1.  Product is the actually offeringProduct is the actually offering by the company to its targeted customersby the company to its targeted customers
which also includes value added stuff. Product may be tangible (goods) orwhich also includes value added stuff. Product may be tangible (goods) or
intangible (services).intangible (services).
 For many a product is simply the tangible, physical entity that they may beFor many a product is simply the tangible, physical entity that they may be
buying or selling.buying or selling.
 While formulating the marketing strategy,While formulating the marketing strategy, product decisionsproduct decisions include:include:
 What to offer?What to offer?
 Brand nameBrand name
 PackagingPackaging
 QualityQuality
 AppearanceAppearance
 FunctionalityFunctionality
 AccessoriesAccessories
 InstallationInstallation
 After sale servicesAfter sale services
 WarrantyWarranty

2. ProductProduct
 TheThe CORECORE product is NOT the tangible, physical product. You can't touch it.product is NOT the tangible, physical product. You can't touch it.
That's because the core product is the BENEFIT of the product that makes itThat's because the core product is the BENEFIT of the product that makes it
valuable to you. So with the car example, the benefit is convenience i.e. the easevaluable to you. So with the car example, the benefit is convenience i.e. the ease
way at which you can go where you like, when you want to. Another core benefitway at which you can go where you like, when you want to. Another core benefit
is speed since you can travel around relatively quickly.is speed since you can travel around relatively quickly.
 TheThe ACTUALACTUAL product is the tangible, physical product. You can get some useproduct is the tangible, physical product. You can get some use
out of it. Again with the car example, it is the vehicle that you test drive, buy andout of it. Again with the car example, it is the vehicle that you test drive, buy and
then collect.then collect.
 The Product Life Cycle (PLC)The Product Life Cycle (PLC) is based upon the biological life cycle. Foris based upon the biological life cycle. For
example, a seed is planted (introduction); it begins to sprout (growth); it shootsexample, a seed is planted (introduction); it begins to sprout (growth); it shoots
out leaves and puts down roots as it becomes an adult (maturity); after a longout leaves and puts down roots as it becomes an adult (maturity); after a long
period as an adult the plant begins to shrink and die out (decline).period as an adult the plant begins to shrink and die out (decline).

3.  Price includes the pricing strategyPrice includes the pricing strategy of the company for its products. Howof the company for its products. How
much customer should pay for a product? Pricing strategy is not only relatedmuch customer should pay for a product? Pricing strategy is not only related
to the profit margins but also helps in finding target customers. Pricingto the profit margins but also helps in finding target customers. Pricing
decision also influence the choice of marketing channels.decision also influence the choice of marketing channels.
 Price decisionsPrice decisions include:include:
 Pricing Strategy (Penetration, Skim, etc)Pricing Strategy (Penetration, Skim, etc)
 List PriceList Price
 Payment periodPayment period
 DiscountsDiscounts
 FinancingFinancing
 Credit termsCredit terms
 Using price as a weapon for rivals is as old as mankind, but it’s risky too.Using price as a weapon for rivals is as old as mankind, but it’s risky too.
Consumers are often sensitive for price, discounts and additional offers.Consumers are often sensitive for price, discounts and additional offers.
Another aspect of pricing is that expensive products are considered of goodAnother aspect of pricing is that expensive products are considered of good
quality.quality.

4. PricePrice
 Price is one of the most complex marketing decisions.Price is one of the most complex marketing decisions.
It plays a number of roles in most marketing strategies: it can be a keyIt plays a number of roles in most marketing strategies: it can be a key
component in product image (quality); a powerful sales promotion tool; or acomponent in product image (quality); a powerful sales promotion tool; or a
versatile element in competition.versatile element in competition.
 Determining pricing strategy is a delicate task.Determining pricing strategy is a delicate task.
It requires that you assess customer demand and analyze cost in order toIt requires that you assess customer demand and analyze cost in order to
choose a price that will create customer satisfaction and yield a satisfactorychoose a price that will create customer satisfaction and yield a satisfactory
level of profit.level of profit.
 Pricing is related to the goals and objectives of your organization.Pricing is related to the goals and objectives of your organization. WhatWhat
are the objectives for your library? Are you a profit making institution or isare the objectives for your library? Are you a profit making institution or is
cost recovery your goal? One thing is clear, nothing is free anymore, especiallycost recovery your goal? One thing is clear, nothing is free anymore, especially
information.information.
 When thinking about pricing, you must consider all costs associatedWhen thinking about pricing, you must consider all costs associated
with any given product.with any given product.
 The final price is a marketing decision.The final price is a marketing decision.

5.  It not only includes the placeIt not only includes the place where the product is placedwhere the product is placed, all those, all those
activities performed by the company to ensure the availability of the productactivities performed by the company to ensure the availability of the product
tot he targeted customers. Availability of the product at the right place, at thetot he targeted customers. Availability of the product at the right place, at the
right time and in the right quantity is crucial in placement decisions.right time and in the right quantity is crucial in placement decisions.
 Placement decisionsPlacement decisions include:include:
 PlacementPlacement
 Distribution channelsDistribution channels
 LogisticsLogistics
 InventoryInventory
 Order processingOrder processing
 Market coverageMarket coverage
 selection of channel membersselection of channel members
 There are many types of intermediaries such as wholesalers, agents, retailers,There are many types of intermediaries such as wholesalers, agents, retailers,
the Internet, overseas distributors, direct marketing (from manufacturer tothe Internet, overseas distributors, direct marketing (from manufacturer to
user without an intermediary), and many others.user without an intermediary), and many others.

6.  It not only includes the placeIt not only includes the place where the product is placedwhere the product is placed, all those, all those
activities performed by the company to ensure the availability of the productactivities performed by the company to ensure the availability of the product
tot he targeted customers. Availability of the product at the right place, at thetot he targeted customers. Availability of the product at the right place, at the
right time and in the right quantity is crucial in placement decisions.right time and in the right quantity is crucial in placement decisions.
 Placement decisionsPlacement decisions include:include:
 PlacementPlacement
 Distribution channelsDistribution channels
 LogisticsLogistics
 InventoryInventory
 Order processingOrder processing
 Market coverageMarket coverage
 selection of channel membersselection of channel members
 There are many types of intermediaries such as wholesalers, agents, retailers,There are many types of intermediaries such as wholesalers, agents, retailers,
the Internet, overseas distributors, direct marketing (from manufacturer tothe Internet, overseas distributors, direct marketing (from manufacturer to
user without an intermediary), and many others.user without an intermediary), and many others.