The Marketability of Palwood Lumber: A Basis for Promotional Strategies

Abstract

Product marketability varies depending on the company. Essentially, marketability is a measure of whether a product will appeal to buyers and sell at a certain price range to generate a profit. Marketing communications include public relations, advertising, trade shows, and collateral production, as well as other functions such as product quality assurance and documentation. Before attempting to market products, the product developers should complete a marketability evaluation. This helps marketing managers and other executives determine whether the product(s) is marketable or not. For this reason, the researchers determined the marketability of Palwood lumber (2”x6”x8” in size) using the 4 Ps of the marketing mix. The marketability assessment is an in-depth analysis of the product’s strengths and weaknesses from the perspective of a potential buyer. A descriptive multi-faceted method (Dasmarinas,2014) was applied in this research. The study involved twenty professionals composed of ten (10) Planners for residential construction and ten (10) Builders who have five years and above experience in the residential construction industry. These two disciplines (Planners and Builders) are the prime agents of product consumption in the market by citing their material preferences in their project specifications. These professionals are randomly selected in Caloocan, Malabon, Navotas and Valenzuela City (CAMANAVA). The survey questionnaires were administered during the last quarter of 2018. The Product Mix Marketability of Palwood Lumber is “Marketable” is reflected in the Grand Composite Mean of 3.90. Price, Place, and Promotion Marketing Mix Palwood Lumber is “Highly Marketable” as revealed in the Grand Composite Mean of 4.57, 4.38 and 4.62, respectively. There was no significant difference in the responses of the two (2) groups of respondents in the Marketability of Palwood lumber. An affirmative significant relationship was manifested as regards Age and Position vis-à-vis with the Product, Place, and Promotion while a negative significant relationship was shown between Sex and the Price Marketing Mix.