Product Management - Ravjot PanditaA product is anything that can be offered to a market to satisfy...
Transcript of Product Management - Ravjot PanditaA product is anything that can be offered to a market to satisfy...
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ProductManagement
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A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services,
experiences, events, persons, places, properties, organizations, information, and ideas.
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Potential Product
Augmented Product
Expected Product
Basic product
Core Benefit
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Need Family: The core need that underlies the existence of the product.
Product Family: All the product classes that can satisfy a core need with reasonable effectiveness.
Product Class: A group of products within the product family recognized as having a certain functional coherence.
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Product Line: A group of products within a product class that are closely related.
Product Type: A group of product line that share one of several possible forms of product.
Item: A distinct unit within a brand or a product line.
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Durability and Tangibility
Non Durable Goods : ▪ Normally Consumed in few uses.
▪ Consumed quickly & purchased frequently
▪ Advertised heavily
Durable Goods: ▪ Tangible goods that survive many uses.
▪ Requires personal selling.
▪ Require more seller guarantees
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Services
▪ Intangible, Inseparable, Variable, Perishable.
▪ Require more quality control
▪ Supplier credibility & adaptability
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Convenience GoodsThe customer usually buys frequently, immediately, and with a minimum comparison and buying effort.
Staples
Impulse
Emergency
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Shopping Goods
Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and style.
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Specialty Goods:
Consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
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Unsought Goods
The consumer does not know about or knows about but does not normally think of buying
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Industrial products are products purchased forfurther processing or for use in conducting abusiness.
Classified by the purpose for which the product is purchased
▪ Materials and parts
▪ Capital
▪ Raw materials
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Capital items are industrial products that aid in the buyer’s production or operations.
Materials and parts include raw materials and manufactured materials and parts usually sold directly to industrial users.
Supplies and services include operating supplies, repair and maintenance items, and business services.
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Product form Features Customization Performance Conformance Durability Reliability Repairability Style
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Ordering ease Delivery Installation Customer training Customer consulting Maintenance and repair
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Product system : A group of diverse but related
items that function in a compatible manner.
Product mix: Set of all products & items a particular
seller offers for sale.
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Width: No. of product lines a company carries.
Length: Total no. of items in the mix.
Depth: Variants offered of each product in the line.
Consistency: How closely related the various product lines are in end use, production requirements, distribution channels or some other ways.
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Personal Wash Skin Care Laundry Ice Cream Tea
Lux Fair & Lovely Surf Excel Kwality wall’s Brooke Bond
Lifebuoy Pond’s Rin Lipton
Liril Vaseline Wheel
Dove
Pears
Rexona
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Which items to build, maintain or harvest?
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Line Stretching: New Price slot and a new market
segment.
Down Market Stretch
Up Market Stretch
Two-way Stretch
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Line Filling: Introducing more items to existing
product lines to plug in gaps.
Line Pruning
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Packaging, sometimes called the fifth P, is all the activities of designing and producing the container
for a product.
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Identify the brand
Convey descriptive and persuasive information
Facilitate product transportation and protection
Assist at-home storage
Aid product consumption
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Self service
Consumer Affluence
Company & Brand Image
Innovation Opportunity
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Labels range from simple tags attached to products to elaborately designed graphics that are part of the
package. Labels identify the product or brand, describe
attributes, and provide promotion.
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Warranties: Formal statements of expected product
performance by the manufacturer.