Which comes first? The product or the market? Now I haven’t attended any marketing school but experience tells me that market should come first, which I think is just plain common sense. If you have a product but there is no market for it, common sense will tell you that the product will not move.
So when we want to produce something, which do we look into first? The product or the market? First of course we do market research. We try to find out if the market needs the product. After we confirm that the market need such product, we do product research. Which kind of product and if they can afford to buy such product.
I will not dwelve into manufacturing as I am not familiar with it, so let’s take something closer to home. Let’s take retailing. If we want to open a retail business in your town, what are the most lacking thing that the town needs or maybe the town lacks certain services. Like house cleaning or lawnmowing.
It may sound far fectching to some and they might ask, “who on earth will want someone to mow their lawns for a fee?” Silly as it might sound, the reason no one is paying for their lawns to be mowed is simply because no one is doing it! God knows how many are cursing under their breath saying, “If anyone is willing to mow my lawns, I will pay them anything” when they are doing it themselves.
The market is the driving force behind any products. As long as the market is present, the products will be produced to satisfy the market. The difficult part is finding the market.