Concept and levels of the product. Product classifications and marketing considerations. Product life cycle stages and strategies. New product development process. Branding strategies – branding objectives, types of brand, and concept of brand equity. Packaging: functions and levels of packaging; essentials of a good package. Product line and mix strategies. Service product strategies - service marketing concept, characteristics of services and marketing strategies; management of people, physical evidences, and process.
Product is defined as anything that is offered to a market for acquisition, attention, use, or composition that might satisfy the need and want of the consumer. The level of products is Core Benefit, actual product, and augmented products. Products and Services are classified into consumer and industrial groups.
A new product passes through various stages known as product life cycle. Product life cycle relates to both brand and category of products.Companies always try to maximize the profit and revenues over the whole life cycle of a product. Product life cycle consists four stages: Introduction stage Growth stage Maturity stage Decline stage
New Product Development (NPD) is one of the major keys to the organization to maintain its flow of new product and sustain in the market. An organization cannot sustain in a long run if they are not able to launch the new product. New product can be launched by the following process. 1.Idea Generation 2.Idea screening 3.Concept testing 4.Business analysis 5.Product development 6.Test marketing 7.Commercialization 8.Monitoring and evaluation
Branding provides personality to a product; packaging and labeling provide charm on the product. Effective packaging and labelling work as selling tools which help marketer to sell the product. The brand is defined as a name, design, term, symbol, or any other feature which identifies one seller’s good or service as distinct from those of other sellers.
Packaging refers to the design and production of the container or wrapper for a product. A firm’s product mix has four important dimensions and they are width, length, depth, and consistency. These dimensions of product mix provide the handles for defining the organization’s product strategy.
A huge number of business company offer services— airlines, hotels, banks, insurance companies, medical and legal practices, consulting companies, entertainment and telecommunications companies, real estate firms, retailers, and others. A firm must consider four special service characteristics while designing marketing program: intangibility, inseparability, variability, and perishability. The different marketing strategies for service firms are: The service profits chain Managing Service Differentiation Managing service quality Managing service productivity