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Product
The document defines and discusses different aspects of products. It defines a product as anything offered in the market that can satisfy a want or need. It states that a product has more than just physical attributes, but also a personality. It then discusses different ways products can be defined and differentiated, including by variety, quality, design, brand name, packaging and more. It also categorizes different levels of products from generic to customized to augmented. Finally, it outlines the key components that make up a product's personality, such as the core product, associated features, brand name, logo, and packaging.
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Overview of the product concept and its importance to firms.
A product is defined as an offering that satisfies a need or want, including goods, services, and ideas.
A product extends beyond a physical entity; it possesses a distinct personality that influences consumer perception.
Key factors that define a product include variety, quality, design, features, brand name, packaging, and services.
Differentiation includes size, features, quality, durability, and style, which help distinguish products in the market.
Different types of products: generic, branded, differentiated, customized, augmented, and potential products.
Generic products are unbranded and lack identity, often representing basic commodities like rice or bread.
Branded products are identifiable through names and packaging, distinguishing them in the marketplace.
Differentiated products enjoy distinct features and qualities that set them apart from competitors.
Customized products are tailored to meet individual customer preferences, exemplified by high-end car models.
Augmented products offer additional value or features exceeding customer expectations, enhancing user experience.
Potential products represent future innovations, such as advanced technologies showcased at expos.
The core product is the fundamental offering without additional features, forming the basis of its complete personality.
A good product personality cannot be established without high-quality core components, crucial for effectiveness.
For a product to have an impactful personality, the basic constituents must be of high quality.
Additional features like size and color enhance a product's personality and appeal to consumers.
Product features must translate into tangible customer benefits, exemplified by the comfort of Hush Puppies shoes.
A brand name is critical for distinguishing products, and it may comprise terms, symbols, or designs.
A logo supports brand recognition, serves as a mnemonic device, and communicates brand identity.
Effective packaging protects products, provides information, and enhances visual appeal to aid sales.
Product mix refers to the complete range of products offered by a company, encompassing diverse lines.
A product line is a collection of related products, forming part of the larger product mix of a company.
Width indicates the number of product lines a company carries, spanning oral care, hair care, and beauty care.
Length refers to the number of different products within each line, accounting for variants and models.
Depth reflects the total items per brand in a product line, showing variations in size and model.
Line stretching is a strategy to reach new market segments, encompassing upward and downward price adjustments.
Closing remarks and acknowledgment at the end of the presentation.
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Product
- 1. PRODUCT Aravind LEAD College of Management
- 2. Definision • Product isa need satisfying offering of a firm .” Anything that can be offered to market for attention , acquisition , use , or consumption that might satisfy a want or need , include physical objects, services, persons, organisation and idea is called product “ • Product makes to satisfy one or more physiological and / or psychological need of the market at a given moment .
- 3. • A PRODUCTIS MORE THAN A PHYSICSAL ENTITITY ; IT HAS A PERSONALITY
- 4. Way of defininga product • Product variety • Quality • Design • Features • Brand name • Packaging • Size • Services • Warranties
- 5. Product Differentiation • Form - Size, shape, etc • Features • Performance quality • Conformance quality • Durability • Reliability • Reparability • Style
- 6. Product attains differentlevel • GENERIC PRODUCT • BRANDED PRODUCT • DIFFERENTIATED PRODUCT • CUSTOMISED PRODUCT • AUGMENTED PRODUCT • POTENTIAL PRODUCT
- 7. 1. THE GENERICPRODUCT Unbranded product Does not have identity through a name Not linked to any one maker or owner Eg :- Rice, bread, atta
- 8. 2. BRANDED PRODUCT Haveidentity through a name Have packing
- 9. 3. DIFFERENTIATED PRODUCT Enjoys distinction from other similar products/brands in the market . Endorse the brand with some special attribute/qualities and claims uniqueness Differentiation may be tangible Maggi, detol soap(PIC)
- 10. 4. CUSTOMISED PRODUCT A product that is adapted to the requirements of the individual customer Eg :- Caller tune Bufor car :- Kula-Lumpur produces only 300 of these cars an year . One has to book and wait .Price stars from $ 250,000 , 900 man-hours
- 11. 5. AUGMENTED PRODUCTS Improved with value addition Goes beyond the expectation the customer Extra features
- 12. 6. POTENTIAL PRODUCT Tomorrow’s product Eg : Resent Auto expo , Honda motor company displayed the humanoid robot called ASIMO ,it will replace the chauffeur in Honda cars .
- 13. Components of productpersonality A. CORE PRODUCT The Core product = Basic product (no other associated features) Other components are superimposed on this basic product to constitute the total personality of the product
- 14. NO FIRM CANBUILT A GOOD PRODUCT PERSONALIY WHEN THE BASIC CONSTITUENT OF THE PRODUCT IS SUB-STANDARD
- 15. Lesson THE BASIC PRODUCTCONSTITUENT HAS TO BE GOOD , IF THE TOTAL PRODUCT PERSONALITY HAS TO BE EFFECTIVE .
- 16. Components of productpersonality ,Ctn… B. ASSOSIATED FEATURE Basic feature = Soap Additional features = Size ,shape, colour , smell Every additional feature is intended to enhance the personality of the product .
- 17. Product features Vs.Product benefit Hush puppies (Bata) Product features Customer benefit • Cow leather uppers • Suppleness and soft comfort • Form padding on uppers • Quilted and caressed comfort • Leather sock lining • Natural feel and breathable comfort • Latex foam • Shock absorbing comfort • Polyurethane sole • Light weight comfort
- 18. C. Brand Name Name , term , symbol ,design , or a combination of them Helps to identify the goods and services of one seller from another .
- 19. D. Logo It supports the brand effectively It is a brand mark / symbol Communicate easily It is Mnemonic ( Memory aid)
- 20. E. Packaging • Forconsumer product • Giving protection to the product • Giving information about the product • Adding aesthetics and sales appel Label :- Provides written information about the product Helps to understand the nature of the product , distinctive features , its composition
- 21.
- 22. Product mix Which islarger entity , denotes the complete set of all products offered for sale by a company
- 23. Product line A group of closely related product constitutes a product line . The product mix of a company is composed of all product line Product Mix Oral care Hair care Toilet product Line 1 Line 2 Line 3
- 24. Width Number of productline it carries Width Orel care Health care Beauty care Life style Product A Product A Product A Product A Product B Product B Product B Product B Product C Product C Product C Product D Product D Product E Product F
- 25. Length Length of productline is decided by the number of different product/brands in the line , in terms of variants ,shades, models ,pack size ,etc Personal care Product A Product B Length Product C
- 26. Depth The total numberof items under each brand in the line , in terms of variants, shades, models, pack size etc 25gm Pink 50gm 75gm White Lux 25gm Black 50gm 75gm
- 27. • Line streching Theaim is enter a new price slot and a new market segment, which is not covered b existing offers of the firm (eg :philips-Power house and Powerplay ) 1.Up ward stretching – high price 2. Downward stretching - price less ( Hul ,surf is in high price slot Rs40/kg ,Introduce Sunlight Rs.26/kg and wheel low price Rs.10/kg)
- 28.