4. DEFINITION
•In marketing, a product is an object or service
made available for consumer use as of the
consumer demand;
•It is anything that can be offered to a market to
satisfy the desire or need of a customer.
5. • A product can be classified as tangible or intangible.
• A tangible product is an actual physical object that can be
perceived by touch such as a building, vehicle, gadget, or
clothing.
• An intangible product is a product that can only be
perceived indirectly such as an insurance policy.
6. Based on Usage products can be classified as:
•Consumer Products.
and
• Industrial Products.
7. •Consumer Products can be further classified
into two categories:
•Based on Durability
and
• Based on Shopping Efforts.
8. i) Durable Products
• The goods that can be used for a long period of time are
as Durable Products. For example, sewing machines,
machines, refrigerators, air conditioners, etc. The durable
needs greater personal selling efforts and after-sales service by
the organization.
ii) Non-durable Products
• The goods that can be consumed for a short period of time
few uses only) are known as Non-durable Products. For
example, soap, shampoo, toothpaste, biscuits, etc. These
products need heavy advertising and have less profit margin.
11. Based on Shopping Efforts
•Based on Shopping Efforts there are three
types of products; namely,
•Convenience Products,
•Shopping Products, and
•Specialty Products.
12. Convenience Products
• The products which are purchased immediately,
frequently, and with the least effort and time are
known as Convenience Products.
• Convenience goods require minimum shopping
effort. For example, newspapers, salt, matchbox,
medicines, etc.
13. Features of Convenience Products are as follows:
• Convenience goods are purchased in small numbers at low
prices.
• These products are usually purchased at convenient
locations with the least time and effort.
• The price of convenient products is standardized, as they are
branded products.
• As these are essential products, they have regular and
continuous demand.
• Different sales promotion schemes, such as discounts,
contests, cashback, etc., also help in the marketing of
convenience products, therefore, need heavy advertisement.
14.
15. Shopping Products
• The products in which consumers devote considerable
effort and time in shopping are known as Shopping
Products. For these products, the buyer first compares
the price, style, quality, etc., of different brands at
different stores before making the final decision of
purchase. For example, shoes, clothes, cell phones,
jewellery, etc.
16. Features of Shopping Products are as follows:
• Shopping products are usually durable.
• Consumers usually plan to purchase these products.
• Before making the final decision of the purchase, the
consumers first compare products of different companies and
at different stores.
• The retailers help the manufacturer in the sale of shopping
products, as they play a crucial role in persuading the
consumers in buying the product.
18. Specialty Products
• The products with some special features for which the
consumers make special efforts, while purchasing them
are known as Speciality Products. Demand for speciality
products is relatively inelastic. It means that even
though the price of speciality products rises, their
demand does not reduce.
• For example, antique paintings, exotic perfumes,
expensive watches, branded sneakers, house, jewellery
etc.
19. Features of Speciality Products are as follows:
• Speciality products are usually expensive and are available at a
few selected places.
• Because of their high cost, only a few people purchase these
products which make their demand limited.
• An organization need to perform aggressive promotion activities
for these products.
• The job of the marketer of speciality products does not end with
the sales. They must provide after-sales services to the consumers
also.
20.
21. Unsought Goods
• Unsought Goods are goods that the consumer
does not know about or does not normally think
of buying, and the purchase of which arises due
to danger or the fear of danger and lack of
desire.
26. Definition
• Idea generation or ideation is the act of forming
ideas. It is a creative process that encompasses
the generation, development and
communication of new thoughts and concepts,
which become the basis of your innovation
strategy.
27. Methods of Idea Generation
• Brainstorming combines a relaxed, informal approach to
problem solving with lateral thinking. It encourages people to
produce thoughts and ideas that can, at first, seem a bit crazy.
• The Delphi method is a process mostly used in research and
economics, that aims to collect opinions on a particular research
question or specific topic, to gain consensus. The opinions are
collected from a group of experts that are not physically
assembled, normally through questionnaires.
30. RESEARCH
• A detailed and careful study of something to find out more
information about it.
• Research is defined as the creation of new knowledge
and/or the use of existing knowledge in a new and
creative way to generate new concepts, methodologies and
understandings
33. PLANNING
• Planning involves all the internally focused decisions,
steps, and tasks necessary to develop a successful
product.
• In other words, it involves everything you'll need to
do that will affect the product itself.
36. PROTOTYPING
• A prototype is a draft version of a product that
allows you to explore your ideas and show the
intention behind a feature or the overall design
concept to users before investing time and money
into development.
37. TESTING/VALIDATE
• Concept testing is the process of using surveys
to evaluate consumer acceptance of a new
product idea prior to the introduction of a
product to the market.
40. Product Development
•It is a series of steps that includes the
conceptualization, design, development and
marketing of newly created or newly
rebranded goods or services. Product
development includes a product's entire
journey -- from the initial idea to after its
market release.
42. Commercialization
• Commercialization is the process of bringing new
products or services to market. The broader act of
commercialization entails production, distribution,
marketing, sales, customer support, and other key
functions critical to achieving the commercial success
of the new product or service.
43. Product marketing addresses five strategic
Questions:
• What products will be offered (i.e., the breadth and depth of
the product line)?
• Who will be the target customers (i.e., the boundaries of the
market segments to be served)?
• How will the products reach those customers (i.e., the
distribution channel and are there viable possibilities that create
a solid business model)?
44. • At what price should the products be offered?
• How should we position the product in the
minds of the customer?
