60007 Product Management

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60007 Product Management

  1. 1. Amity Business School Marketing & Sales Programme, IInd Semester Product & Brand Management Varsha Khattri
  2. 2. What is a Product? A PRODUCT is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.
  3. 3. <ul><li>Includes: </li></ul><ul><ul><li>Physical Objects </li></ul></ul><ul><ul><li>Services </li></ul></ul><ul><ul><li>Events </li></ul></ul><ul><ul><li>Persons </li></ul></ul><ul><ul><li>Places </li></ul></ul><ul><ul><li>Organizations </li></ul></ul><ul><ul><li>Ideas </li></ul></ul><ul><ul><li>Combinations of the above </li></ul></ul>
  4. 4. What is a Service? <ul><li>A SERVICE is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. </li></ul>
  5. 5. <ul><li>Examples include: </li></ul><ul><ul><li>Banking </li></ul></ul><ul><ul><li>Hotels </li></ul></ul><ul><ul><li>Tax preparation </li></ul></ul><ul><ul><li>Home repair services </li></ul></ul>
  6. 6. PRODUCT LEVELS Core Benefit Augmented Potential Expected Basic
  7. 7. Product Levels <ul><li>Core Benefit </li></ul><ul><li>Basic Product </li></ul><ul><li>Expected Product </li></ul>Fundamental service or benefit that the customer is really buying Containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features A set of attributes & conditions buyers normally expect when they purchase the product
  8. 8. Exceeds customer expectations <ul><li>Augmented Product </li></ul><ul><li>Potential Product </li></ul>Encompasses all possible augmentations & transformations the product might undergo in future
  9. 9. Product Hierarchy Need Family Product Family Product Class Product Line Product Type Brand Item
  10. 10. 7 Levels of Product Hierarchy <ul><li>Product Need — to satisfy a need </li></ul><ul><li>Product Family — all the product classes that can satisfy a core need with reasonable effectiveness </li></ul><ul><li>Product Class — a family of products having similar function </li></ul><ul><li>Product Line — a group of products with closely related functions, are sold to the same customer groups, are marketed through the same channels, or fall within given price ranges </li></ul>
  11. 11. <ul><li>Product Type — products within a line having similar form </li></ul><ul><li>Brand — a name representing a product or line </li></ul><ul><li>Item (Stock Keeping Unit or Product Variant) — a unit within a brand or product line distinguishable by size, price, appearance or some other attribute </li></ul>

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