Product Decisions Marketing mix describes how a business uses and manipulates the 4ps to market their product. Businesses employ different strategies when marketing products compared to services. As a physical product, marketers need to consider packaging, labelling and branding involved in marketing the overall product.
Products in the marketing Mix “Anything that can be offered to a market for attention, acquisition use or consumption that might satisfy a need or want.” Marketers refer to products as having three levels;1. The core product – immediate benefits2. Actual Product – quality, product features, styling, brand name and packaging.3. the augmented product – extras of product
Product Classifications Marketers have developed four product classifications in the consumer markets designed to assist in selecting a suitable marketing strategy:1. Convenience – goods bought regularly therefore familiar with type of purchase e.g milk2. Shopping – consumer will spend more time comparing and considering the various alternatives. Concluded on value for money, quality and sustainability. E.g new jeans3. Specialty – looking for a particular brand and luxury characteristic. They are expensive, exclusive and are only available to limited distributions. E,g Luxury car or boat4. Unsought products – not previously thought of by consumer or it is unaware of its existence. Example: new technologies to upgrade dvd player.
Individual Product Decisions Business needs to be involved in a decision making process for completing the overall product for market. Decisions faced by the marketer preparing their individual products for market include issues surrounding:- Product attributes- Branding- Packaging- Labelling- Product support services
When a customer considers a familiar brand they enjoy there will be four levels:1. Attributes2. Benefits3. Values associated with brand4. conjure personality – type of person who would use it
Brand Strategies for Businesses There are four main brand strategies available to businesses:1. Line Extension Strategy = existing product, no brand name2. Multibrand Strategy = existing product with a new brand name3. Brand Extension = new product with an existing brand4. New Brands Strategy = for new products and new brands
Product decision process Consider packaging that is most appropriate for product what level of product support services will be offered to the consumers.
Product Line and Product Mixdecisions Turn our attention on decision made for groups of products called product lines. Product lines have similar elements such as price, or function. E.g different types of nokia phones Businesses sometimes stretch product lines upwards and downwards, meaning having quality expensive items as well as lower price items to widen target market.