By J Bañez
is anything that can be offered to a market to satisfy a want or need. goods and/or services
Goods consumer buy for daily use, ordinarily bought by individual/ households for private consumption. Goods that is consumed by industries and also by other firms. They enter the production process
PRODUCT FORM FEATURES CUSTOMIZATION PERFORMANCE CONFORMANCE DURABILITY RELIABILITY REPAIRABILITY STYLE
ORDERING EASE DELIVERY INSTALLATION CUSTOMER TRAINING CUSTOMER CONSULTING MAINTENANCE & REPAIR RETURNS
Group of features & characteristics of a saleable good which determine its desirability and which can be controlled by a manufacturer to meet basic requirements. An assessment of worth of a good or service
Group of diverse but related items Also called as PRODUCT PORTFOLIO / PRODUCT ASSORTMENT Total variety of a product a firm sells Number of different product lines in the product mix
Number of items in the product mix Refers to how closely related the various product line are in end use, production requirements, distribution channels or some other way. Number of variants offered in each product the line
Some of the product type in product line may be split again into groups Shows how many subgroups of product line contains Product mix split into groups A number of products grouped together based on similar characteristics
Core product Staplers Specialties Convenience DOWNWARD STRETCH UPWARD STRETCH TWO-WAY STRETCH
is all the activities of designing & producing the container of a product more than just your product’s pretty face
Removal of the unprofitable products from product line Product strategy that involves increasing the number of products in an existing product line to take advantage to market place gaps and reduce competition
Use of an established product brand name for a new item in the same product category NOTE: BRAND EXTENSION-New product in a totally different category LINE EXTENSION-Company lengthens its product line beyond its current range. Increasing the number of products within an existing product range with similar products that have additional and/or different features
Technique that attempts to list the stages in the life span of consumer or business products.
NEW PRODUCT ◦ Transformation of a market opportunity into a product available for sale
IDEA GENERATION IDEA SCREENING IDEA DEVELOPMENT AND TESTING MARKETING STRATEGIES BUSINESS ANALYSIS PRODUCT DEVELOPMENT TEST MARKETING COMMERCIALIZATION
References: ◦ Marketing Management Eleventh Edition, Philip Kotler ◦ Chapter 12 Setting Product Strategy, Kevin Lane Keller, Philip Kotler ◦ Etc. (Marketing Books and Reference) Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospereth. 3 John 2 And I am sure that God who began the good work within you will keep right on helping you grow in his grace until his task within you is finally finished… Philippians 1:6