Chap 12,product strategy

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Product is considered as one of the most important aspects for growth of company. If the research about product is good enough then it may posible that its maximum chance will be capture of …

Product is considered as one of the most important aspects for growth of company. If the research about product is good enough then it may posible that its maximum chance will be capture of market.
This slide focus on how to generate long & sustainable way to develop new form of product.

Regards

Rajesh Kumar , Manager-(Digital Marketing) www.jrinfotech.com

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  • 1. .. . .....
  • 2. ..Ashok Leyland is known for its products
  • 3. Productit is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy need or want
  • 4. .. Durability Tangibility Use
  • 5. .. Nondurable goods Durable Services goods
  • 6. Non Durable Goods: These tangible goods are normally consumed in one or few use. Like Soft drinks, soap etc. These goods are purchased frequentlyMarketing Strategy• Should available in many location• Charge only just above than mfd• Advertise heavily to make it presence
  • 7. Durable Goods: These tangible goods are normally survive in many uses. Like Refrigerators, TV, Machine Tools, Cloth Etc.Marketing Strategy• Required more Personal selling• Need higher Margin• Perfect Guarantee
  • 8. Services: These intangible products are based on quality. Like: Legal Advisor, CA Firm, service industries.Marketing Strategy• Much quality required• Strong Credibility need
  • 9. . Consumer Goods Classification. Convenience Shopping Specialty Unsought
  • 10. Convenience products are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effortLike:NewspapersCandyFast food
  • 11. Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and styleLike:FurnitureCarsAppliances
  • 12. Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effortLike:Medical servicesDesigner clothesHigh‐end electronics
  • 13. Unsought products are consumer products that the consumer doesnt want to know or knows about, but doesn’t normally think of use.Like:Life insuranceFuneral servicesBlood donations
  • 14. .. Materials and parts Supplies/ Capital items business services
  • 15. • Material & Parts: These are the goods thats support the company in manufacturing of Product & other finished goods. Like iron ore, Cotton, Fish etc.• Capital items: These are the long lasting goods which facilitate developing & managing the finished goods. like, Engineering machine , Construction machine etc.• Supplies & Business Services:These are the short term goods & services that facilitate developing or managing the finished product. Like Coal, Petroleum etc
  • 16. Product Line Length:A Company lengthen its product line in two way• Line Stretching• Line Filling
  • 17. Line Stretching:• Company used to identify the total possible product of its range.• when a company lengthens its product beyond its current range line stretching occur.Company can stretch its line in following way
  • 18. .. Down-Market Stretch Up-Market Stretch Two-Way Stretch
  • 19. Down market Stretch A company want to lowered price line for following three reason.• The company might feel strong opportunity to enter in the lower segment• The company may tie-up with that segment company , otherwise this company may enter in higher segment & can give the strong competition• The company may find the declining of the present marketLike:Fmcg major enter in Shampoo pouch, Tata Nano
  • 20. Up market StretchA company wants to increase price line for following reason.• Company wishes to enter in high end market• Want to achieve more growth• Understand high Margin• Understand the luxury MarketExample: Armani Cloth, Toyota Lexus , Nissan Infiniti
  • 21. • Company wants to grow in all direction• Want to balance one of the segment with otherExample: Titan watches, Premium Range of the this watches are Edge, Nebula, Xylus & For Lower range It is Sonata.
  • 22. A firm can lengthen its product line by adding more products in the existing range. There are following reasons for line filling• Allow the customer to choose product from the given brand• Trying to satisfy dealers who may complain for shortage of particular product• Reaching for good profit• Utilize its maximum capacity• Expose itself as full line company• Do not allow any space for the competitorsExample: HUL- Lux, Liril, Hamam, Rexona