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product is anything that can offered to market for attention, acquisition ,use, consumption that might satisfy a want or need.
PRODUCTS
Tangible products
Intangible products
GOODS
SEVICES
Intangible attributes
Exchange value
Customer satisfaction
Unexpected features
Potential product Augmented product Expected product Generic product Core benefit
Basic product
Durable products
Consumer products,
Business products
Durable
Non-durable
Services
Specialty Products
Unsought Products
Convenience goods consumers use minimal effort for frequently purchased low cost items
Staples
goods
Emergency
Impulse
purchases
Shopping
Consumers make product comparison(s), They seek information before purchase, they are not impulsive Moderate substitutions are made Products last a considerable time Monetary & social costs may be high
Attribute-based
Plasma LCD screen
Price-based
LOW PRICE
Materials
and parts
Capitals
items
1.installation 2.equiptment
Suppliers
Farm
products
Natural
products
1.installation
2.equiptment
1.mainteinance
2.operating
suppliers
Product Item
The
assortment of products that a company offers to a market Width how many different product lines? Length the number of items in the product mix Depth The no. of variants offered in a product line Consistency how closely the product lines are related in usage
Product Line
LAMPS Table Ceiling Track Desk
Product Mix
Product Line 1
LAMPS Table Ceiling Track Desk
Product Line 2
TABLES Kitchen Dining Room End Coffee Outdoor Conference Computer
Product Line 3
CHAIRS Dining Room Living Room Bedroom Outdoor Desk
WIDTH
D E P T H
HAIR CARE
SALTY SNACKS
DENTAL CARE
SOFT DRINKS
Shampoo Chips
Tooth Paste Ginger Ale Conditione Nuts r Dental Floss Root Beer Crackers Hair Spray
Changes
in market demand Cost of production Quantity of production Changes in company desire Competitors actions and reactions
Expansion
of product mix Contracting or dropping the product mix Alteration of existing product s Trading up/trading down stratagies
To design product stratagies To spot market opportunities To develop strategies for each stage of product life cycle To generate new product ideas
New product : New to the company even it is in the world Types of new products 1.New to the world 2.New to the firm 3.Addition to existing product line 4.Improved and revised 5.Reduction in cost
To
meet consumer needs and wants To meet competition To increase profits To avoid threats from substitutes
Customers
Competitors
Distributors
Suppliers
Process
2. Concept Testing - Test the Product Concepts with Groups of Target Customers
Target Market Planned Product Positioning Sales & Profit Goals Market Share
Part Two - Short-Term:
Profits Time
Product Development
Losses/ Investments ($)
Introduction
Growth
Maturity
Decline
Low sales High cost per customer Negative Create product awareness and trial Offer a basic product Use cost-plus Build selective distribution Build product awareness among early adopters and dealers
PRODUCT PRICE
SALES PROMOTION
Offer a basic product Cost +profit Heavy expenditure to create trails Build selective distribution Build product awareness among early adopters and dealers
Distribution Advertising
Distribution
Advertising Sales promotion
Sales promotion
Distribution
Advertising Sales promotion
Overestimation of Market Size Product Design Problems Product Incorrectly Positioned, Priced or Advertised Costs of Product Development Competitive Actions Technical problems Poor planning Inadequate promotion Poor packing Fault pricing
Generic product
Core Benefit