Marketing is a very diverse field and it is constantly changing, offering exciting new challenges and opportunities. Principles of Marketing course covers Environment of Marketing, Consumer Buying Behavior, Market Segmentation, Targetting and Positioning, Product and Service, Price, Place/ Distribution, Promotion, and so on. In this short Presentation Design, I tried to cover the fundamentals of the Product. The topics I covered here are as follows - 01 | Definition of Product 02 | Levels of Product 03 | Classification of Product 04 | New Product Development Process 05 | Product Life Cycle Hope this presentation will help you a bit. And if you are interested to work with me feel free to knock. You can find me on LinkedIn, Behance, Dribbble, Instagram. Links are attached to this file.

1. Product and Service
Chapter 5
Part 01: Product
Designed By
Tasin Chowdhury

2. Designed By
Tasin Chowdhury
Definition of Product
A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual
or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged
depends on the market, the quality, the marketing and the segment that is targeted.
According to Philip Kotler, “Product is anything that can be offered to a market for attention,
acquisition use, or consumption and that might satisfy a want or need.”
According to William Stanton, “Product is complex of tangible and intangible attributes, including
packaging, color, price, prestige, and services, that satisfy needs and wants of people.”

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Tasin Chowdhury
Levels of Product
Kotler’s Five Product Levels
Core Product
Generic Product
Expected Product
Augmented Product
Potential Product

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Levels of Product
Core Product is the basic need or want that the customer satisfies when they buy the product.
Generic Product is a basic version of the product made up of only those features necessary for it
to function.
Expected Product includes additional features that the customer might expect.
Augmented Product refers to any product variations or extra features that might help differentiate
the product from its competitors and make the brand a clearer choice amongst the competition.
Potential Product includes all augmentations and improvements the product might experience
in the future.

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Tasin Chowdhury
Classification of Product
Product
Consumer Industrial
Convenience
Unsought
Specialty
Shopping
Materials and Parts
Supplies and Services
Capital Item

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Classification of Product
Consumer Products are products and services bought by final consumers for personal consumption.
Consumer products are mainly use in personal consumption.
Convenience Products are consumer’s products and services that customers usually buy frequently,
immediately and with minimum of comparison and buying effort.
Staple Products are products that are bought often, routinely, and without much thought.
Impulse Products are products that are bought quickly as unplanned purchases because of
a strongly felt need.
Emergency Products are products that are purchased immediately when the need is great.
Home Delivery Products are products that are mainly delivered to customer’s home.

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Classification of Product
Shopping Products are the products which are purchased by customers on the basis of pre planning
is called shopping product. Shopping products are less frequently purchased consumer products and
services that customers compare carefully on suitability, quality, price and style.
Fashion Products are shopping goods that are purchased for their appearance, distinctiveness
or style.
Service Products are products that are durably shopping goods that represent relatively large
outlays to the consumer and that usually require repair or other servicing.

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Classification of Product
Specialty Products are the products which are charming and technology based. These are consumer
products and services with unique characteristics or brand identification for which a significant group
of buyers is willing to make a special purchase effort.
New Unsought Products
Unsought Products are the products that the consumer either does not know about or know about
but does not normally think of buying.
Regular Unsought Products

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Classification of Product
Industrial Products are mainly used for further production.
According to Philip Kotler, “Industrial products are products bought by individuals and organizations for
further processing or for use in conducting a business”.
Materials and Parts are industrial products that enter the manufacturer’s product completely.
Raw Materials
Manufactured Materials And Parts

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Classification of Product
Accessory Equipment
Capital Items are industrials products that aid in the buyer’s production or operations, including
installations and accessory equipment.
Installations
Supplies
Supplies and Services are industrial products that do not enter the finished product at all.
Business Services

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New Product Development Process
01
03
05
07
02
04
06
08
Idea Generation
Concept Development and Testing
Business Analysis
Test Marketing
Idea Screening
Marketing Strategy Development
Product Development
Commercialization

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Idea Generation refers to the systematic search for new-product ideas.
Idea Screening means nothing else than filtering the ideas to pick out good ones.
Concept Development and Testing refers attractive ideas must be developed into a product concept
and need to be tested with groups of target consumers..
Marketing Strategy Development indicates a promising concept has been developed and tested,
it is time to design an initial marketing strategy for the new product based on the product concept
for introducing this new product to the market.
New Product Development Process

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Business Analysis involves a review of the sales, costs and profit projections for the new product to find
out whether these factors satisfy the company’s objectives. If they do, the product can be moved on to the
product development stage.
Product Development indicates the idea must be developed into a physical product to ensure that the
product idea can be turned into a workable market offering.
New Product Development Process
Test Marketing refers the product and its proposed marketing program are tested in realistic
market settings.
Commercialization means nothing else than introducing a new product into the market.

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Product Life Cycle

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Introduction: This phase generally includes a substantial investment in advertising and a marketing
campaign focused on making consumers aware of the product and its benefits.
Growth: If the product is successful, it then moves to the growth stage. This is characterized by growing
demand, an increase in production, and expansion in its availability.
Maturity: This is the most profitable stage, while the costs of producing and marketing decline.
Decline: A product takes on increased competition as other companies emulate its success—sometimes
with enhancements or lower prices. The product may lose market share and begin its decline.
Product Life Cycle

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References
01 https://economictimes.indiatimes.com/definition/product
02 https://www.amazon.com/Principles-Marketing-17th-Philip-Kotler/dp/013449251X
03 https://praxie.com/kotlers-five-product-levels-model-online-tools-templates/
04 https://www.josbd.com/what-is-product-classify-different-types-of-product/
05 https://marketing-insider.eu/new-product-development-process/
06 https://www.investopedia.com/terms/p/product-life-cycle.asp

17. Tasin Chowdhury
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