PRODUCT

PRESENTED BY: ASMA USTAD NAYANA BAJAJ PRIYANKA TOSHNIWAL

UNDER GUIDANCE OF PROF A.A.PATIL

CONTENTS
MEANING PRODUCTS CLASSIFICATION LEVELS OF PRODUCT PRODUCT LIFE CYCLE NEW PRODUCT DEVELOPMENT STRATEGY PRODUCT AND SERVICE DECISIONS

MEANING
Product is anything that can be offered to the market for attention, acquisition, use or consumption that might satisfy a want or need. Products include Goods and Services. Goods are regarded as the things which are tangible or Visible. Services are regarded as the items which are intangible or invisible.

PRODUCTS CLASSIFICATION
Products fall into two categories based on the type of consumers using them , they are: 1. Consumer Products : - Products bought by consumer for personal consumption is a consumer product. These are further classified based on how consumers buy them. They are as follows: a. b. c. d. Convenience Products Shopping Products Speciality Products Unsought Products

CONT..
2. Industrial Products : - Products bought by organisations or individuals for further processing or for use in conducting a business. These are further classified based on how they enter the production process and according to what they cost. The classification is done in 3 ways: a. b. c. Materials and Parts Capital Items Supplies and Services

LEVELS OF PRODUCT
There are 3 levels of product, which product planner need to think. They are: 1. Core Benefit: - A Product should serve its basic purpose for which it is purchased or consumed. 2. Actual Product: - With Core Benefit a product should provide other additional things in a product like good quality, features, packaging, brand, and design. 3. Augmented Product: - With Core Benefit and additional things, a product consumer should be provided extra or additional facilities like Sales Service, Warranty, Installments, Delivery, and Credit.

PRODUCT LIFE CYCLE

PLC is defined as, the course of a products sales and profits over its life time. It involves 4 distinct stages. They are : -

SUMMARY OF PLC

NEW PRODUCT DEVELOPMENT STRATEGY

New Product Development refers to, the development of original products, product improvements, product modifications and new brands through the firms own research and development efforts. A Company obtains new products in 2 ways. They are: 1. By acquisition or by buying a whole company, patent, license 2. By coming out with new product

NEW PRODUCT DEVELOPMENT PROCESS

There are 8 steps in new product development process. They are: IDEA GENERATION PRODUCT DEVELOPMENT TEST MARKETING

IDEA SCREENING

BUSINESS ANALYSIS

COMMERCIALIZATION

CONCEPT DEVELOPMENT AND TESTING

MARKETING STRATEGY DEVELOPMENT

PRODUCT AND SERVICE DECISIONS

Marketing people need to make product and service decisions at 3 levels. The decisions which marketing personnel take are: 1. Individual Product decisions 2. Product Line decisions 3. Product Mix decisions

1. INDIVIDUAL PRODUCT DECISIONS

Decisions need to be taken by marketers when they are marketing a single product. The decisions should be taken on following: 1. 2. 3. 4. 5. Product Attributes Branding Packaging Labeling Product Support Services

2. PRODUCT LINE DECISIONS

Product line is a group of products that are closely related because they function in a similar way, are sold to the same customer groups, are marketed through the same type of outlets or fall within same price range. A company can lengthen its product line in 2 ways: 1. By Line Stretching 2. By Line Filling

3. PRODUCT MIX DECISIONS

Product Mix is a set of all product lines and items that a particular seller offers for sale. When a company has several product lines it is called as a product mix. A product mix has 4 dimensions namely: 1. Width (Number of different product lines of company) 2. Length (Number of items it carries in the product line) 3. Depth (Number of versions offered of each product in lin) 4. Consistency (How closely related are the various product lines in end use, production, distribution etc.)

CONCLUSION
With the proper understanding and use of the above studied concepts: 1. 2. 3. 4. Levels of Product Product Life Cycle New Product Development Product and Service Decisions

we can come out with the effective product in the market whose sales will be more and profits to the firm will also be more and increasing.