PRODUCT

(A Tool Of Marketing Mix)

By: - Mithilesh Trivedi

What is a Product?

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Products include physical object, services, events, persons, places, organizations, ideas, or mixes of these entities.

Any activity or benefit that one party can offer to another that is essentially intangible and does not result In the ownership of anything.

Service

Levels of Product

1.Core Benefit

2.Actual Product

3.Augmented Product

• It addresses the question What is buyer really buying?• When designing products, marketers must first define the core ,

problem-solving benefits or services that consumer seek

Core Benefit

Actual Product • Product planners must turn the core benefit into a actual product• They need to develop product and service features, design, A

quality Level, a brand Name, and Packaging

Augmented Product • With Core and Actual Product, every Planner has to give additional

consumer services and benefits

Type of Consumer ProductMarketing

ConsiderationConvenience Shopping Specialty Unsought

Consumer buyingBehavior

Frequent purchase, little planning, little comparison or shopping effort, low customer involvement

Less frequent Purchase, much planning and shopping effort, comparison of brands on price, quality, style

Strong brand Preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity

Little product awareness, knowledge(or, if aware, little or even negative interest)

Price Low Price Higher Price High Price values

Distribution Widespread distribution , convenient locations

Selective distribution in fewer outlets

Exclusive distribution in only one or a few outlets per market area

Values

Promotion Mass promotion by the producer

Advertising and personal selling by both producer and resellers

More carefully targeted promotion by both producer and resellers

Aggressive advertising and personal selling by both producer and resellers

Examples Toothpaste, magazines, laundry detergent

TV, furniture, clothing Luxury goods, such as Rolex watches or fine crystal

Life insurance, Red Cross blood donations

Industrial Product

Product bought by individuals and organizations for further processing or for use in conducting a business

For example:- machines, raw materials, etc..

Product and Service Decision

Three Levels:-

1. Individual Product and Service Decision

2. Product Line Decision

3. Product Mix Decision

1. Individual Product and Service Decision

Product

Attributes

Branding

Packaging

Labeling

Product

Support

Service

Product Attributes

Developing a product or service involves defining the benefits that it will offer. This benefits are communicated and delivered by product attributes such as…

I. QualityII. Features III. Style and Design

Branding A name, term, sign, symbol or design, or a combination of these

intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors

Packaging The activities of designing and producing the container or wrapper

for a product

Labeling

Label identifies the product or brand. It might also several things about product such as Who made it, Where it was made, when it was made. It might also promote the product through attractive graphics.

Product Support Service

Service regarding product after it got sold

2. Product Line Decision A group of products that are closely related because they

function in a similar manner, are sold to the same customer group, are marketed through the same type of outlets , or fall within given price ranges

3. Product Mix Decision

The set of all product lines and items that a particular seller offers for sale

THANK

YOU