The Product Introduction. The Product Products are the goods and services which businesses provide for customers. What features encourage people to buy.

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Presentation transcript:

The Product Introduction

The Product Products are the goods and services which businesses provide for customers. What features encourage people to buy products?

Features V Benefits Features attract customers to buying a product

Features V Benefits What are the benefits?

?

Brand Design Quality Features After sales service Packaging Colour Size Taste What are the benefits or features of something you want to buy? What are the benefits or features of something you want to buy?

Product Mix Many firms produce more than one type of product. This is called the product mix. E.g. Virgin – Mobile phones, make up, airline UNILEVER

Product Range A group of similar products made by a business. E.g. Coca Cola have Diet Coke, Vanilla Coke, Caffeine Free.

?

Brand Design Quality Features After sales service Packaging Colour Size Taste What is the difference between product mix and product range ? What are the advantages/disadvantages of a large Product mix?

Product Differentiation When firms produce a range of goods that appear to very similar, they try and make them seem different. There are a number of ways that firms can differentiate their products. Unique Selling point – something that makes a product different from it competitors:- Name e.g. Polo Packaging Logo Design e.g. ingredients

Product Lifecycle

Extending the products life Products will be updated over time to make sure it continues to appeal to customers 1989 Nestlé introduced blue Smarties 1991 Printing on sweets was introduced 1992 Green chocolate arrived 1995 The standard range of Smarties was relaunched with colourful new packets 1997 Giant Smarties were launched 1999 Smarties ice cream was launched 2000 Mini Smarties came on the scene

Can you think of how other products lifecycle has been extended? (in groups 3-4 ppl)