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A product is defined as the bundle of physical, service, and symbolic attributes desiged to satisfy customers wants and needs. Goods are tangible products that customers can see, smell, hear, taste, or touch. Services are intangible tasks that satisfy the needs of customers.
The three major classifications of consumer products are convenience products ( frequently purchased items), shopping products ( products purchased after comparison), and specialty products ( thoses that offer unique characteristics that consumers prize).a.soft drink-convenience product
b.gasoline-convenience product c.Rolex watch-specialty product
d.winter coat-shopping producte.Godiva Chocolates-specialty product
f.DVD player-shopping product
Business products are classified as installations (major capital investments), accessory equipment ( capital items that cost less and last for shorter periods than installations), component parts and materials (finished business products of one producer that become part of the final products of another producer), raw materials ( natural resources such as lumber, beef, or cotton), supplies ( the regular expenses that a firm incurs in daily operations), and business services ( the intangible products that firms buy to facilitate their production and operating processes. Examples of these in order explained is purchases of Boeing 77s for Air New Zealand, laptop computers, chemicals, lumber, light bulbs, financial services.
The concept of quality or continuous improvement is firms trying to continually improve products and work processes to achieve customer satisfaction and world-class performance. It is very important in todays marketplace because the worlds best goods and services need superior performances.
A product line is a series of related products offered bt one company. Companies usually develop one of these to achieve the objectives of growth, optimal use of company resources, increased company importance in the market, and to make optimal use of the product life cycle.
A product mix is a assortment of product lines and indidvidual product offerings that a company sells. Marketers typically measure product mixes according to width, length, and depth.
. The stratgies marketers use to expand their product mixesis often firms purchase product lines from other companies that want to narrow their product mixes. Other firms expand their offerings by acquiring entire companies through mergers or acquisitions. Sears and Roebuck & Company acquired the mail-order firm Lands End in order to re-establish its general mail-order presence. A firm should asscess its current product mix to determine the feasibility of a line extension. Coach, recently decided to extend its offerings to include products as leather and wood directors chairs, leather handbags, and leather picture frames. Careful evaluation of a firms current product mix can also help marketers in making decisions about brand management and new-product introductions.
. The four stages of the product life cycle is the Introductory Stage, an example of this is didgitla cameras, broadband internet access, satellite radio transmission. The next satge is growth, example og this is cell phones, cable TV, DVDs, and personal chefs. The next stage is Maturity, examples of this include video tapes, and cable TV access. The last stage is Decline and examples of this include portable phones, and typewriter repair.
Marketers can extend the life cycle of a product by increasing frequency of use or users, finding new uses for the product, or changing package size, label, or quality. An example of each approach is special edition M&Ms for different holidays, The Got Milk? campaign is aimed at all sorts of nontraditional mildrinkers-anyone other than children or pregnant women-in an attempt to increase the number of people who drink milk. An example of a new use is mouthwash as an aid in treating and preventing plaque and gum disease. Food markeers brought out small packages designed to appeal to one-person households and extra large containers for customers that want to buy in bulk. The wine industry is well known for relying on packaging and labeling to attract consumers to its mature products.
It is just as important for marketers to identify the point at which a product should be deleted as it is to identify when to introduce or extend the life of a product because it determines if there going to put out a new product by eliminating or retaining weak products by how long it can hold out on the market. An example of a recent product deletion decision is shortages of raw materials sometimes prompt companies to discontinue production and marketing of previously profitable items. Alcoa discontinued making its brand of aluminum foil due to shortage of materials.
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