LECTURE SLIDES BY Dr VIPUL JAIN PhD,PGDBA,MBA,MA(Eco,),PGDMSM,BA(Eco.) PRODUCT LECTURE SLIDES BY Dr VIPUL JAIN PhD,PGDBA,MBA,MA(Eco,),PGDMSM,BA(Eco.)
CORE FEATURES ASSOCIATED FEATURES LAYERS OF THE PRODUCT CORE LAYER (‘why’ of buying) BASIC PRODUCT LAYER (features) EXPECTED PRODUCT LAYER (greater set of attributes) AUGMENTED PRODUCT LAYER (Value for money) POTENTIAL PRODUCT LAYER (Future possibility)
PRODUCT CLASSIFICATION ON THE BASIS OF DURABILITY & TANGIBILITY DURABLES ( Tangibles with longer period) TV & BYKES NON DURABLES ( Tangibles with shorter period) FMCG SERVICES ( Intangibles & perishable) EDUCATION ON THE BASIS OF USAGE CONSUMER PRODUCTS Products that are used for Personal, family or Household CONVENIENCE PRODUCTS (Products that are relatively inexpensive & are bought frequently) STAPLE GOODS & IMPULSE GOODS
SHOPPING PRODUCTS A buyer is willing to spend time & effort in planning & making purchase decisions ( Home appliances, TV) SPECIALITY PRODUCTS Products that have an unique characteristic features. ( Brand Equity, Loyalty, Willing) Antique car, Mercedes UNSOUGHT PRODUCTS Umbrellas,Insurance,Fire extinguisher
INDUSTRIAL PRODUCTS Products that are purchased to produce other products or facilitate the smooth functioning of an organization. PRODUCT POLICY Product mix (The set of all the products that an organization offers to its customers) PRODUCT LINES
PRODUCT WIDTH (Total no. of product lines) PRODUCT LENGTH (Total no PRODUCT WIDTH (Total no. of product lines) PRODUCT LENGTH (Total no. of items in product lines) PRODUCT DEPTH (Sizes, Colors, Variations) PRODUCT CONSISTENCY (Production, Distribution, Usage)
PRODUCT MIX STRATEGIES EXPANSION OF PRODUCT MIX CONTRACTION OF PRODUCT MIX TRADING UP ( Companies offering higher priced products- ‘LIFESTYLE STORES’) TRADING DOWN ( Adding low priced products- Marriott corporation introduced a new chain of hotels ‘HOLIDAY INN’ )
PRODUCT LIFE CYCLE INTRODUCTION GROWTH MATURITY DECLINE STRATEGIES FOR INTODUCTION STAGE RAPID SKIMMING (Higher price & Higher promotion) SLOW SKIMMING ( Higher price & low promotion) RAPID PENETRATION (Lower price & heavy promotion) SLOW PENETRATION ( Lower price & lower promotion)
STRATEGIES FOR GROWTH STAGE AGGRESSIVE PRICING PRODUCTS BENEFITS CHANGES IN PRODUCT NEW MARKETS MATURITY CONCENTRATE ON PROFITABLE PRODUCTS INCREASE IMC INVESTING MORE IN R&D
DECLINE PRODUCT PRUNING CUTTING PROMOTIONAL BUDGETS WITHDRAWING FROM THE WEAKER SEGMENTS NEW PLC LIMITATIONS OF PLC