What is a product A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase

Product elements

PRODUCT LIFE CYCLE The product life cycle theory was propounded by economist Raymond Vernon in With the help of this theory, Raymond Vernon sought to explain the various stages that a product goes through after it enters the market. It explains the reasons that determine the growth, maturity and the decline of a product and how the life cycle stages determine foreign trade.

1. Innovation A new product is produced inside the organization or an old product is renewed with no introduction to the market. No sale= no profit High innovation expenses High experimentation expenses

A new product is introduced onto the Marketplace, few people know about it, and its success is rarely guaranteed. Much time and money is invested in promoting this product, and there is either no profit or even a net loss during this period.

The product starts to grow in popularity, sales increase as advertising starts working and others start to imitate your product. Profits increase, and your product steadily becomes a success.

Your product becomes an established part of the Market, but sales start to increase slowly as competition and pricing factors take place. At this stage advertising costs are at their highest, whilst profits may start to drop. The market for your product could reach saturation point.

Sales start to fall, as your product loses its appeal. Profits drop as production is often cut, competition in the marketplace gets stiffer as advertising is cut and plans are made to shelve the product in the future.

Not all products have the same life cycle it is mainly affected by consumer preferences, economy & competition. A life cycle can be weeks, or years according to the product itself.

Logo Recognizable and distinctive graphic design, stylized name, unique symbol, or other device for identifying an organization. It is affixed, included, or printed on all advertising, buildings, communications, literature, products, stationery, and vehicles. Not to be confused with a brand, which identifies a product or family of products. Also called logotype.

TrademarkTrademark Distinctive design, graphics, logo, symbols, words, or any combination thereof that uniquely identifies a firm and/or its goods or services, guarantees the item's genuineness, and gives it owner the legal rights to prevent the trademark's unauthorized use. A trademark must be (1) distinctive instead of descriptive, (2) affixed to the item sold, and (3) registered with the appropriate authority to obtain legal ownership and protection rights. Trademark rights are granted usually for 7 to 20 years and, unlike in case of patents, are renewable indefinitely. These rights are protected worldwide by international intellectual property treaties and may be assigned by their owner to other parties. Although a trademark has no limited term of existence, the rights to use it may be lost due to misuse or lack of usedesigngraphicslogosymbolswords combinationgoodsservicesguaranteesitem'sownerlegal rightsitemauthority obtainlegalownershipprotectionrightsgranted casepatentsintellectual property treaties partieslimitedduemisuse

Brand Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors. Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind (see positioning). Thus brands help harried consumers in crowded and complex marketplace, by standing for certain benefits and value. Legal name for a brand is trademark and, when it identifies or represents a firm, it is called a brand name.

Select a published scientific paper in marketing for discussion