product management - categories and value

PRODUCT CATEGORIES & THE RULES

1. Functional products in daily use.

2. Impulse products.

3. Products of conspicuous consumption.

4. High ticket items.

5. Services.

Key options in Market & Product Planning

What markets should be served?

What form should the product take?

What should the product do for the user?

For whom is the product most important?

PRODUCT VALUE

What is product value?

Types of values

Tangible Intangible

TANGIBLE VALUES:

1. Functional value.

2. Sensory value.

3. Economic value.

4. Hygiene value.

5. Convenience value.

6. Aesthetic value.

7. Futuristic value.

INTANGIBLE VALUES:

1. Social value.

2. Status value.

3. Sentimental/Nostalgic value

4. Uniqueness & Novelty value.

5. Belief / Imagined value.

6. Historic value.

7. Psychologically motivated value.

ACHIEVING PRODUCT PREFERENCE

But How?

By superior product…….!

What is superior product then …??

Then what is not a superior product…??

Why many companies fail to provide superiorProducts?

HOW TO CATAGORISE SUPERIOR PRODUCTS?

a. Technical Innovation.

b. Superior Performance.

c. Category Innovation.

d. Segmented Products

e. Added New Benefits.

f. Packaging improvements.

g. Improved terms.

h. Improved distribution.

HOW SHOULD YOU SET ABOUT LOOKING FORPRODUCT IMPROVEMENT?

1. Speed:Can the product do its job more quickly?

2. Efficiency:. Can the product be made to do its job moremore effectively?. Can it deal with a greater volume thancompetitors products?

3. Convenience:. Can the product be made easier to use?

4. Longer Lasting:. Can the product’s effect be made to last longerthan competitors products?

e. Aesthetics:. Can it be made to look nicer or to be less

embarrassing?

f. Value:. Can you offer more at the same price?

g. Usage Extension:. Can it be made so that target groups previously

not catered, could now use it?. Can it be made so that it could be used more

frequently?