Product is considered to be one of the most critical elements of the marketing mix. Distribution, promotion, and pricing strategies depend very heavily upon what the product is, its attributes, and its function. There are many misconceptions about what a product is. Therefore, attention must be directed to defining a product and the product mix….
Marketers consider goods primarily in terms of whom they are being targeted. They classify goods based on whether they are consumer goods or industrial goods. Generally, products are classified into two types; Consumer Products (convenience products, shopping products, specialty products, unsought products). Industrial Products (capital goods, raw materials, component parts, major equipment, accessory equipment, operating…
A particular product has 5 levels (core benefit, generic product, expected level, augmented product, and potential product). When a buyer buys a product, he buys a package, not only the tangible product. With a soap, you purchase, for example, the soap itself, an image, and a number of interrelated satisfactions. Marketers should, therefore, need think…
Labeling is an integral part of packaging, conveying information about the product. It helps attract buyers and promote proper use.
An integral part of almost every product is a brand. Products and services are given names so they can be easily identified and promoted to buyers. Marketers must make many product decisions associated with brandings, such as brand names, marks, trademarks, and trade names. What is a Brand? A brand is a name, term, symbol,…
The main concern in designing product packages is protecting the merchandise from the factory to the ultimate consumer. It is particularly true for goods whose sales are made from display models. When customers select products from shelves, packaging becomes an important promotional tool. Sales are enhanced by visible, informative, emotionally appealing, and workable packages. High-visibility…
A product mix is all of the product lines that the company sells in the marketplace, and not those still in the development or testing stages. For example, a company’s product mix may be constituted of cosmetics, toiletries, and medicine. Again, each line may have a subline, such as cosmetics may be broken down into…
Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. To understand Product Line Decisions simply, we can look at a smartphone manufacturer, like Samsung and Apple. They are known to customers as smartphone makers, but they are more than that. Both Samsung and…
For developing marketing plans and strategies, a marketer needs to make individual product decisions. These answers what decisions a marketer has to make before developing and marketing individual products? Individual product decisions start with setting the right product attributes. To make the product stand out from the competition, branding needs to be done properly. Packaging…