Product(a tool of marketing mix)
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This document discusses different aspects of products and marketing mix. It defines what a product is, different types of products including goods and services. It describes the levels of a product from core benefit to actual and augmented product. It discusses types of consumer products based on consumer buying behavior and marketing considerations. It also defines industrial products and explains the three levels of product and service decisions - individual, product line, and product mix decisions.
Product(a tool of marketing mix)
- 1. (A Tool Of Marketing Mix) By: Mithilesh Trivedi
- 2. What is a Product? Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Products include physical object, services, events, persons, places, organizations, ideas, or mixes of these entities.
- 3. Service Any activity or benefit that one party can offer to another that is essentially intangible and does not result In the ownership of anything.
- 4. Levels of Product 1.Core Benefit 2.Actual Product 3.Augmented Product
- 5. Core Benefit • It addresses the question What is buyer really buying? • When designing products, marketers must first define the core , problem-solving benefits or services that consumer seek Actual Product • Product planners must turn the core benefit into a actual product • They need to develop product and service features, design, A quality Level, a brand Name, and Packaging Augmented Product • With Core and Actual Product, every Planner has to give additional consumer services and benefits
- 6. Type of Consumer Product Marketing Consideration Convenience Shopping Specialty Unsought Consumer buying Behavior Frequent purchase, little planning, little comparison or shopping effort, low customer involvement Less frequent Purchase, much planning and shopping effort, comparison of brands on price, quality, style Strong brand Preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity Little product awareness, knowledge(or, if aware, little or even negative interest) Price Low Price Higher Price High Price values Distribution Widespread distribution , Selective distribution in Exclusive distribution Values convenient locations fewer outlets in only one or a few outlets per market area Promotion Mass promotion by the producer Advertising and personal selling by both producer and resellers More carefully targeted Aggressive advertising promotion by both and personal selling by producer and resellers both producer and resellers Examples Toothpaste, magazines, laundry detergent TV, furniture, clothing Luxury goods, such as Rolex watches or fine crystal Life insurance, Red Cross blood donations
- 7. Industrial Product Product bought by individuals and organizations for further processing or for use in conducting a business For example:- machines, raw materials, etc..
- 8. Product and Service Decision Three Levels:1. Individual Product and Service Decision 2. Product Line Decision 3. Product Mix Decision
- 9. 1. Individual Product and Service Decision Product Attributes Branding Packaging Labeling Product Attributes Developing a product or service involves defining the benefits that it will offer. This benefits are communicated and delivered by product attributes such as… I. Quality II. Features III. Style and Design Product Support Service
- 10. Branding A name, term, sign, symbol or design, or a combination of these intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors Packaging The activities of designing and producing the container or wrapper for a product Labeling Label identifies the product or brand. It might also several things about product such as Who made it, Where it was made, when it was made. It might also promote the product through attractive graphics.
- 11. Product Support Service Service regarding product after it got sold
- 12. 2. Product Line Decision A group of products that are closely related because they function in a similar manner, are sold to the same customer group, are marketed through the same type of outlets , or fall within given price ranges 3. Product Mix Decision The set of all product lines and items that a particular seller offers for sale