Product Strategy PDF
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This document describes different aspects of product strategy, from its definition to various levels such as core, actual, and augmented products. It also provides a classification of consumer products, including concepts such as convenience, shopping, specialty, and unsought products. Key elements of product attributes, such as quality, design, and branding are also part of this study.
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PRODUCT STRATEGY A product can be defined as – Anything that can be offered to a market attention, acquisition, use, or consumption that might satisfy a want or need. It includes: – Physical Objects – Services – Persons – Places – Organizations – Ideas LEVELS OF PRODUCT ...
PRODUCT STRATEGY A product can be defined as – Anything that can be offered to a market attention, acquisition, use, or consumption that might satisfy a want or need. It includes: – Physical Objects – Services – Persons – Places – Organizations – Ideas LEVELS OF PRODUCT Core Product The most basic level Address the question: what is the buyer really buying? Problem-solving benefits The benefit that the consumers will receive Actual Product Build around the core products Basically have 5 Characteristics: – Quality level – Features – Design – Brand name – Packaging Augmented Product Built around both core and actual product By offering additional consumer services and benefits Example PRODUCT CLASSIFICATION Products and services fall into two broad classes based on the types of consumers that use them: – Consumer Products – Industrial Products Consumers Product Are those brought by final consumers for personal consumption. Marketers usually classify these goods – Convenience Goods – Shopping Goods – Specialty Goods – Unsought Goods Convenience Products Consumer products and services that the consumer usually buys: FREQUENTLY, Immediately, And with a minimum of comparison and buying effort. Shopping Products Less frequently purchased. Customer will COMPARE carefully on: – Suitability – Quality – Price – Style Much time and effort needed to: – Specialty Products Consumer products & services that have UNIQUE characteristics. Which significant group is WILLING to buy Unsought Products Either: – Consumer does not know about the products – Consumer does not think to buy the products Marketing Consideration for Consumer Products INDIVIDUAL PRODUCTS DECISIONS Produ Produ ct Brandi Packag Labeli ct supp attribu ng ing ng ort tes servic es Product Attributes Developing a product or services involves defining the BENEFITS that it will offer. These benefits measured by: – Quality – Features – Design Product Attributes Product Quality – Two dimensions: Level – In developing product, the marketer must choose quality level – To support the product position in market Consistencies – Conformance quality – Freedom from defects and consistency in delivering a targeted level of performance Product Attributes Product Designs – Design is a larger concept than style – Style – simply describe appearance of a product, but it doesn’t necessarily make the product perform better. – Good design contributes to a product’s USEFULNESS as well as it’s looks. – Good design can attract Branding A brand is a name, symbol, term, sign, or design, or combination of these, that identifies the maker or seller of a product or services. It help consumers identify the products. It also tell the buyer something about the product Packaging Packaging involve designing and producing the container or wrapper for a product. The package may include: – The Brands name – The instruction manual – Ingredients – Others? Why we need it? Labeling Labels may range from simple tags to complex graphic attached with the package. It perform several function: – Identifies brand or product Sunkist -> print on an orange picture – Describe several thing about the product Who made it? Where are they from? Expired Date – Promote the product The End….any question?
