ProductManagement

A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services,

experiences, events, persons, places, properties, organizations, information, and ideas.

Potential Product

Augmented Product

Expected Product

Basic product

Core Benefit

Need Family: The core need that underlies the existence of the product.

Product Family: All the product classes that can satisfy a core need with reasonable effectiveness.

Product Class: A group of products within the product family recognized as having a certain functional coherence.

Product Line: A group of products within a product class that are closely related.

Product Type: A group of product line that share one of several possible forms of product.

Item: A distinct unit within a brand or a product line.

Durability and Tangibility

Non Durable Goods : ▪ Normally Consumed in few uses.

▪ Consumed quickly & purchased frequently

▪ Advertised heavily

Durable Goods: ▪ Tangible goods that survive many uses.

▪ Requires personal selling.

▪ Require more seller guarantees

Services

▪ Intangible, Inseparable, Variable, Perishable.

▪ Require more quality control

▪ Supplier credibility & adaptability

Convenience GoodsThe customer usually buys frequently, immediately, and with a minimum comparison and buying effort.

Staples

Impulse

Emergency

Shopping Goods

Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and style.

Specialty Goods:

Consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

Unsought Goods

The consumer does not know about or knows about but does not normally think of buying

Industrial products are products purchased forfurther processing or for use in conducting abusiness.

Classified by the purpose for which the product is purchased

▪ Materials and parts

▪ Capital

▪ Raw materials

Capital items are industrial products that aid in the buyer’s production or operations.

Materials and parts include raw materials and manufactured materials and parts usually sold directly to industrial users.

Supplies and services include operating supplies, repair and maintenance items, and business services.

Product form Features Customization Performance Conformance Durability Reliability Repairability Style

Ordering ease Delivery Installation Customer training Customer consulting Maintenance and repair

Product system : A group of diverse but related

items that function in a compatible manner.

Product mix: Set of all products & items a particular

seller offers for sale.

Width: No. of product lines a company carries.

Length: Total no. of items in the mix.

Depth: Variants offered of each product in the line.

Consistency: How closely related the various product lines are in end use, production requirements, distribution channels or some other ways.

Personal Wash Skin Care Laundry Ice Cream Tea

Lux Fair & Lovely Surf Excel Kwality wall’s Brooke Bond

Lifebuoy Pond’s Rin Lipton

Liril Vaseline Wheel

Dove

Pears

Rexona

Which items to build, maintain or harvest?

Line Stretching: New Price slot and a new market

segment.

Down Market Stretch

Up Market Stretch

Two-way Stretch

Line Filling: Introducing more items to existing

product lines to plug in gaps.

Line Pruning

Packaging, sometimes called the fifth P, is all the activities of designing and producing the container

for a product.

Identify the brand

Convey descriptive and persuasive information

Facilitate product transportation and protection

Assist at-home storage

Aid product consumption

Self service

Consumer Affluence

Company & Brand Image

Innovation Opportunity

Labels range from simple tags attached to products to elaborately designed graphics that are part of the

package. Labels identify the product or brand, describe

attributes, and provide promotion.

Warranties: Formal statements of expected product

performance by the manufacturer.