This document discusses product concepts and product mix. It defines what constitutes a product and identifies key product categories like goods, services, and ideas. It also explains the importance of products in marketing. The document outlines five levels in a customer value hierarchy for planning market offerings - core benefit, basic product, expected product, augmented product, and potential product. It classifies products based on durability and tangibility as non-durable goods, durable goods, and services. The document concludes by discussing strategies for managing an optimal product mix, including positioning, expansion, alteration, and contraction.
Nature and importance of brands
Characteristics of a good brand name
Branding strategies of producers and middlemen
Building and using brand equity
Nature and importance of packaging and labeling
Packaging strategies
Marketing implications of product features
Nature and importance of brands
Characteristics of a good brand name
Branding strategies of producers and middlemen
Building and using brand equity
Nature and importance of packaging and labeling
Packaging strategies
Marketing implications of product features
Colgate- Palmolive Company : The Precision ToothbrushSneh Ankur
ย
The Slides were created by Sneh Ankur, Btech Nit Agartala (C.S.E) during a Marketing Internship under Prof. Sameer Mathur, IIM Lucknow. It contains the case study of Harvard Business School .
This presentation has been created by Akriti Sarswat, IIT Kanpur, during a marketing internship under the guidance of Prof. Sameer Mathur, IIM Lucknow.
This is a brief case study analysis on Colgate Palmolive Toothbrush Brand. This presentation has been done as a fulfillment of an assignment given by Prof. Sameer Mathur, Marketing Professor, IIM Lucknow.
This presentation bases its focus on marketing strategy of the company and break-even analysis on the basis of the exhibits given at the end of the case.
Colgate- Palmolive Company : The Precision ToothbrushSneh Ankur
ย
The Slides were created by Sneh Ankur, Btech Nit Agartala (C.S.E) during a Marketing Internship under Prof. Sameer Mathur, IIM Lucknow. It contains the case study of Harvard Business School .
This presentation has been created by Akriti Sarswat, IIT Kanpur, during a marketing internship under the guidance of Prof. Sameer Mathur, IIM Lucknow.
This is a brief case study analysis on Colgate Palmolive Toothbrush Brand. This presentation has been done as a fulfillment of an assignment given by Prof. Sameer Mathur, Marketing Professor, IIM Lucknow.
This presentation bases its focus on marketing strategy of the company and break-even analysis on the basis of the exhibits given at the end of the case.
Presentation I did recently when applying for a job at Clear Thought Consulting.
One of the restraint was that the recipient should digest it in no more than 20 minutes.
Maanagement of Marketing UNIT-3 &4 product.pptetebarkhmichale
ย
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because they did not want to share their wealth. The universal law of attraction is simple. We attract whatever we choose to give our attention to. If we focus on bad things, we will attract more bad things. But the minute you stop focusing on bad and focus on good, you change the pattern and now good things start coming your way.
If we knew the law of attraction and applied it in our lives daily, we would have so much power and control that it would be scary. We could have what we wanted, and when we wanted it. We would have total control of our lives. If you think of yourself as a powerful attractor, you will attract more of what you want in your life, simply by thinking about it, then acting on it. But there is one ingredient you cannot leave out or the law of attraction won't work.
When we think of an object in our mind, we then send that image to our hearts and act on it with emotion. A formula makes this easy to follow: TFAR (Thoughts, Feelings, Actions, and Results) When we take necessary action, the universe shows up and gives us the results we wanted.
The law of attraction works by performing three steps. And these steps must be done for the process to work. These steps are:
1. Getting clear. You must know what it is you want or else you wonโt get it. The universe wonโt know what you are asking for, so how can it deliver?
2. Vibrate to the level of energy corresponding to what you want. If you want something and you think about it, feel it, and act on it, you must keep that level of energy going until you achieve the results you are after.
3. Attract what you want like a magnet. If you focus on what you want but donโt allow it to come into your life, it wonโt. You have to be willing to accept it and acknowledge it. Then when you act, it will occur.
Whatever you do during the course of a day, whatever thoughts you think about, you are attracting. If you use it every day, regularly, and practice it this way, you will eventually find that it becomes a habit that you will subconsciously practice.
You may not believe it, but the steps you need to take are easy. But you must do them, believe in them, and believe in yourself, or they will not work. Are you ready to get tuned into the universe and get clear? Can you work in harmony with the laws of the universe and become successful?
If so here are the steps you need to follow:
1. Get clear. You must know exactly what it is you want. If you are in doubt, vague, or too general, you wonโt get anywhere. You must know exactly what it is you want first. Only then will you be able to focus and concentrate on that thought?
2. Visualize what you want and vibrate to it. You must form a mental image in your mind so you can see it as if you had it in your possession. For women, you can do the
Products and services falls into two broad classes based on the type of consumers who use them, that is consumer products and industrial products.Broadly defined Products also include other marketable entities such as experience,organization,persons,places and ideas. therefore will be discussing both Consumer and Industrial Products.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
ย
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. Youโll also learn
โข Four (4) workplace discipline methods you should consider
โข The best and most practical approach to implementing workplace discipline.
โข Three (3) key tips to maintain a disciplined workplace.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
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Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
ย
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
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Discover the innovative and creative projects that highlight my journey throughย Full Sail University. Below, youโll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
1. PRODUCT CONCEPT & PRODUCT MIX
SRIBATSA PATTANAYAK
M.B.A, ABA, BALASORE
Introdction
There are two essentials in marketing i.e. product(goods & services) & marketing(buyers & sellers). Without these
two essentials there can be no marketing. Markets & products are the foundations on which the whole study of
marketing is based. The transfer of ownership can not take place, unless there are both a market & a product.
What is a product?
โA product is a bundle of physical service & symbolic particulars expected to yield satisfactions or benefits to the
buyerโ. :- PHILIP KOTLER
โA product is anything that can be offered to a market for attention, acquisition , use or consumption, that might
satisfy a want or needโ. :- PHILIP KOTLER
Products that are marketed include physical goods, services, persons, places, organizations & ideas.
Goods โ Something is considered a good if it is a tangible item. That is, it is something that is felt, tasted, heard,
smelled or seen. For example, bicycles, cellphones, and donuts are all examples of tangible goods. In some cases
there is a fine line between items that affect the senses and whether these are considered tangible or intangible.
We often see this with digital goods accessed via the Internet, such as listening to music online or visiting an
information website. In these cases there does not appear to be anything that is tangible or real since it is
essentially computer code that is proving the solution. However, for our purposes, we distinguish these as goods
since these products are built (albeit using computer code), are stored (e.g., on a computer hard drive), and
generally offer the same benefits each time (e.g., quality of the download song is always the same).
Services โ Something is considered a service if it is an offering a customer obtains through the work or labor of
someone else. Services can result in the creation of tangible goods (e.g., a publisher of business magazines hires a
freelance writer to write an article) but the main solution being purchased is the service. Unlike goods, services are
not stored, they are only available at the time of use (e.g., hair salon) and the consistency of the benefit offered
can vary from one purchaser to another (e.g., not exactly the same hair styling each time).
Ideas โ Something falls into the category of an idea if the marketer attempts to convince the customer to alter
their behavior or their perception in some way. Marketing ideas is often a solution put forth by non-profit groups
or governments in order to get targeted groups to avoid or change certain behavior. This is seen with public
service announcements directed toward such activity as youth smoking, automobile safety, and illegal drug use.
Importance of product
It is said that nothing happens to our market unless there is a sale or purchase of a product. Product is the soul of
all our marketing activities. Without a product no marketing can be imagined. So the main responsibility of
2. management should be to know its product well. The importance of product can be judged from the following
facts.
I. Product is the central point of all marketing activities
All marketing activities revolves around the product. All activities i.e. selling, purchasing, advertising, distribution,
promotion etc. are useless unless there is a product. Product is the soul of an organization, without it nothing can
happen.
II. Product is the starting point of planning
Planning of marketing activities includes distribution, sales promotion, price, advertising etc. & they are done on
the basis of nature quality & demand of the product. It is the product planning that decide other policies.
III. Product is an end
The main objective of all marketing activities is to satisfy the customers needs & specifications. Various policy
decisions are techniques to provide customer benefits, utilities & satisfaction through product. Thus product is an
end i.e. customer satisfaction.
Thus it is clear that the product is a must for marketing activities.
Five levels of product (the customer value hierarchy) :
In planning its market offer or product, the marketer needs to think through five product levels i.e. core benefit,
basic product, expected product, augmented product, & potential product.
I. Core benefit:
The most fundamental level is core benefit, which means the fundamental service or benefit that the customer is
really buying.
EXAMPLES: A hotel guest is buying โrest & sleepโ
3. II. Basic product:
At the 2nd level , the marketer has to turn the core benefit into a basic product or generic product.
EXAMPLES: A hotel room includes a bed, bathroom , towels, desk ,& dresser etc.
III. Expected product:
At the 3rd level the marketer provides an expected product i.e. a set of attributes & conditions buyers normally
expect when they purchase this product.
EXAMPLES: Hotel guests expect a clean bed, fresh towel, working lamps & a relative degree of quiet.
IV. Augmented product:
At the 4th level the marketer prepares an augmented product. An augmented product is that exceeds the customer
expectations, in other words additional services & benefits that distinguishes the companyโs offer from that of
competitors.
EXAMPLES: A hotel can augment its products by cable services, fresh flowers, rapid check-in, check-out, fine
dining & room services.
Todayโs competition essentially takes place in product augmentation level.
V. Potential product:
At the 5th level stands the potential product, Which indicates the augmentations & transformations that the
product might undergo in the future. Where as the augmented product describes what is included in the product
today, the potential product points to its possible evolutions.
In this level the marketers search aggressively for new ways to satisfy customers & distinguish themselves from
competitors.
EXAMPLES: Unexpected changes in technology, attributes, features, styles, colours, grade & quality.
The product classification
Marketers have traditionally classified products on the basis of characteristics : Durability, Tangibilty & Use
(consumer or industrial)
a) Durability & tangibility:
Products can be classified into 3 groups according to durability & tangibility, such as:
I. Non-durable goods:
These goods are tangible goods normally consumed in one or few uses.
EXAMPLES: Beer, soap etc.
These goods are consumed quickly & purchased frequently.
4. II. Durable goods:
These are tangible goods which survive many years.
EXAMPLES: Refrigerators, machine tools, clothings.etc.
III. Services:
They are intangible, inseparable,variable & perishable products. They require more quality control, supplier
credibility & adaptability.
EXAMPLES: haircuts, legal advices, repairing etc.
Product
classification
Durability &
Consumer goods Industrial goods
tangibility
Convenience goods.
Non-durable goods. Materials & parts.
Shopping goods.
Durable goods. Capital items.
Specialty goods.
Services. Supplies & business services.
Unsought goods.
b) Consumer goods:
The goods designed for the ultimate consumers or the house holds are called consumer goods. Consumers
can be classified on the basis of shopping habits, such as: convenience, shopping, specialty & unsought
goods.
I. Convenience goods:
The consumer goods which a customer purchases regularly & frequently & with minimum efforts are called
convenience goods. This category includes a wide range of household products.
EXAMPLES: Cigarettes, newspapers, grocery products, toilet products etc.
5. The convenience goods can be subdivided into 3 types: STAPLES, IMPULSE & EMERGENCY goods.
๏ถ Staple goods:
The goods the consumer purchases on regular basis. EXAMPLES: Colgate toothpaste, Mysore sandal
soaps, Britannia marie biscuits.etc.
๏ถ Impulse goods:
These goods are purchased without any planning or search effort. EXAMPLES: Chocolates, Ice-creams,
Candyโs, Potato chips etc.
๏ถ Emergency goods:
These goods are purchased when needs are urgent. EXAMPLES: Raincoats in rainy days, Sweaters in
winter.etc.
II. Shopping goods:
These goods are bought by customers on the comparison of quality, price-suitability & style. Selection of
these goods thus becomes a ingredient of the buying motive of the customer. Products of this group are
more complex than convenience goods. There is a high degree of differentiation as well as they are durable
in nature.
These goods are purchased less frequently & are than convenience goods.
EXAMPLES: Readymade garments, shoes, sarees & jewellery, electronic goods.
III. Specialty goods:
These goods tend to carry a high price tag relative to convenience & shopping products. Here
consumption may occur at the same rate as sh0pping products, but the consumers are much more
selective. These goods are durable, comparatively high priced & infrequently purchased.
Here brand loyalty plays a vital role in buying motives of the consumers.
EXAMPLES: Luxury ctv, four-wheelers, air-conditioners, expensive champagnes, etc.
IV. Unsought products:
Those products that the customer does not know or does not normally thought of buying.
EXAMPLES: Life insurance, Encyclopedias, Reference books.
Unsought goods require advertising & personal selling support.
c) Industrial goods:
Industrial goods are those goods which are meant for producing other goods. Products sold within the B2B
Market falls in to this categories. They are classified in terms of their relevance in production process &
costs.
6. I. Raw materials:
These are products obtained through mining, harvesting, fishing etc. They are key ingredients in
the production of higher order products.
EXAMPLES: Iron Ore, Cotton, Natural Rubber etc.
II. Processed materials:
These are products created through processing of basic raw materials . In some cases processing
refines original raw materials, while in other cases the processing combines different raw materials
to creating something new.
EXAMPLES: Steel, Lead, Batteries etc
III. Equipments:
These are products used to help with production or operation activities.
EXAMPLES: Conveyor Belts, Boilers, Lathe tools, Welding equipments, Calculators, Type writers,
Computers etc.
IV. MRO Products (Maintenance, Repair, Operating):
These are short term goods & services that facilitate developing or managing finished product.
These are also called supplies. Maintenance & repair supplies include: paint, nails, brooms etc.
operating supplies means: lubricants, coals, writing paper, pencils etc.
The product-mix
At the heart of a great brand is a great product. Product is a key element in the market offering. One of the
major management aspect involved in product policy is the decision concerning product-mix. Product-mix
is very important now-a-days, since most of the manufacturers are diversifying their products. The product
policy decisions are made of these different levels: product mix, product items & product lines. These 3-inโ
one elements make the product effective.
Product mix:
Product mix is the list of all products offered for sale by a company.
According to Philip kotler a product mix or product assortment is the set of all products & items a
particular seller offers for sale.
A product mix consists of various product lines.
EXAMPLE: The consumer product portfolio of NIRMA Ltd. Consists of : fabric-care products, personal-care
products, food products etc. in each of these categories, the company has different brands & variants.
The product-mix is 4 dimensioned, as a companyโs product mix contains width, length, depth &
consistency. Letโs discuss these 4 fold dimensions:
7. I. The width:
The width of product mix refers to how many different product lines in the company carries. The
word width refers to the extent of different product lines in the product mix offered by an
organization.
II. The depth:
The word depth applies to the number of product items offered by an organization within a
particular product line. It means the variants offered of each product in the line.
EXAMPLE: Lux comes in 2 sizes & 4 fragrances, so it has a depth of 2ร4=8
III. The length:
The length of the product mix refers to the total number of items in the mix. We can calculate the
average length of a line by dividing the total length by number of lines.
EXAMPLE: If there are 30 items in a product mix & 10 product lines, then average length of a line:
3oรท10= 3 items.
IV. The consistency:
Consistency refers to the close relationship of various product lines either to their end use or to
production requirements or to distribution channels or to other variables.
EXAMPLE: HUL product lines are consistence in the sense they all are consumer goods & go
through the same distribution lines.
Another example of Bajaj electrical, all its products falls under the category of โElectronic
Appliancesโ.
But TATAโS product lines are not consistent as it manufactures heavy machineries, softwares,
telecommunication, consumer goods etc. here the different product lines have no relationship in
between them.
Thus an optimal product-mix is required by all organizations, which helps the company for
attracting, retaining & growing customers & establishing a high reputation for it self.
Product-mix strategies:
To be successful in marketing, producers & middlemen need carefully planned strategies for managing
their product mixes. The major product mix decisions are:
I: positioning, ii: expansion, iii: alternations & iv: contraction.
a) Product positioning:
It means positioning in relation to a competitor. It involves in developing the image in the minds of
the customer that the product is superior to its competitors.
8. In positioning the important strategies are:
I. Attribute positioning:
In this way of positioning, the benefits that customers get in using the product are highlighted.
II. Competitive positioning:
In this strategy the firm establishes its product next to the leader & trying to uproot in a specific
tangible variable.
III. Lifestyle positioning:
A product may be positioned as a life style component. For example: Many of todayโs kitchen
appliances like microwave ovens etc. are positioned like this.
b) Product mix expansion:
Product mix expansion is done by increasing the depth within a particular line or number of lines a
company offers to customers. When company adds a similar item to an existing product line with
the same brand name, this is called line extension. Thus line extension is a way to expand the
product mix. The main reason for line extension may be that the firm wants to appeal to more
market segments by offering a wider range of choices for a particular product.
Another way to expand product mix is mix extension. It is a strategy to add new product line to
companyโs present assortment.
c) Product mix alternation:
Product alternation means an act of improving an established product. This is more profitable &
less risky than developing a completely new product. For example: A product may be redesigned to
be available in separate styles for girls & boys.
d) Product mix contraction:
This strategy is carried out by eliminating an entire line or by simplifying the assortment within the
line. The main aim of product contraction strategy is higher profit from fewer products.