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ProductProductandand

Product ConceptsProduct Concepts

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Price

PromotionProduct

Distribution

The Marketers Bag ofThe Marketers Bag of

ToolsTools

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Price

PromotionProduct

Distribution

Head Tool of MarketersHead Tool of Marketers BagBag

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What is Product ?What is Product ?

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THEPRODUC

TIS :

THEPRODUC

TIS :--

GoodsGoods PeoplePeople

ServicesServices PlacesPlaces

IdeasIdeas OrganizationsOrganizations

Anything received in an exchange to satisfy a need or want

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Basic Products ClassesBasic Products Classes

--ConsumerConsumer::----Products purchased to satisfy personalProducts purchased to satisfy personal

and family needsand family needs

BusinessBusiness::----Products bought used in anProducts bought used in anorganizations operations, to resell, or to makeorganizations operations, to resell, or to make

other products (raw materials and componentsother products (raw materials and components))

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Types of Consumer ProductsTypes of Consumer Products

ConvenienceConvenience----inexpensive, frequently purchased items;inexpensive, frequently purchased items;minimal purchasing effortminimal purchasing effort

ShoppingShopping----buyers are willing to expend considerable effortbuyers are willing to expend considerable effortin planning and making purchasesin planning and making purchases

SpecialtySpecialty----Items with unique characteristics that buyersItems with unique characteristics that buyersare willing to expend their considerable effort to obtainare willing to expend their considerable effort to obtain

ImpulseImpulse---- The product should be impulse .means a suddenThe product should be impulse .means a suddendesire to buy something without thinking about result.desire to buy something without thinking about result.

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Business ProductsBusiness Products

InstallationsInstallations----Facilities and nonFacilities and non--portable major equipmentportable major equipment

Accessory EquipmentAccessory Equipment----used in production or office activitiesused in production or office activities

Raw MaterialsRaw Materials----Basic natural materialsBasic natural materials

Component PartsComponent Parts----become part of a productbecome part of a product

Process MaterialsProcess Materials----not readily identifiable when used directly in thenot readily identifiable when used directly in theproduction of other products (e.g. screws, knobs, handles)production of other products (e.g. screws, knobs, handles)

MRO SuppliesMRO Supplies----Maintenance, repair, and operating items thatMaintenance, repair, and operating items thatfacilitate production and do not become part of the finished productfacilitate production and do not become part of the finished product

Business ServicesBusiness Services----intangible products many organizations use inintangible products many organizations use inoperations (e.g. cleaning, consulting, and repair services)operations (e.g. cleaning, consulting, and repair services)

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Product ConceptsProduct Concepts

AA Product ItemProduct Item is a specific version of a product (e.g. Gilleteis a specific version of a product (e.g. Gillete

Twin blade razor)Twin blade razor)

AA Product LineProduct Line is a group of closely related product itemsis a group of closely related product itemsviewed as a unit because of marketing, technical, or endviewed as a unit because of marketing, technical, or end--useuseconsiderations (e.g. all blades & razors)considerations (e.g. all blades & razors)

Product MixProduct Mixis the total set of products a firm offers for sale tois the total set of products a firm offers for sale tocustomers (e.g. everything Gillette sells)customers (e.g. everything Gillette sells)

Product mix dimensionsProduct mix dimensions

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The Product Life CycleThe Product Life Cycle

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Product Adoption ProcessProduct Adoption Process

1.1. Awareness:Awareness:-- customer should be aware and conscious about thecustomer should be aware and conscious about the

productproduct

2.Interest:2.Interest:-- customer seekscustomer seeksinformation and is receptive toinformation and is receptive tolearning about the productlearning about the product

3. Evaluation:3. Evaluation:-- customer considers thecustomer considers theproducts benefits and decidesproducts benefits and decideswhether to try the productwhether to try the product

4. Trial:4. Trial:-- customer examines, tests,customer examines, tests,or tries the product to determine if itor tries the product to determine if it

meets his/her needsmeets his/her needs5.Adoption:5.Adoption:-- customer purchases the product,customer purchases the product,

and can be expected to repeat theand can be expected to repeat thepurchase when the need arises againpurchase when the need arises again

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Why Do Products Fail?Why Do Products Fail?

Products value or features did not match customerProducts value or features did not match customer

needsneeds

Ineffective/inconsistent branding that fails toIneffective/inconsistent branding that fails toconvey the right message or image to customersconvey the right message or image to customers

Technical or design problemsTechnical or design problems

Poor market timingPoor market timing

Overestimation of market sizeOverestimation of market size Ineffective promotionIneffective promotion

Insufficient distributionInsufficient distribution

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PRESENTED BY,

MAHESH PRASAD

PRAJAPATI

0302ME081026