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Developing and Marketing Products: Strategies for Success

Discover the reasons for developing and marketing products, along with potential drawbacks, when considering this business strategy. Find out when to embark on product development, how to create marketable products, and key elements of successful product marketing.

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Developing and Marketing Products: Strategies for Success

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  1. Developing and Marketing Products

  2. Why - and why not - would we develop and market products? • Why: • It's a way to make money • It can raise the profile of your issue and your organization • It can provide jobs for participants and community members and/or involve them in supporting the organization • It can improve the whole organization's understanding of business and marketing • It could lend your organization more credibility within the business community

  3. Why not: • To start up a business and keep it running requires spending large amounts of both money and time • Paying attention to the business may take the focus off the real purpose of the organization • By the same token, focusing on making money could lead to the organization's ignoring its guiding principles, and thereby changing its character • Even if you do everything right, running a business of this sort takes constant attention • As a business, you're at the mercy of the market in several ways

  4. When would you consider developing and marketing products? • You have, or have thought of, something you're really eager to sell • You have the resources to try it • You have a solid business plan • You really need a steady source of income that's not tied to a funder's priorities or restricted in any way • Market surveys indicate that people are likely to buy what you have to sell

  5. How do you develop products to sell? • Your product(s) should have something to do with the organization • If possible, it should advance the mission of the organization in some way • It should be useful in some way • It should be of excellent quality • It should be affordable, or at least a good value for the money • It should be something people will want to buy for itself, not just to support the organization

  6. How do you market your product? • Customer centeredness • Pretesting • The Four P's. • Product • Place • Price • Promotion • Monitor and adjust

  7. Creating an infrastructure to run the business • Take account of: • Taxes and other legal issues • Logistics • Day-to-day management • Fiscal management • Other possible issues

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