Psychology for Product Managers & Entrepreneurs

Today every company needs to advertise its product to inform the customers about the product, increase the sales, acquire market value, and gain reputation and name in the industry. Every business spends lot of money for marketing or advertising their products but the money spent will lead to success only when the best techniques of marketing are used for the product. Some very common and most used techniques used by the marketers to get desired results.
This technique of marketing and advertising is done with the help of two factors:
•Needs of consumers
•Fear factor
Most common appeals under need are:
•need for something new
•need for getting acceptance
•need for not being ignored
•need for change of old things
•need for security
•need to become attractive, etc.
Organization success is dependent on customer satisfaction and delight. Customer satisfaction is achieved through development of product and service, which have all attributes required by the customer. A successful product or services do not only have attractive package design but should be also able to provide robust performance. Thus, product design must be practical enough for production and powerful enough to provide a competitive advantage. The essence of product design is to satisfy customer and maximize the value for the customer at minimum cost. The product or service should also be able to meet primary needs and desire of the customer. This may not require development of new product, but enhancement to existing product or service.
A good product design has following common features:
The product design should make product utility as per expectation of customers and provide steady performance through the product life. Product aesthetics is important in the success of the product. The product aesthetics is dependent on the market and the end customer. Product design should enable effective production of product through available production methods. Product design should make economic sense so as to deliver value to customer and sustainability to the organization. A good product design should enable product to be differentiated among its competition. This can be achieved by attractive packaging and also by providing additional service on the product.