is more at the core of the product. It determines how the product will be used, and how the user will interact with the object or service.

Market segmentation

With marketing, finding the proper customer has become easier. Marketer have tools for determining the customers they are dealing with. It is possible to evaluate what is your preferred customer base and develop it. As a result market segmentation is the best way to define the markets. The segments differs in wants and needs. They dont have the same buying behaviors. Depending on what you sell, you don’t usually have the same market segments as other companies. We might be able to figure out some important market segments yet.

First the location of a customer is an important factor to take into account. The area can be wide or narrow. A company can decide wether it will be present in a single area or in many areas. For example the blue ocean strategy takes this into account. Following this strategy, a company can take action on one specific area, with a lot of value, or on a large area, with a more spread out value.

A demographic segmentation, makes a marketer thinks in terms of age, gender, family, family life cycle, income, occupation, education, religion, nationality. This is the most popular way to divide customer. Needs and wants often vary depending on the demographic segment. If you are a male or a female you don’t go to the same brand, you don’t buy the same amount.

Another segmentation that marketers can do is the psychographic segmentation. In this segmentation the market is divided considering social class, lifestyle, or personnality characteristics.
The behavioral segmentation divides buyers according to their attitudes. It is possible to monitor the buying behavior of the customer and get in return the way they are buyin products. You can find loyal customers, and analyse their out and abouts of why they are buying your products. This will help you define what you can accomplish for them and what you can do to acquire new customers and retain the other ones.