THARAKA DIASDirector – Essence BTC

MBA(USA), BBA(USA), Dip in Mgt, ACIM(UK), FAEA(Dip in AEA-UK), FinstSMM(UK), CPM(Asia), MSLIM,

PM(Sri-Lanka)

1.1 Definition of a product As anything that can be offered to a market for

attention, acquisition, use, or consumption that might satisfy a want or need (Philip Kotler)

A product could be any of the following A physical go0d – Car , Home, Phone, TV Person Place Organization Idea ServiceExperience

Product features – the physical attributes that are seen in the product.

Product Benefits – refers to the benefit the consumer would experience in consuming the product.

This means product assortment, and its consist of all the products or services that a company offers to its customers .

Length of product mix – the length of a companies product mix is the total number of individual products of services in the entire product mix- 3M has over 60,000 products

Width of product mix – the breadth of width of a companies product mix relates to the number of product lines the company process – Unilevers

Depth of product mix – it’s the number of products in each product line – Personal care range consist of , Soaps , toothpaste, colognes etc.

Product mix consistency – this refers to how closely related the various product lines are in terms of use- channels of distribution, promotion

Capital equipment – consist of all the buildings and fixed equipment that have to be in place for production. – plants, machinery, computer installations, generators etc.

Accessory equipment – equipment that does not become a part of the final physical product but is used in production or office activities. – office equipments, and factory equipments

Raw materials – are the basic materials that become part of the physical product

Components and parts – are finished goods in their own right, which simply have to be incorporated into the assembly of the final product with no further processing- Intel microchip , Goodyear tyres and head lamp units.

Supplies and services – include office stationery, cleaning materials and services include financial, janitorial, legal, equipment maintenance and printing

Convenience products – relatively inexpensive and frequently purchased consumer products. The consumer puts little effort to purchase them. These products could be further classified as

I. staple goods – bread, milk, toothpasteII. Impulse goods – chocolates, magazines , perfumesIII. Emergency products – umbrellas, medicines, battery Shopping products – These are less frequently purchased

consumer products that customers compare carefully on suitability, quality, price and style - Bicycle, cameras, furniture's, clothing, airlines

Specialty products – these are products with unique characteristics or brand identification – Cares , watches

Unsought products – these products does not have much of a product awareness – life insurance , encyclopedias, donations for charity

4.1. What is a Brand – A brand is a name, term, sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. ( American Marketing Association)

The Consumer Easier product identification Communicates features and benefits Helps product evaluation Establishes products position in the market Reduces risk in purchasing Creates interest/ character for product

The Marketers Helps to created loyalty Defends against competition Creates differential advantage Allows premium pricing Helps targeting Increases power over retailers.

The RetailersBenefits from brand marketing

supportAttracts customers

Brand recognition – the first step would be to make the consumer to identify a brand

Brand acceptance – how you should make them accept your brand

Brand Preference – consumers desire for your brand over competitors

Brand loyalty – ultimate dream of marketer. To make consumer loyal to your brand

Individual product branding – Lux, Anchor

Blanket family branding – Damro , Sony, Phillips

Combination brand names – Microsoft Office, Microsoft Windows

Packaging is defined as all the activities of designing and producing the containers or wrapper for a product – Kotler

5.1 functions of packaging Protection of contents from damage, deterioration or tempering As a promotional tool- by packaging attractively a marketer can

get the attention and interest of the customer Acts as a silent salesman in self service shops Instant recognition of the brand Innovative packaging creates competitive advantage User convenience –storage and carrying Provides information Compliance with government regulations Must be hygienic and environmental friendly Management information as bar codes can be used to track sales

Market share

Brand Investments

H

L

HL

The PLC emphasize the fact nothing lasts forever. Warn against the dangers of assuming that

growth will continue forever It is an important tool for forecasting and

strategic planning It shows the trend in sales and profitability PLC emphasizes the need to review marketing

objectives and strategies as the product passes through the various stages.

Identify the key decision points where strategies and tactics must change

There is no way that any of the decisions points can be predicted with accuracy- it is for each manager to use his best judgment

Not all product follow the classic S shaped curve.

The PLC ignore the application of the marketing mix

Strategic decision can change a PLC by repositioning a product in the market its life can be extended.

A service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything- Kotler

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diastharaka@gmail.com0773869007

AOT - THARAKA DIAS