Summary of Product Characteristics and Classifications

In this modern society, marketers have a desire to build a customer driven marketing strategy, in a view to creating lasting customer relationships, to do this they can use one of the five marketing management philosophies which consist of production, product, selling, marketing and societal, and finally marketing concept. The suitableness of these philosophies depends on the nature of the business and its target market. This report will discuss each of these philosophies for a particular product, with comparisons.

Product: It is the physical product or service offered to a customer. Product decisions include aspects like packaging, appearance, service, warranty etc.

Product: - it is essential for a business or organisation to in-depth features, qualities and uniqueness of their product as compared to their competitors they are offering to their customer.

In my opinion, the first P i.e. ‘Product’ is the most important component of the marketing mix. It is an instrument using which value is delivered to the customer. It is a ‘bundle of benefits’ that can be offered to and appreciated by a particular set of consumers. Products or services lie at the heart of a marketing strategy; they serve as means of differentiation for the company or a brand representative of a firm. If a customer purchases a product and it does not meet her expectations, then she

D. defining some broad product-markets where you may be able to operate profitably 17) The product life cycle

It will also provide the product mix for the new offering of features and benefits, branding, and any other products in line; it will show the differentiating characteristics from competitive or substitute products, packaging and

1. In planning its market offering, the marketer must address the five product levels of the customer-value hierarchy. Describe the “customer-value hierarchy” and identify and explain the five levels of product contained within.

Products tend to go through different stages, each stage being affected by different competitive conditions. These stages require different marketing strategies at different times if sales and

A product refers to item which satisfies the need and wants of consumer demands. Product

Maytag formed a cross-functional new product development team to quickly focus the effort. It screened various product ideas and strategies on criteria such as potential for superior customer value, initial costs, long-term growth, social responsibility, and profitability. Using nearly 40 pieces of consumer research, the team refined what the strategy might be and what it would cost. Marketers today have better marketing metrics for measuring the performance of marketing plans. They can use four tools to check on plan performance: sales analysis, market share analysis, marketing expense-to-sales analyss, and financial analysis. Sales analysis consists of measuring and evaluating actual sales in relation to goals. Market share can be measured in three ways. Overal market share is the company's sales expressed as a percentage of total market sales. Served market share is its sales expressed as a percentage of the total sales to its served market. Its served market is all the buyers who are able and willing to buy its product. And relative market share can be expressed as market share in relation to its largest competitor. Annual plan control requires making

There are various ‘products’ some name it components or levels that constitute a product offered by a company. These can be described as core product, actual product, augmented product and potential product.

The product line concept seems to be an appropriate choice for DS mostly because of the size of the market it is operating on and its complicated character which also has a reflection in variety of the products DS offers. This approach allows each product line to focus on its own goals, find problems occurring within the product line and undertake steps in order to solve them.

It is aimed at the broad mass market and involves the creation of a product or service that is perceived unique throughout the industry. The company or

The seller must make the desiring advantages into an existing merchandise with features and attributes that will supply the designed fulfillment of a greater quality than competitive products. But benefits and features are different. Features are the material or non material attributes given the product by its designer. Benefits are the successful dealing to the costumer problems of needs given by the product according to Boyd, Walker, Mullins & Larrénché in Marketing Management, 5th Edition (2005). “Standardization protects buyers, saves their time and energy on the selection of goods, provides for economies in buying, reduces fraud and mispresentation of goods and helps to educate buyers”. (Shirley I. Mendoza, 2003). “The essence of marketing is in developing products such as a new technologically advanced adhesive to meet buyers’ needs. A product is a good service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is receiving in exchange for money or some other unit of value, tangible attributes include physical characteristics such as color or sweetness, and intangible attributes includes becoming healthier. Hence, a product includes the breakfast cereal you eat, the accountant who fills

Once a better understanding of the market and analysis regarding the strengths and weaknesses are established, we will better know the position and the direction to go for our business. This marketing model is also used as a roadmap of sorts for this undertaking.