Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is set of controllable marketing variables that the firm blends to produce the response it wants in the target market. Though there are many basic marketing variables.
The document discusses new product planning and the product life cycle. It begins by defining what a product is, including both tangible goods and intangible services. It then outlines the stages of the product life cycle: introduction, growth, maturity, and decline. The document also discusses the different levels of a product from the core benefit to the actual product to augmented services. Finally, it outlines the process of new product development from idea generation through test marketing to improve the odds of success.
The document discusses new product planning and the product life cycle. It begins by defining what a product is, including both tangible goods and intangible services. It then outlines the stages of the product life cycle: introduction, growth, maturity, and decline. The document also discusses the different levels of a product from the core benefits to the actual product to augmented services. Finally, it outlines the process of new product development from idea generation through test marketing to improve the odds of success.
This document discusses marketing mix and product decisions. It defines the four Ps of marketing mix as product, price, promotion, and place. It also discusses alternatives to the four Ps that include people, process, physical evidence. The document outlines different types of products like consumer products, industrial products, and services. It describes product classifications for consumer products and different product decisions around product lines, mixes, and the new product development process. Finally, it discusses the product life cycle stages of introduction, growth, maturity, and decline.
The document discusses key concepts in product management including the concept of a product, product life cycle, new product development process, branding, packaging, and labeling. It defines a product as anything that can be offered to a market for attention, acquisition, use or consumption according to Philip Kotler. It outlines the stages of the product life cycle as introduction, growth, maturity, and decline. The new product development process involves idea generation, screening, business analysis, product development, testing, and commercialization. Branding, packaging, and labeling are important elements of product strategy that help identify and differentiate products in the marketplace.
Dr. ibha Rani_ New product Development.pptxIbhaRani
The document outlines the 8 stages of new product development: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization/launch. It discusses each stage in detail and notes that new product development is necessary for companies to adapt to changing customer needs, competition, and technology. However, many new products fail due to issues in understanding the market, flaws in the product itself, or weak execution of the marketing strategy.
The document discusses product development and management. It defines a product as anything that can satisfy a want or need in the market, including both tangible goods and intangible services. It then outlines the different levels of a product from the core benefit to augmentations. It also classifies products based on durability, tangibility, and whether they are consumer or industrial goods. The document concludes by describing the seven stages of new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing.
Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is set of controllable marketing variables that the firm blends to produce the response it wants in the target market. Though there are many basic marketing variables.
The document discusses new product planning and the product life cycle. It begins by defining what a product is, including both tangible goods and intangible services. It then outlines the stages of the product life cycle: introduction, growth, maturity, and decline. The document also discusses the different levels of a product from the core benefit to the actual product to augmented services. Finally, it outlines the process of new product development from idea generation through test marketing to improve the odds of success.
The document discusses new product planning and the product life cycle. It begins by defining what a product is, including both tangible goods and intangible services. It then outlines the stages of the product life cycle: introduction, growth, maturity, and decline. The document also discusses the different levels of a product from the core benefits to the actual product to augmented services. Finally, it outlines the process of new product development from idea generation through test marketing to improve the odds of success.
This document discusses marketing mix and product decisions. It defines the four Ps of marketing mix as product, price, promotion, and place. It also discusses alternatives to the four Ps that include people, process, physical evidence. The document outlines different types of products like consumer products, industrial products, and services. It describes product classifications for consumer products and different product decisions around product lines, mixes, and the new product development process. Finally, it discusses the product life cycle stages of introduction, growth, maturity, and decline.
The document discusses key concepts in product management including the concept of a product, product life cycle, new product development process, branding, packaging, and labeling. It defines a product as anything that can be offered to a market for attention, acquisition, use or consumption according to Philip Kotler. It outlines the stages of the product life cycle as introduction, growth, maturity, and decline. The new product development process involves idea generation, screening, business analysis, product development, testing, and commercialization. Branding, packaging, and labeling are important elements of product strategy that help identify and differentiate products in the marketplace.
Dr. ibha Rani_ New product Development.pptxIbhaRani
The document outlines the 8 stages of new product development: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy development, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization/launch. It discusses each stage in detail and notes that new product development is necessary for companies to adapt to changing customer needs, competition, and technology. However, many new products fail due to issues in understanding the market, flaws in the product itself, or weak execution of the marketing strategy.
The document discusses product development and management. It defines a product as anything that can satisfy a want or need in the market, including both tangible goods and intangible services. It then outlines the different levels of a product from the core benefit to augmentations. It also classifies products based on durability, tangibility, and whether they are consumer or industrial goods. The document concludes by describing the seven stages of new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing.
The document discusses several topics related to product management:
1. It describes the 5 stages of a product's life cycle: development, introduction, growth, maturity, and decline. Marketing strategy changes at each stage.
2. It outlines the major steps in new product development: generating ideas, research, development, testing, analysis, and introduction to market.
3. It defines the role and responsibilities of a brand executive in a pharmaceutical company, which includes marketing brand strategies, analyzing sales data, and ensuring brand messaging resonates with prescribers.
4. It classifies products as either consumer products (convenience, shopping, specialty) or industrial products (materials/parts, capital items, supplies/
The document discusses key concepts related to products and services. It defines a product as anything that can satisfy a want or need, including physical goods, services, ideas, and experiences. Products pass through distinct stages in their life cycle: introduction, growth, maturity, and decline. New products are developed through processes like idea generation, concept development and testing, and commercialization. Individual product decisions involve attributes, branding, packaging, labeling, and support services. A company's product mix encompasses its various product lines and items. Services have unique characteristics like intangibility, inseparability, variability, and perishability that influence marketing strategies.
The document discusses various aspects of marketing mix related to products, including the 5 levels of a product, classification of consumer and industrial products, and the product development process. It also covers the product life cycle concept and the 4 stages of the product life cycle: introduction, growth, maturity, and decline. Finally, it provides an overview of marketing planning, implementation, and control cycle.
The document provides information on product mix, product line, product life cycle, branding, and marketing strategies at different stages of the product life cycle. It defines a product mix as the set of all product lines and items offered by a seller. A product line refers to a unique product category or brand offered that are closely related. The four stages of a product's life cycle are introduction, growth, maturity, and decline. Marketing strategies vary at each stage, from promotion to raise awareness in introduction to price cuts in decline. Branding helps create consumer preference and loyalty for a product.
The document discusses key concepts related to product management including product support services, social responsibility, product line and mix decisions, branding, packaging, positioning, and the product life cycle. It also defines service marketing and discusses strategies for marketing services. New product development involves identifying market needs, establishing timelines, and following steps such as idea generation and commercialization. The main stages of the product life cycle are introduction, growth, maturity, and decline.
1. A Informative Slides On HERB + DRUG Interaction VANDANA JANGHEL Assistant Professor (M. Pharma, Pharmacognosy) (Siddhi Vinayaka Institute of Technology & Sciences, Bilaspur, C.G.) What comes from Nature + What we change in nature + What we don’t want
2. 1. What are Herb-drug interactions? 2. How herbs interact with other co administered drug ? 3. Whether they are diagnoised? 4. Are they neglected? 5. Any reports available ? 6. What is the significance of the study ? 7. Need for the study We will discuss on following points HERB + DRUG Interaction
3. Herb drugs + Allopathic drug = Some Reactions HERB + DRUG Interaction 1. When herbal medicinal products and western drugs administered together may interact each other in body leading to kinetic and dynamic alterations. 2. Herbs are often administered in combination with therapeutic drugs, raising the potential of herb-drug interactions. 3. Herbs or Herbal drugs often taken with the Allopathic drugs with belief that it will have some Beneficial effect. 4. Most of the herbal drugs are taken because of- Availability, Economic consideration and its safety
4. PharmacodynamicPharmacokinetics Herb may causes Additive Synergistic Antagonistic Unidentified Response activity in relation to conventional drug Change the Absorption Distribution Metabolism Protein binding Excretion of the drug thus changing blood level of drug HERB + DRUG Interaction
5. Diagnosis Evidence of Interaction Preclinical Trials Clinical Trials Case studies from pharmacovigilance 1 2 3
6. 1. Drug interaction is the 4th to 6th cause of death in the world. 2. About 70-80 herbs may increase the risk of bleeding. 3. Aristolochic acid from Kidamari (Aristolochia Bracteolata) is toxic. 4. Ephedra (Somlata) caused more than 54 deaths and 1600 cases of adverse reaction. Facts about Herbal Drug Interactions
7. 1. Clinician lack of adequate knowledge about Drug-herb Interaction 2. No quality control and assurance for the purity and safety. 3. No advance research in this field. 4. Blind believe or over believe in Ayurverdic medicine 5. Avoidance of patient history about drug sensitivity 6. Adulteration in herbal drug Reason for Herb-Drug Interaction Less Knowledge No Quality Control No Documentation Mythological Believe Herbal-Drug Interaction
8. PHARMACOKINETIC INTERACTION Parameter Increases Decreases Absorption Ginger Fibers Green tea Mucilage containing herb Black pepper Mucilage containing herb Metabolism Guggul Grape juice Elimination Laxative (Aloe) Liquorices Diuretics herbs
9. ALOE VERA Interferes with drug absorption through Laxative action (Aloe latex) Decrease transit time Decrease Intestinal Fluids GINGKO BILOBA Decrease effectiveness of Alprazolam by decreasing its absorption. Ginkgo decreases absorption of Alprazolam rather than inducing hepatic metabolism of alprazolam. GINGER Enhance the absorption of sulfaguanidine and decreases blood sugar PHARMACOKINETIC INTERACTION Herbal drugs which shows Interaction related to Absorption
1
The document discusses various topics related to products and services, including:
1. It defines what constitutes a product and different types of products such as consumer goods, industrial goods, durable goods, and nondurable goods.
2. It outlines the new product development process which involves idea generation, concept development and testing, marketing strategy development, and commercialization.
3. It describes the product life cycle which consists of introduction, growth, maturity, and decline stages.
4. Additional topics covered include product attributes, branding, packaging, and labeling.
The document discusses various marketing concepts related to the 4Ps - product, price, place, and promotion. It defines key terms like branding, consumer products, pricing strategies, product life cycle, and promotion methods. It explains that product refers to the end result sold to satisfy customer needs. Branding differentiates products and creates a unique identity. There are various consumer product categories and pricing considerations. The product life cycle shows sales patterns from launch to withdrawal. A company's promotion methods can be above-the-line like advertising or below-the-line incentives.
pm assignment for college students for scoringJaypatel645080
This document discusses products and product management. It begins by defining what a product is and identifying five levels of a product from the core benefit to potential future transformations. It then discusses classifying products in various ways such as consumer goods versus industrial goods. A major section covers the product life cycle and how marketing strategies must change at each stage from introduction to decline. Next, it addresses developing new products through the multi-stage process. Other topics include defining product mix and the objectives and importance of packaging and labeling.
This document discusses product strategies and the marketing mix. It covers the following key points in 3 sentences:
1. It defines what a product is and discusses the three levels of products - the core customer value, the actual product, and the augmented product.
2. It classifies products based on durability and tangibility as nondurable goods, durable goods, and services. It also classifies products based on use as consumer products or industrial products.
3. It discusses product life cycle strategies and how products progress through five stages - product development, introduction, growth, maturity, and decline - and how companies should adjust their strategies accordingly across these stages.
This document discusses product and pricing decisions. It defines what a product is and describes different levels and classifications of products. It then explains the new product development process, from idea generation to commercialization. The document also covers managing new product development through different strategies. It introduces the concept of product life cycle and different strategies used in each stage. Finally, it discusses pricing decisions, factors to consider when setting price, and various pricing approaches and strategies.
This document discusses product strategy and new product development. It begins by defining what a product is and outlines the five levels of product potential: core, basic, expected, augmented, and potential. It then discusses elements of an effective product strategy, including defining the target market, product, value proposition, pricing, and distribution. The document emphasizes determining customer needs and problems to solve. It also discusses product mix and analyzing a company's ability to exploit opportunities in its industry or market. The goal of product strategy is to focus a company and guide new product releases.
Product life cycle and marketing management strategiesAnanthK20
The document discusses the product life cycle and marketing strategies used at each stage. It explains that all products go through stages of development, introduction, growth, maturity, and decline. To be successful during each phase, companies must understand customer needs, markets, and competitors, and how to apply the appropriate marketing mix of product, price, place, and promotion strategies. As a product moves from introduction to decline, companies shift strategies from heavy promotion and building demand, to increasing competition and price reductions. The goal is to recognize a product's stage and set performance targets to improve success throughout its lifetime.
The document discusses the new product development process. It begins with defining products and identifying strategies for obtaining new product ideas. It then outlines the 8 major steps in the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. It also discusses challenges in new product development such as market uncertainty and reasons why new products often fail.
Product Mix and Product Classification by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
This document provides an overview of key marketing management topics including product classification, product mix, new product development, and product life cycle. It discusses the three levels of a product - core, actual, and augmented products. It also covers product attributes, new product development process, organizing for new product development, generating and screening new product ideas, physical product development, pre-test and test marketing, stages of product life cycle, commercialization, product hierarchy, importance and role of brands, brand identity, equity and power.
This document discusses products, services, and brands. It defines what a product is and classifies products into consumer and industrial products. It describes the decisions companies make regarding individual products, product lines, and product mixes. It identifies the four key characteristics of services and additional marketing considerations for services. Finally, it discusses branding strategy and how companies build and manage their brands.
The document defines and discusses various concepts related to products. It begins by defining a product as anything that can satisfy a want or need and is offered in the market for acquisition or consumption. It then discusses different classifications of products such as consumer vs industrial products, convenience vs shopping vs unsought vs specialty products, differentiated vs undifferentiated goods, durable vs non-durable goods, and more. The document also covers key product decisions including branding, packaging, labeling, and product mix. It discusses the product life cycle and levels of a product from the core benefit to the augmented product.
The document discusses several topics related to product management:
1. It describes the 5 stages of a product's life cycle: development, introduction, growth, maturity, and decline. Marketing strategy changes at each stage.
2. It outlines the major steps in new product development: generating ideas, research, development, testing, analysis, and introduction to market.
3. It defines the role and responsibilities of a brand executive in a pharmaceutical company, which includes marketing brand strategies, analyzing sales data, and ensuring brand messaging resonates with prescribers.
4. It classifies products as either consumer products (convenience, shopping, specialty) or industrial products (materials/parts, capital items, supplies/
The document discusses key concepts related to products and services. It defines a product as anything that can satisfy a want or need, including physical goods, services, ideas, and experiences. Products pass through distinct stages in their life cycle: introduction, growth, maturity, and decline. New products are developed through processes like idea generation, concept development and testing, and commercialization. Individual product decisions involve attributes, branding, packaging, labeling, and support services. A company's product mix encompasses its various product lines and items. Services have unique characteristics like intangibility, inseparability, variability, and perishability that influence marketing strategies.
The document discusses various aspects of marketing mix related to products, including the 5 levels of a product, classification of consumer and industrial products, and the product development process. It also covers the product life cycle concept and the 4 stages of the product life cycle: introduction, growth, maturity, and decline. Finally, it provides an overview of marketing planning, implementation, and control cycle.
The document provides information on product mix, product line, product life cycle, branding, and marketing strategies at different stages of the product life cycle. It defines a product mix as the set of all product lines and items offered by a seller. A product line refers to a unique product category or brand offered that are closely related. The four stages of a product's life cycle are introduction, growth, maturity, and decline. Marketing strategies vary at each stage, from promotion to raise awareness in introduction to price cuts in decline. Branding helps create consumer preference and loyalty for a product.
The document discusses key concepts related to product management including product support services, social responsibility, product line and mix decisions, branding, packaging, positioning, and the product life cycle. It also defines service marketing and discusses strategies for marketing services. New product development involves identifying market needs, establishing timelines, and following steps such as idea generation and commercialization. The main stages of the product life cycle are introduction, growth, maturity, and decline.
1. A Informative Slides On HERB + DRUG Interaction VANDANA JANGHEL Assistant Professor (M. Pharma, Pharmacognosy) (Siddhi Vinayaka Institute of Technology & Sciences, Bilaspur, C.G.) What comes from Nature + What we change in nature + What we don’t want
2. 1. What are Herb-drug interactions? 2. How herbs interact with other co administered drug ? 3. Whether they are diagnoised? 4. Are they neglected? 5. Any reports available ? 6. What is the significance of the study ? 7. Need for the study We will discuss on following points HERB + DRUG Interaction
3. Herb drugs + Allopathic drug = Some Reactions HERB + DRUG Interaction 1. When herbal medicinal products and western drugs administered together may interact each other in body leading to kinetic and dynamic alterations. 2. Herbs are often administered in combination with therapeutic drugs, raising the potential of herb-drug interactions. 3. Herbs or Herbal drugs often taken with the Allopathic drugs with belief that it will have some Beneficial effect. 4. Most of the herbal drugs are taken because of- Availability, Economic consideration and its safety
4. PharmacodynamicPharmacokinetics Herb may causes Additive Synergistic Antagonistic Unidentified Response activity in relation to conventional drug Change the Absorption Distribution Metabolism Protein binding Excretion of the drug thus changing blood level of drug HERB + DRUG Interaction
5. Diagnosis Evidence of Interaction Preclinical Trials Clinical Trials Case studies from pharmacovigilance 1 2 3
6. 1. Drug interaction is the 4th to 6th cause of death in the world. 2. About 70-80 herbs may increase the risk of bleeding. 3. Aristolochic acid from Kidamari (Aristolochia Bracteolata) is toxic. 4. Ephedra (Somlata) caused more than 54 deaths and 1600 cases of adverse reaction. Facts about Herbal Drug Interactions
7. 1. Clinician lack of adequate knowledge about Drug-herb Interaction 2. No quality control and assurance for the purity and safety. 3. No advance research in this field. 4. Blind believe or over believe in Ayurverdic medicine 5. Avoidance of patient history about drug sensitivity 6. Adulteration in herbal drug Reason for Herb-Drug Interaction Less Knowledge No Quality Control No Documentation Mythological Believe Herbal-Drug Interaction
8. PHARMACOKINETIC INTERACTION Parameter Increases Decreases Absorption Ginger Fibers Green tea Mucilage containing herb Black pepper Mucilage containing herb Metabolism Guggul Grape juice Elimination Laxative (Aloe) Liquorices Diuretics herbs
9. ALOE VERA Interferes with drug absorption through Laxative action (Aloe latex) Decrease transit time Decrease Intestinal Fluids GINGKO BILOBA Decrease effectiveness of Alprazolam by decreasing its absorption. Ginkgo decreases absorption of Alprazolam rather than inducing hepatic metabolism of alprazolam. GINGER Enhance the absorption of sulfaguanidine and decreases blood sugar PHARMACOKINETIC INTERACTION Herbal drugs which shows Interaction related to Absorption
1
The document discusses various topics related to products and services, including:
1. It defines what constitutes a product and different types of products such as consumer goods, industrial goods, durable goods, and nondurable goods.
2. It outlines the new product development process which involves idea generation, concept development and testing, marketing strategy development, and commercialization.
3. It describes the product life cycle which consists of introduction, growth, maturity, and decline stages.
4. Additional topics covered include product attributes, branding, packaging, and labeling.
The document discusses various marketing concepts related to the 4Ps - product, price, place, and promotion. It defines key terms like branding, consumer products, pricing strategies, product life cycle, and promotion methods. It explains that product refers to the end result sold to satisfy customer needs. Branding differentiates products and creates a unique identity. There are various consumer product categories and pricing considerations. The product life cycle shows sales patterns from launch to withdrawal. A company's promotion methods can be above-the-line like advertising or below-the-line incentives.
pm assignment for college students for scoringJaypatel645080
This document discusses products and product management. It begins by defining what a product is and identifying five levels of a product from the core benefit to potential future transformations. It then discusses classifying products in various ways such as consumer goods versus industrial goods. A major section covers the product life cycle and how marketing strategies must change at each stage from introduction to decline. Next, it addresses developing new products through the multi-stage process. Other topics include defining product mix and the objectives and importance of packaging and labeling.
This document discusses product strategies and the marketing mix. It covers the following key points in 3 sentences:
1. It defines what a product is and discusses the three levels of products - the core customer value, the actual product, and the augmented product.
2. It classifies products based on durability and tangibility as nondurable goods, durable goods, and services. It also classifies products based on use as consumer products or industrial products.
3. It discusses product life cycle strategies and how products progress through five stages - product development, introduction, growth, maturity, and decline - and how companies should adjust their strategies accordingly across these stages.
This document discusses product and pricing decisions. It defines what a product is and describes different levels and classifications of products. It then explains the new product development process, from idea generation to commercialization. The document also covers managing new product development through different strategies. It introduces the concept of product life cycle and different strategies used in each stage. Finally, it discusses pricing decisions, factors to consider when setting price, and various pricing approaches and strategies.
This document discusses product strategy and new product development. It begins by defining what a product is and outlines the five levels of product potential: core, basic, expected, augmented, and potential. It then discusses elements of an effective product strategy, including defining the target market, product, value proposition, pricing, and distribution. The document emphasizes determining customer needs and problems to solve. It also discusses product mix and analyzing a company's ability to exploit opportunities in its industry or market. The goal of product strategy is to focus a company and guide new product releases.
Product life cycle and marketing management strategiesAnanthK20
The document discusses the product life cycle and marketing strategies used at each stage. It explains that all products go through stages of development, introduction, growth, maturity, and decline. To be successful during each phase, companies must understand customer needs, markets, and competitors, and how to apply the appropriate marketing mix of product, price, place, and promotion strategies. As a product moves from introduction to decline, companies shift strategies from heavy promotion and building demand, to increasing competition and price reductions. The goal is to recognize a product's stage and set performance targets to improve success throughout its lifetime.
The document discusses the new product development process. It begins with defining products and identifying strategies for obtaining new product ideas. It then outlines the 8 major steps in the new product development process: 1) idea generation, 2) idea screening, 3) concept development and testing, 4) marketing strategy, 5) business analysis, 6) product development, 7) test marketing, and 8) commercialization. It also discusses challenges in new product development such as market uncertainty and reasons why new products often fail.
Product Mix and Product Classification by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
This document provides an overview of key marketing management topics including product classification, product mix, new product development, and product life cycle. It discusses the three levels of a product - core, actual, and augmented products. It also covers product attributes, new product development process, organizing for new product development, generating and screening new product ideas, physical product development, pre-test and test marketing, stages of product life cycle, commercialization, product hierarchy, importance and role of brands, brand identity, equity and power.
This document discusses products, services, and brands. It defines what a product is and classifies products into consumer and industrial products. It describes the decisions companies make regarding individual products, product lines, and product mixes. It identifies the four key characteristics of services and additional marketing considerations for services. Finally, it discusses branding strategy and how companies build and manage their brands.
The document defines and discusses various concepts related to products. It begins by defining a product as anything that can satisfy a want or need and is offered in the market for acquisition or consumption. It then discusses different classifications of products such as consumer vs industrial products, convenience vs shopping vs unsought vs specialty products, differentiated vs undifferentiated goods, durable vs non-durable goods, and more. The document also covers key product decisions including branding, packaging, labeling, and product mix. It discusses the product life cycle and levels of a product from the core benefit to the augmented product.
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2. Marketing mix
• Marketing mix is the set of marketing tools
that the firm uses to pursue its marketing
objectives in the target market.
• The four-factor classification of marketing mix
namely the ‘4 P’s are:- Product, price, Place &
Promotion.
• Marketers must decide on the allocation of
the marketing budget to the product,
channels, promotion media, and sales area.
4. Car
Food
Home
Clothes
Go o d s Id e a s
Se r v ic e s Hospital
TV Repair
Auto Mechanics
Carpet Cleaning
Internet
Training
Computers
Printed Materials
Sho
rt De
finitio
n o
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ting: “
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f go
o
ds, se
rvice
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4
5. MEANING OF A PRODUCT
• A product is anything that can be offered to
satisfy a need or want.
• A product consists of as many as there
components: Physical good(s) service(s), idea
(s), etc.
• Products that are marketed include physical
goods (automobiles, books etc), service
(concerts, professional advice), persons (Mr A, B,
C), places (Langano, Sodere), organizations.
(Health association, social clubs), and ideas
(family planning, safe driving) etc.
7. CLASSIFICATION BASED ON DURABILITY
1. Non-durable goods: tangible goods that are
consumed in one or few uses. Example soap.
• Since these goods are consumed quickly and
purchased frequently, the appropriate strategy is to
make them available in many locations, charge only
a small mark up, and advertise heavily to induce
trail and build preference.
2. Durable goods: Durable goods are tangible goods
that normally serve many uses. Example machine
tools, clothing etc.
• Require more personal selling and service,
command a higher margin, and require more seller
guarantees.
8. CLASSIFICATION BASED ON USE
A. Consumer -Goods classification
• Convenience goods
• Shopping goods
• Specialty goods
• Unsought goods
B. Industrial goods classification
• Material & parts
• Capital items, and
• Supplies and business services.
10. CONSUMER PRODUCTS
CONSUMER PRODUCTS ARE PURCHASED TO SATISFY
PERSONAL AND FAMILY NEEDS; THEY ARE
CATEGORIZED ACCORDING TO HOW BUYERS
GENERALLY BEHAVE WHEN PURCHASING A
SPECIFIC ITEM.
1. CONVENIENCE PRODUCTS
CONVENIENCE PRODUCTS ARE RELATIVELY
INEXPENSIVE, FREQUENTLY PURCHASED ITEMS
FOR WHICH BUYERS EXERT ONLY MINIMAL
PURCHASING EFFORT AND THE BUYER SPENDS
LITTLE TIME PLANNING.
A CONVENIENCE PRODUCT NORMALLY IS
MARKETED THROUGH MANY RETAIL OUTLETS.
11. 2. SHOPPING PRODUCTS
SHOPPING PRODUCTS ARE ITEMS FOR WHICH BUYERS
ARE WILLING TO EXPEND CONSIDERABLE EFFORT IN
PLANNING AND MAKING THE PURCHASE.
(1) BUYERS ALLOCATE CONSIDERABLE TIME TO
COMPARING STORES AND BRANDS IN PRICES,
PRODUCT FEATURES, QUALITIES, SERVICES, AND
PERHAPS WARRANTIES.
(2) ALTHOUGH SHOPPING PRODUCTS ARE PURCHASED
LESS FREQUENTLY AND ARE MORE EXPENSIVE THAN
CONVENIENCE PRODUCTS, BUYERS OF SHOPPING
PRODUCTS ARE NOT EXTREMELY LOYAL TO THEIR
BRANDS.
(2) THEY REQUIRE FEWER RETAIL OUTLETS THAN
CONVENIENCE PRODUCTS.
(3) BECAUSE THEY ARE PURCHASED LESS
FREQUENTLY, CAUSING LOWER INVENTORY
TURNOVER.
12. 3. SPECIALTY PRODUCTS
SPECIALTY PRODUCTS HAVE ONE OR
MORE UNIQUE CHARACTERISTICS, AND
BUYERS ARE WILLING TO SPEND
CONSIDERABLE EFFORT TO OBTAIN
THEM.
SPECIALTY ITEMS OFTEN ARE
DISTRIBUTED THROUGH A LIMITED NUMBER
OF RETAIL OUTLETS.
LIKE SHOPPING PRODUCTS, SPECIALTY
PRODUCTS ARE PURCHASED
INFREQUENTLY, CAUSING LOWER
INVENTORY TURNOVER.
13. 4. UNSOUGHT PRODUCTS
UNSOUGHT PRODUCTS ARE
PRODUCTS PURCHASED TO SOLVE
A SUDDEN PROBLEM, PRODUCTS
OF WHICH CUSTOMERS ARE
UNAWARE, AND PRODUCTS THAT
PEOPLE DO NOT NECESSARILY
THINK ABOUT BUYING.
EXAMPLES INCLUDE
EMERGENCY MEDICAL SERVICES
AND LIFE INSURANCE.
14. Specialty Products Unsought Products
Shopping Products
Buy less frequently
> Gather product information
> Fewer purchase locations
> Compare for:
• Suitability & Quality
• Price & Style
Convenience Products
Special purchase efforts
> Unique characteristics
> Brand identification
> Few purchase locations
New innovations
> Products consumers don’t
want to think about.
>Require much advertising &
personal selling
Buy frequently & immediately
> Low priced
> Many purchase locations
> Includes:
• Staple goods
• Impulse goods
• Emergency goods
Consumer-Goods Classification
15. Business
Product
Classes
Installations
• Building
(i.e. factories & offices)
Component Parts
& Materials
• Component materials
• Component parts
Equipment
• Portable factory eq’t
and tools (hand tools,
• office equipment
(e.g. PC).
Professional Services
• Maintenance & repair
services
• Business advisory service
e.g. legal, management,
consulting,
Raw Materials
• Farm products
• Natural products
Supplies
• Operating supplies e.g.
lubricants, writing paper,)
• maintenance and
repair items
9-5
Industrial goods classification
17. a) Product development begins when the company finds and
develops a new-product idea.
During product development, sales are zero and the
company's investment costs mount.
b) Introduction stage
The introduction stage starts when the new product is first
launched.
Introduction takes time, and sales growth is apt to be slow.
In this stage, as compared to other stages, profits are negative
or low because of the low sales and high distribution and
promotion expenses.
Much money is needed to attract distributors and build their
inventories.
Promotion spending is relatively high to inform consumers of
the new product and get them to try it.
It has the best chance of building and retaining market
leadership if it plays its cards correctly from the start.
18. c) Growth Stage
If the new product satisfies the market, it will enter a
growth stage, in which sales will start climbing
quickly.
The early adopters will continue to buy, and later
buyers will start following their lead, especially if
they hear favorable word of mouth.
Attracted by the opportunities for profit, new
competitors will enter the market. They will
introduce new product features, and the market will
expand.
In the growth stage, the firm faces a trade-off
between high market share and high current profit.
19. d) Maturity Stage
The maturity stage normally lasts longer than the
previous stages, and it poses strong challenges to
marketing management.
Most products are in the maturity stage of the
life cycle, and therefore most of marketing
management deals with the mature product.
Competitors begin marking down prices,
increasing their advertising and sales
promotions, and upping their R&D budgets to
find better versions of the product.
20. e) Decline Stage
The sales of most product forms and brands
eventually dip.
The decline may be slow or rapid.
Sales decline for many reasons, including
technological advances, shifts in consumer tastes,
and increased competition.
As sales and profits decline, some firms withdraw
from the market.
• The Product Life Cycle can be extended by two ways
either by modifying the target market by finding
and adding new users etc or by modifying the
product adding new features, variations,
22. 1. Idea generation
22
This is the continuous & systematic search few new
product opportunities. It involves delineating the sources
of new ideas and methods for generating them. Some of
the major sources of new product are:
Customer
Employes
Competitors
Middlemens and sales representatives
Governiment policies
Other sourses include inventors, investors, Universities
(Colleges), consultants and advertising agencies.
23. 2. Idea screening
23
In idea screening poor, unsuitable or unattractive
ideas are weeded out form further considerations.
developing a checklist
3. Concept testing
A firm needs to acquire consumer feed back about its
product idea so the screened ideas must be tested
with appropriate group of target consumers.
consumers are asked about the product idea and
express their own opinion
24. 24
4. Business analysis
The stage requires the study of the attractiveness of
the business such as the extent of demand for the
product; risk, sales, cost and profit estimates.
5. Product development
This stage converts a product idea in to a physical
form and identifies a basic marketing strategy. The
goal of product development is to find the
prototype
25. 25
6. Market testing
This involves placing a fully developed new product
for sale in one or few selected area and observing
its performance.
Learn from the customers and competitors
reaction
Based on the result of market testing the firm can
decide whether to go ahead with its plan
(production) in large sale, modify the product,
modify the marketing plan or drop the product.
26. 26
7. Commercialization
After testing is completed, the firm will be ready to
introduce the product to its full target market.
Promotion and distribution
27. Product Mix
A product line is a group of products that are closely related because
they perform similar function, are sold to the same customer group, are
marketed through the same channel of distribution or fall within a
given price ranges.
27
Width - number of
different product lines
Length - total number of
items in the product mix
or the sum of all
product depth
Depth - number of
variety of products in
each product lines
Product Mix -
all the product
lines offered
29. BRAND DECISIONS
WHAT IS BRAND?
MARKETERS RECOGNIZE THE POWERFUL
INFLUENCE ON CUSTOMER BEHAVIOR THAT
CREATING AND PROTECTING A STRONG IDENTITY
FOR PRODUCTS AND PRODUCT LINES HAS.
BRANDING IS THE PROCESS OF CREATING THAT
IDENTIFY.
A BRAND IS A NAME, A TERM, A SYMBOL, A
DESIGN, OR ANY OTHER UNIQUE ELEMENT OF A
PRODUCT THAT IDENTIFIES ONE FIRM’S
PRODUCT(S) AND SETS THEM APART FROM THE
COMPETITION.
30. THERE ARE THREE TYPES OF BRAND
DESIGNATIONS
1 . A BAND NAME – IS A WORD, LETTER (A
GROUP OF WORDS OR LETTERS) THAT CAN
BE VOICED. EG. MERCEDES
2. BRAND MARK – IS A SYMBOL, DESIGN OR
DISTINCTIVE COLORING OR LETTERING
THAT CAN BE SEEN BUT NOT VOICED. EG.
FOR MERCEDES
3. TRADE MARK – IS A BRAND NAME OR
BRAND MARK OR COMBINATION THERE OF
THAT IS GIVEN LEGAL PROTECTION.
32. Benefits of Branding
Provides benefits to buyers and sellers
TO BUYER:
Help buyers identify the product that they
like/dislike.
Identify marketer
Helps reduce the time needed for purchase.
Helps buyers evaluate quality of products especially
if unable to judge a products characteristics.
Helps reduce buyers perceived risk of purchase.
Buyer may derive a psychological reward from
owning the brand, like Apple
33. TO SELLER:
Differentiate product offering from competitors
Helps segment market by creating tailored images
Brand identifies the companies products making repeat
purchases easier for customers.
Reduce price comparisons
Brand helps firm introduce a new product that carries the
name of one or more of its existing products
Easier cooperation with intermediaries with well known
brands
Facilitates promotional efforts.
Helps foster brand loyalty helping to stabilize market share.
Firms may be able to charge a premium for the brand.
34. 2. PACKAGING
• Packaging includes the activities of designing and
producing the container or wrapper for a product.
• Well-designed packages can create convenience value
for the consumer and promotional value for the
producer.
• A product must be packaged to meet the needs of
wholesaling and retailing middlemen. For instance, a
packages size and shape must be suitable for
displaying and stacking the product in the store.
35. Advantages of Packaging
• It physically protect the products
from damage, theft, …
• It helps in identifying the products
• It encourages impulse buying
• It is used as an advertising media
• It serves as an information tool
• It serves as a sales tool
• Convenient packages are easier to
use, making purchase decisions
easier for the customer as well
36. Labels
36
Labels perform several functions; first, it identified
the product or brand. The label might also grade the
product. The label might describe the product; who
made it, where it was made, when it was made, what
is contains & how it is to be used. Finally, the label
might promote the product through its attractive
graphics.
Summary Overview
Many factors affect strategy planning for business products. Business markets are characterized by derived demand -- the demand for business products derives from the demand for the final consumer products they are used to make. This means that demand tends to be inelastic -- a change in price doesn’t have much effect on the quantity ordered. Business suppliers may face almost pure competition. Tax treatments affect buying too--a capital item lasts for years and is depreciated over its life. An expense item is deducted in the year it is bought.
Business Products
Business product classes are based on how buyers see products and how they’ll be used:
Installations. Installations are important capital items. One of a kind installations such as office buildings and custom-made equipment require special negotiations for each sale.
Accessory Equipment. Accessories are short-lived capital items such as tools and production equipment.
Raw Materials. Raw materials are unprocessed expense items. They become a physical part of the goods the firm makes. Farm products are grown or raised by farmers. Natural products are those that occur in nature, such as wood and mineral ores.
Component Parts and Materials. Components are processed expense items that become part of a finished product. Component parts are finished or nearly finished products in themselves that go into other products, like tires for a car. Component materials are processed goods but require more processing before becoming part of the final product (wire).
MRO Supplies. MRO stands for Maintenance, Repair, and Operating supplies. Maintenance supplies include products like paint and light bulbs. Repair supplies are parts needed to fix worn or broken equipment. Operating supplies include things needed to do the work, like copier toner and paper clips.
Professional Services. These are specialized services that support a firm’s operations, such as management or presentation graphics consulting. Here the service part of the product is emphasized.
