Prestige Institute of Management andResearch Assignment no.2 Marketing Management PRODUCTSubmitted to SubmittedbyProf. Manish Joshi Prateekmaheshwari Arpit hada Lalit dongre Arpita khare
INCLUDING PHYSICAL GOODS(SOAPS), SERVICE (AIRLINES),PLACES(HYDERABAD),EXPIRIENCE (TOURISMPACKAGES), NATIONS(THAILAND), ORGANISATION(CANCER FOUNDATION OFINDIA), PROPERTIES(SHOPPING MALL) ANDINFORMATION(WWW.NDTV.COM)
Product In general, the product is defined as a thing produced by labor or effort or result of an act or process Since 1575, the word product has referred to anything produced. Since 1695, the word has referred to thing or things produced.In economics and commerce, products belong to a broader category of goods. The economic meaning of product was first used by political economist Adam Smith.
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called as Merchandise. In manufacturing, product are purchased as raw material and sold as finished goods. Commodities are usually raw materials such as metals and agriculture products, but a commodity can also be anything widely available in the open market. In insurance, the policies are considered products offered for sale by insurance company that crated the contract.
A product can be physical goods A product is bundle of utilities. It gives satisfaction to consumer for which he or she pays money to seller. It can be in physical form like soaps , cloths etc. A product can be marketed by dealing in 7 P’s of marketing that are product, Pricing, Place, Promotion, Packaging, Positioning & People. Any product which has its physical existence can be marketed.
A product can be a service: A product can be a service also for which a consumer pay money to the seller or the organization providing service to the consumer. Like airlines services, railway services etc. For airlines services passenger means the consumer pay a particular amount to the airlines companies for better and time saving service.
Fields of service as a product Health Care hospital, medical practice, dentistry, eye care Professional Services accounting, legal, architectural Financial Services banking, investment advising, insurance Hospitality restaurant, hotel/motel, bed & breakfast, ski resort, rafting Travel airlines, travel agencies, theme park Others: hair styling, pest control, plumbing, lawn maintenance, counseling services, health club
Place as a product: A product can also be in the form of place like newyork, srinagar etc. for the devotee who visit these places for their mental satisfaction and to find their inner peace. These places also acts as product to some local people as tourism generates revenue for them too. Las Vegas or simply Vegas is used by the Las Vegas Convention and Visitors Authority as a brand to market the bulk of the Las Vegas Valley, including the Las Vegas Strip, Las Vegas, Nevada, Henderson, Nevada, North Las Vegas, Nevada and parts of Clark County, Nevada
Jerusalem has a clear city brand as a holy city. The holy city includes numerous significant holy sites such as the Western Wall, Church of the Holy Sepulcher, Garden Tomb, and Al-Aqsa Mosque. A study commissioned by the Swedish Research Council suggests that Jerusalem may be one of the oldest city brands, having undergone organic branding campaigns for centuries. Pilgrimage, the religious equivalent of tourism, has been part of Jerusalems history for millennia.
A product can be properties: A product can be properties also like in a real state business, the business men can sell the properties to the customer in a particular price. For them properties are the product which they are selling to the customer and earn money. For example: shopping mall, land, building etc.
A product can be an experience: A product can also be an experience which can not be seen but it can be felt by the consumer. Normally they are non durable goods. Like tourism package, magic show, movie show etc. Consumer pay a particular amount for the experience. These products are non durable as a consumer can use it one or two times. Like in this video tourist are attracted towards making trip to gujrat.
Nation as a product (India): Tourism has emerged as an instrument for employment generation, poverty alleviation and sustainable human development. During 2003-2004, direct employment in the tourism sector was estimated to be 21.54 million. Tourism also promotes national integration and international understanding and gives support to local handicrafts and cultural activities. Domestic tourism plays a vital role in achieving the national objectives of promoting social and cultural cohesion and national integration. Its contribution to generation of employment is very high. With the increase in income levels and emergence of a powerful middle class, the potential for domestic tourism has grown substantially during the last few years. During the year 2004, about 366 million domestic tourist visits were made and for the year 2005 it was estimated at 382 million visits
The government plans to change its overseas marketing strategy and seek the help of private companies for the first time to attract more foreign tourists to India. The tourism ministry plans to assess the effectiveness of its offices overseas, said a top official, who declined to be named.Tourism offices may be opened in new locations as well. After the assessment, some tourist offices may be expanded or relocated, according to a report prepared by a working group on tourism for the 12th Five-Year plan that starts 1April. India currently has 14 such offices in cities such as Tokyo, Beijing, Singapore, Sydney, Dubai, Paris, London, New York and Los Angeles. “The tourism offices overseas are not accountable right now,” said Iqbal Mulla, president, Travel Agents Association of India, an industry lobby. “They need to be made accountable in terms of growth in tourism from the respective markets.” The ministry is also considering a plan to appoint marketing representatives to expand its presence.