Market research and framing the business idea
1. The 4 Ps – Marketing Mix
1.2. Product policy
No company without a product. Of course, the product can also be a service - and also products do not have to be physical: An online course or an e-book are also products. In any case, the product is the basis of your entrepreneurial success. However, product policy generally includes all decisions and actions that are directly related to the product. Also:
- Which products (or only one?) do I offer?
- Product quality
- Services around the product
- packing
- Marking (i.e. under which brand the product should run)
In addition, questions about the breadth and depth of supply also belong to the area of product policy, especially in the area of innovation.
In terms of product breadth, there are two extremes: the generalist (a very broad range of products/services) and the specialist (highly specialized products/services are offered in a clearly defined segment).
In the area of Cultural Entrepreneurship, you will most likely be a specialist - usually it is a matter of niche products, which you can treat in depth due to special knowledge or special interest.