What is a product?
• A product is any offering by a company to a market that serves to satisfy customer needs and wants. • It can be an object, service, idea,etc.
Physical good/service Features Quality level Accessories Installation Instructions Product line
Type of Brand: Individual or family Manufacturer or dealer
Protection, Promotion, or both
None, full, or limited
• • • • • Customer value hierarchy Core benefit Basic product Expected product Augmented product Potential product
• • • • • • • Need Product family Product class Product Line Product type Brand Item
• Durable • Non – durable • Services
Consumer goods classification
• • • • Convenience goods Shopping goods Specialty goods Unsought goods
Industrial goods classification
• Materials and Parts - raw materials - manufactured materials and parts • Capital items • Supplies and business services
• 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 decisions
• Product rationalization • Market rationalization • Product line length too long – when profits increase by dropping a product in the line too short – when profits increase by adding products to the product line • Line pruning – capacity restrictions to decide
• Product line
– A group pf products within a product category that are closely related
• Product mix (product assortment)
– The set of all product lines and items that a particular seller makes available to buyers
• Brand mix (brand assortment)
– The set of all brand lines that a... [continues]
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