PRODUCT DECISION&

MANAGEMENT

-MRINAL GAUTAM3rd semester

MARKETING MANAGEMENT,CENTRAL UNIVERSITY OF JHARKHANDApril 12, 2023

What is a product.-anything that is capable of satisfying a need

or a want is a product.Anything that can be offered to a market for

attention, acquisition, use or consumption that might satisfy a need or a want. It includes physical objects , services, persons, places, organizations and ideas.

The product and the product mix--PRODUCT 1.PHYSICAL GOODS 2.SERVICES 3.EXPERIENCES 4.EVENTS 5.PERSON 6.PLACES 7.PROPERTIES 8.ORGANIZATIONS 9.INFORMATIONS 10.IDEAS

value-based prices

Attractiveness of the market offering

Product features & quality

Services mix and quality

COMPONENTS OF MARKET OFFERING

Product levels Potential product

Augmented product

Expected product

Basic product

Core benefit

Product hierarchy--Need family--Product family--Product class--Product line--Product type--Item

The Product Classification Durability and Tangibility *Non durable goods *Durable goods *Services

The Product Mix --Product mix has a certain: *Width *Length *Depth *Consistency

Product-Mix Width and Product-Line Length for PROCTOR & GAMBLE products

Detergents

Toothpaste

Disposable Bar Soap

Diapers Paper Tissue

Ivory Snow (1930)

Gleem (1952)

Ivory (1979)

Pampers (1961)

Charmin (1928)

Dreft (1933)

Crest (1955)

Kirk’s (1855)

Luvs (1976)

Puffs (1960)

Tide (1946)

Lava (1893)

Banner (1982)

Cheer (1950)

Camay (1926)

Summit (1992)

PRODUCT- LINE LENGTH

Line stretchingLine-market stretch --the company may notice strong growth opportunities

as mass retailers attract a growing number of shoppers --the company may wish to tie up lower –end

competitors who might other wise try to move up market --the company may find that the middle market is

stagnating or declining

Up-market stretch Two way stretch

The product and product mix

--Line FillingJust-noticeable difference

--Line Modernization Featuring and pruning

ServicesServices are economic activities offered one

party to another. Often time-based performances bring about desired results to recipients, objects or other assets for which purchasers have responsibility.

Sale of marketing entities Sugar Soft Drink Mobiles Automobiles Restaurants

Restaurants Train Advt. Agencies

Airlines

Teaching

Service Characteristics

services

INTANGIBILITYServices cannot be seen ,seen tasted, felt, heard, or smelled before purchase

VARIABILITYQuality of services depends on who provides them and when, where, and how

INSEPARABILITYServices cannot be separated from their providers

PERISHIBALITYServices cannot be stored for later sale or use

Marketing strategies for service firms

Service companies face three tasks

--Competitive differentiation—Better & fast delivery

--Service quality—Exchange perceived value vs expected value

--Productivity– enhance human skills, increase the quality of service without surrendering quality, industrialize the service, give customers with incentives to substitute their own labour for company labour and Harness the power of technology to give better service and make service workers more productive

Five Determinants of Service Quality

--Reliability--Responsiveness--Assurance--Empathy--Tangibles

THANK YOU