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Basics of Product
Or
A product is anything which has the capability to satisfy the needs and wants of the customers or end users.
Product Levels
Product Classifications
Product Classifications
Consumer Goods
Convenience Goods (frequently, immediately, minimum effort): Staples, Impulse, Emergency goods Shopping Goods (Effects comparison, lengthy decision making process): Homogeneous, Heterogeneous Specialty Goods: Brand identities, usually high-priced / need-based goods. Unsought Goods (no awareness): Need advertising to spread awareness.
Product Classifications
Industrial Goods
Materials and Parts
Raw
Material Farm products, Natural Products Manufactured Material: Component materials, Component parts.
Capital Items
Installation
Product Differentiation
Form: Size, shape or physical structure Features: Supplementing the basic function. Considering the value propositions Performance Quality: Level at which the products primary characteristics operate. Conformance Quality: In order to conform with the Standard specifications Durability: Expected operating life / shelf life Reliability: Non-probability of functional risks Repairability: Re-Fixability during malfunction Style: Look N Feel of the product.
Line-Length Strategies
Line
Stretching
Filling: New segment, new product (just noticeable difference) Line Modernization, featuring and pruning