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Definition• Product is a need satisfying offering of a firm .” Anything that can be offered to market for attention , acquisition , use , or consumption that might satisfy a want or need , include physical objects, services, persons, organisation and idea is called product “• Product makes to satisfy one or more physiological and / or psychological need of the market at a given moment .
• A PRODUCT IS MORE THAN A PHYSICSAL ENTITITY ; IT HAS A PERSONALITY
Way of defining a product• Product variety• Quality• Design• Features• Brand name• Packaging• Size• Services• Warranties
1. THE GENERIC PRODUCT Unbranded product Does not have identity through a name Not linked to any one maker or ownerEg :- Rice, bread, atta
2. BRANDED PRODUCTHave identity through a nameHave packing
3. DIFFERENTIATED PRODUCT Enjoys distinction from other similar products/brands in the market . Endorse the brand with some special attribute/qualities and claims uniqueness Differentiation may be tangible Maggi, detol soap(PIC)
4. CUSTOMISED PRODUCT A product that is adapted to the requirements of the individual customer Eg :- Caller tune Bufor car :- Kula-Lumpur produces only 300 of these cars an year . One has to book and wait .Price stars from $ 250,000 , 900 man-hours
5. AUGMENTED PRODUCTS Improved with value additionGoes beyond the expectation the customerExtra features
6. POTENTIAL PRODUCT Tomorrow’s product Eg : Resent Auto expo , Honda motor company displayed the humanoid robot called ASIMO ,it will replace the chauffeur in Honda cars .
Components of product personalityA. CORE PRODUCTThe Core product = Basic product (no other associated features) Other components are superimposed on this basic product to constitute the total personality of the product
NO FIRM CAN BUILT A GOOD PRODUCTPERSONALIY WHEN THE BASIC CONSTITUENT OF THE PRODUCT IS SUB-STANDARD
LessonTHE BASIC PRODUCT CONSTITUENT HAS TO BE GOOD , IF THE TOTAL PRODUCT PERSONALITY HAS TO BE EFFECTIVE .
Components of product personality ,Ctn…B. ASSOSIATED FEATUREBasic feature = SoapAdditional features = Size ,shape, colour , smellEvery additional feature is intended to enhance the personality of the product .
Product features Vs. Product benefit Hush puppies (Bata)Product features Customer benefit• Cow leather uppers • Suppleness and soft comfort• Form padding on uppers • Quilted and caressed comfort• Leather sock lining • Natural feel and breathable comfort• Latex foam • Shock absorbing comfort• Polyurethane sole • Light weight comfort
C. Brand Name Name , term , symbol ,design , or a combination of themHelps to identify the goods and services of one seller from another .
D. Logo It supports the brand effectively It is a brand mark / symbol Communicate easily It is Mnemonic ( Memory aid)
E. Packaging• For consumer product• Giving protection to the product• Giving information about the product• Adding aesthetics and sales appelLabel :- Provides written information about the product Helps to understand the nature of the product , distinctive features , its composition
Product mixWhich is larger entity , denotes the complete set of all products offered for sale by a company
Product line A group of closely related product constitutes a product line . The product mix of a company is composed of all product line Product Mix Oral care Hair care Toilet product Line 1 Line 2 Line 3
WidthNumber of product line it carries Width Orel care Health care Beauty care Life styleProduct A Product A Product A Product AProduct B Product B Product B Product B Product C Product C Product C Product D Product D Product E Product F
LengthLength of product line is decided by the number of different product/brands in the line , in terms of variants ,shades, models ,pack size ,etc Personal care Product A Product B Length Product C
DepthThe total number of items under each brand in the line , in terms of variants, shades, models, pack size etc 25gm Pink 50gm 75gm White Lux 25gm Black 50gm 75gm
• Line strechingThe aim is enter a new price slot and a new market segment, which is not covered b existing offers of the firm (eg :philips-Power house and Powerplay )1.Up ward stretching – high price2. Downward stretching - price less ( Hul ,surf is in high price slot Rs40/kg ,Introduce Sunlight Rs.26/kg and wheel low price Rs.10/kg)