product

Marketing Management - SEM 4 (CBCS)

CHAPTER 1

PRODUCT

Purchasing agents do not buy drills; they actually buy its ability to make same size holes

- Theodere Levitt

CHAPTER HIGHLIGHTS

1.1 Product Concept

1.2 Levels of Product

1.3 Classification of Products

1.4 Product Mix

1.5 Product Life Cycle and Marketing Strategies

1.6 Labelling

1.7 Packaging

1.1 PRODUCT CONCEPT

A product is one, which satisfies the needs of customers. A product is both what a seller has to sell and what a buyer has to buy.

According to Philip Kotler, “A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places organization and ideas.”

An example can be a physical product (book, car, stationary, etc.), a service (car repair, travelling, telecommunication, etc.), a person (Sachin Tendulkar as an ambassador), a place (Goa, Disney land as tourism) or even an idea (Aids awareness etc.) which are sold by seller to customer.-----------------------------------------------------------------------------------------------------------------------

1.2 LEVELS OF PRODUCT

ZAKIR PATEL, PROF, NLCCM, NAVSARISYBBA (SEM IV)


While planning for product the marketer needs to decide different levels of product. Each level adds more values to customers. There are five levels a marketer needs to consider for a product:

i. Core Benefit: The fundamental level is core benefit which the consumer is actually buying. Core benefit is the reason for which consumers buy the product.Example: for a consumer who is buying a mobile handset, the core benefit is communication.

ii. Basic Product: At the second level the marketer must turn the core benefit into basic product. It means here the marketer focus on providing product which gives them core benefit. Example: A mobile hand set should include features and design (small size, sliding, flip open, etc.), Brand Name (Nokia, Sony, etc.), and an attractive packaging (compact size package).

iii. Expected Product: Expected product means a set of attributes and condition buyer normally expect when they Example: buy a product. It includes basic expectations of consumer which a consumer seeks when buying. A consumer might expect a mobile phone as good looking, light weight, easy to operate, high resolution and durable battery.

iv. Augmented Product: When the company adds something more than the expectations of the consumer, it is known as augmented part of the product. Mostly, companies compete at this level. In developed countries, competition takes place at this level. And in developing countries like India, China the competition takes place mostly at the expected levels.Example: Augmented features for a mobile handset may be an HD resolution camera, Fingerprint sensor etc

v. Potential Product:



This level covers all the possible changes that might be added in future. Here the company searches for new ways to satisfy consumers and differentiate his product. Example: Anything that would be provided in future is considered to be a potential part of the product today.

EXAMPLE: In case of a CAR, the 5 levels of a product are;

1. Core product: Transportation from one place to another.2. Actual Product: Brand of the car, looks and design of the car etc.

3. Expected Product: Decent mileage, proper engine, inflated tyres etc.

4. Augmented Product: Best after-sale services, Free insurance etc.

5. Potential Product: May give better mileage, use water as fuel etc.

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1.3 CLASSIFICATION OF PRODUCT OR GOODS

For developing better marketing strategies, companies need to classify the products.

A. Classification on the basis of types of consumers:

Marketers classify products and services into two broad categories on the basis of the types of consumers that use them. These are: (I) Consumer products and (II) Industrial products.

I] CONSUMER PRODUCTS Consumer products are those which are bought by consumers for final consumption. Consumers do not buy these products for resale. These goods can be further classified on the basis of how consumers buy them. Consumer products include (i) Convenience products, (ii) Shopping products, (iii)

Specialty products and (iv) Unsought products. The marketing methods of these products vary because the way the consumers buy they differ.

A. Convenience products: - Convenience products are consumer goods and services that are bought frequently,

immediately, and with little comparison and shopping effort. - These products are generally low priced and widely available. - Examples include laundry soap, cigarettes, and newspapers. - Convenience products can again be subdivided into staples, impulse and emergency

products. - Staples are products that consumers buy regularly, such as flour, pulses, and toothpaste. - Impulse products are purchased without planning which are widely available e.g. ground

nuts, chocolate etc. - Emergency products are bought when there is an urgent need. For example, pain killers.

B. Shopping products: - Shopping products are less frequently purchased. - Customers plan and compare carefully on brands, price, quality and style in order to buy

these products. ZAKIR PATEL, PROF, NLCCM, NAVSARI

SYBBA (SEM IV)


- Consumers give much time and effort in obtaining information and making comparisons in case of buying shopping products.

- For example, refrigerators, air coolers, televisions, washing machines and clothing. - Shopping products are of two types; homogeneous and heterogeneous. - The buyer considers homogeneous products similar in quality such as refrigerators. But the

buyers think that they must compare prices in order to buy these products. - In case of heterogeneous products such as clothing, consumers consider product features

more important than price. So a seller of heterogeneous shopping products must carry different variety of products to take care of individual tastes and preferences and should employ well-trained salespeople to provide information and advice to buyer.

C. Specialty products: - Specialty products are those products for which consumers have very strong brand

preference.- Consumers are very loyal to such products. Hence consumers make more purchasing

efforts and do not compare other brands with their preferred brand.- Examples: Expensive men’s suit, photographic equipment. - The unique feature of specialty products is that the buyer will look for only a specific

brand. - The consumer does not care for substitutes products. They only like to buy their preferred

brand.Unsought products:

- Consumers are not mostly aware about this type of products. They are called unsought goods.

- If they know about these products they may not think of buying. - Examples include life insurance and eye donations to the Eye Banks. - Hence companies selling unsought products need to do aggressive advertising and personal

selling in order to sell these products.

B. Classification on the basis of durability / tangibility of products:According to durability or tangibility, products can be classified into three categories.

i) Non-durable goods: These are tangible goods, normally consumed in one or a few uses( e.g. bread / soap ). Since these goods are consumed quickly and purchased frequently, they should be made available at several locations, and charged a small



mark-up in prices. They involve heavy advertising to induce trial and build preference /brand image, such as soap, salt etc.

ii) Durable goods: These are tangible goods, and normally involve longer uses (e.g. television sets, washing machines). These goods generally require more personal selling and service, can command a higher price margin, and also have to be provided additional guarantees by the sellers.

iii) Services: The services are intangible, inseparable, variable and perishable products and hence generally require stricter quality control, supplier credibility, and adaptability. Examples of services are hair-cuts, car-wash, medical services etc.

II] INDUSTRIAL PRODUCTS: Industrial products are used in making other products. Thus, industrial products are differentiated from consumer products on the basis of their

final use. If a consumer buys an air conditioner for use at home, the air conditioner is a consumer

product. If the same consumer buys the same air conditioner for use in his factory, the air conditioner is an industrial product.

There are three classes of industrial products: (a) materials and parts, (b) capital items, and (c) supplies and services.

A. Materials and Parts: - Materials and parts become a part of the buyer’s product through further processing. They

include Raw Materials and Manufactured Materials and Material Parts.- Raw materials are those goods on which no process is done and they become a part of final

physical good. Raw materials include farm products such as, jute, cotton, wheat, fruits and natural products such as crude petroleum, coal, iron ore and natural gas etc.

- Farm products are supplied by many small producers (farmers) who sell them to intermediaries. These intermediaries then process and sell them.

- Natural products are in large quantity and have low unit value. It has to be transported from producer to user. Producers of natural products are few in number and large in size. They market their products directly to industrial users.

- Manufactured materials are processed materials which become a part of finished good. This includes components such as, iron, yarn, cement and wires and component parts such as small motors, tires and casting.

- Component materials usually are processed further. For example pulp is made into paper. - Component parts enter into the finished product wholly. For example, amplifiers are fixed

in CD players. Generally, manufactured materials and parts are sold directly to industrial users. In marketing manufactured materials and parts, more importance is given on price and service.

B. Capital Goods: - Capital goods are industrial products that are directly used in production. Capital Goods

consist of installations and accessory equipment. Buildings, plant and machinery are the examples of installations. Installations are usually bought directly from the producer.

- Accessory equipment includes workman’s tools and office equipments like calculators, fax machines etc. Accessory equipments are marketed through middlemen because the buyers of those products are scattered over a large geographic area and consumer purchase in smaller quantity.



C. Supplies and Services: - Supplies and services are industrial products that do not enter the finished product but they

are used in production process. Supplies include operating supplies like office stationery, repair and maintenance items. Supplies can be treated as convenience products of the industrial market as they are purchased with a minimum effort.

- Business services include maintenance and repair services, factory premise cleaning, legal services and office equipment repair and business consultancy services. These services are generally provided through contract by small producers.

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1.4 PRODUCT MIX

PRODUCT LINE: Definition: A Product line is a group of products which are closely related because they perform a similar function, are sold to the same customer groups, are marketed



through the same channels, or fall within given price ranges. In simple terms, “A Product line is a collection of products, offered by a firm, that satisfy similar needs for different target consumers”.

PRODUCT MIX: Definition: “A product mix (also called a product assortment) is the set of all products offered by a firm for sale”. A product mix consists of different product lines. It is the full list of products a company produces to market.

Features / Dimensions of Product Mix: Following are the features of the product mix;

Width: - The width of product mix includes all the product lines that a company sells. - For example, if a vitamin company sells various vitamins, diet products and sports drinks,

its product width is three. - New companies usually start with a narrow product mix width. It is not practical for small

companies to start out with many product lines. The company will use enough resources producing or purchasing one line of products for sale.

- Some companies may even start out with one or two products. A company can also broaden its product line as sales for the initial products start selling more.

Length: - The length of a company's product mix pertains to the total number of products the

company sells. - For example, a small consumer products company may have three product lines: snacks,

cereal and canned meats. This consumer products company may sell five snack items, four cereals and three varieties of canned meats. Therefore, the company's product mix length is 12.

- Some companies will also calculate an average product length if they have many product lines. For example, the hypothetical consumer products company above would have an average product mix length of four.

Depth: - A company's product mix depth is the total number of variations for each product. - Product variation can include flavour, fragrance, size and any other attribute. - For example, if a small pastry manufacturer sells three flavors of pastries and two sizes of

each flavor, the product depth is six. - Companies will sometimes report average product depth figures for their product lines, too.

Consistency: - Consistency in product mix refers to the relationship between product lines, including use,

production and distribution. - For example, a small fruit drink manufacturer may use similar production lines for several

different types of drinks. Hence, the production of that company's product mix is highly consistent.

- Distribution may also be consistent in that all drinks are distributed in grocery stores and mass merchandisers.

- However, that same drink manufacturer may also produce a fruit drink recipe magazine for its consumers. Therefore, there is little consistency between the use of the fruit drinks and the publication.

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1.5 PRODUCT LIFE CYCLE (PLC)



The length of life of a human being is described as life cycle. In case of products, we call it Product Life Cycle. Product life cycle is the course of a product’s sales and profits over time. To understand the product life cycle one should understand positively that:

- Product has a limited life- Sales passes through different stages- Profit rise and fall at different stages of the life cycle of the product- Product requires different marketing strategies at different stages of their life cycle

The four stages of each product life cycle are: 1) Introduction,2) Growth,3) Maturity4) Decline

Every product moves through a life cycle, having four phases and they are:

INTRODUCTION STAGE:Characteristics:

At this stage product is new, Sales are low, and the cost per product is relatively high. The marketing objective for the marketer at this stage is to create product awareness and trial. The price for the product generally used is cost plus formula. That means a marketer will add his margin / profit on the total cost of the product. The marketer needs to go for heavy promotion at this stage since the consumers are not aware about the product or the product category. The profitability of the company in this stage is either negative or low usually. Customers in this stage are called “Innovators”. There is less amount of competition in this stage.



Marketing Strategies:

Product - - Here the company would like to launch a basic version of the product. - More features are not supposed to be added in this stage. More features would confuse the

customers before they get familiar with the product. - Normally there are less differentiating factors in this stage of product life cycle.

Price – - Companies have two different strategies regarding price in this stage. - First the company can charge a higher price of the product in the beginning and then

gradually lower down the price. This strategy of charging higher price in the introduction stage of the product is known as SKIMMING PRICING STRATEGY. Companies would prefer skimming strategy when there are chances of high competition in the next stage of product life cycle. Skimming strategy is adopted in order to cover the investment as early as possible by charging higher price. If the company fears that the life cycle of the product will be shorter then also this strategy is adopted. Another reason of using this strategy is that company might be in monopoly and that the customer wants the product at any cost.

- The second strategy that a company can use is PENETRATION STRATEGY. Penetration means companies would charge lower price for its products in the introduction stage of product life cycle.

- The circumstances when the companies would prefer penetration pricing strategy are;o When the company wants to increase its market shareo When the company wants to increase its sales volumeo When the customers are price sensitive (not willing to pay higher price)o When there are substitute products available in the marketo When the unit cost of the product is low

Distribution – - Distribution is selective in this stage. It means company would not like to distribute the

product everywhere in the market. It will make the product available only through selected distributors and retailers. This is called Selective distribution strategy.

Promotion – - Promotion in this stage is done for building awareness of the product / brand.- Samples or trial incentives may be used to induce customers in buying the product. - The introductory promotion also is intended to convince retailers to carry the product.- Promotion may be rapid or slow. Rapid promotion means heavy expenditure in promoting

the product. Slow promotion is less expenditure incurred in promoting the product. Rapid promotion is required for the product in which customers are not at all aware or less aware about the product whereas slow promotion is used when customers are more aware about the product or product category.



GROWTH STAGE:Characteristics:

The growth stage is a period of rapid (fast) revenue growth. During the growth stage, the objective is to get consumer preference and increase sales. Sales increase as more customers become aware of the product and its benefits and

additional market segments are targeted. Once the product has been proven a success and customers begin asking for it, sales will

increase further as more retailers become interested in carrying it. The marketing team may expand the distribution at this point. Competitors enter in this stage. Therefore there can be price competition. Promotional costs might increase in order to convince consumers that the firm's product is

better than that of the competition. Customers in this stage are called “EARLY ADOPTERS”

Marketing Strategies:

Product – - New product features are added- New flavours, sizes and packaging options are added in this stage- Quality of the product is improved

Price – - Maintained at a high level if demand is high, or reduced to capture additional customers.

Distribution – - Distribution becomes more intensive. Products are available in more number of cities.- Trade discounts are less if retailers show a strong interest in the product.

Promotion – - Increased advertising to build brand preference- Advertisement shall be used to compare the products with that of the competitors.- Promotional expenditure is divided among more products sold in this stage.

MATURITYCharacteristics:

The maturity stage is the most profitable stage. While sales continue to increase into this stage, they do so at a slower pace. The objective of the marketer in this stage is to defend its market share and extend the

product life cycle. The profitability of the product is maximum in this stage. Cost of distribution and marketing comes down as the total expenditure is distributed

among the total products sold.



Competitors are maximum in this stage. Customers in this stage are known as MIDDLE MAJORITY. Because brand awareness is strong, advertising expenditures will be reduced. Competition may result in decreased market share and/or prices. The competing products

may be very similar and hence it is difficult to differentiate the products.

Strategies:Marketers should systematically consider strategies of market, product and marketing-mix modification.

a) Market Modification: The Company might try to expand the market for its mature brand by working with the two factors that make up sales volume.

1. The company can try to expand the number of brand users in three ways:i) Convert Nonusers: The company can try to attract nonusers to the product.ii) Enter new market segments: Try to enter new segments that use the product but not the

brand.iii) Win competitors' Customers: Try to attract the competitors' customers or adopt the brand.

2. Volume can also be increased by convincing current brand users to increase annual usage of the brand. Here are also three strategies:

i) More frequent use: The company can try to get customers to use the product more frequently.

ii) More usage per occasion: try to interest users in using more of the product on each occasion.

iii) New and more varied uses: The company can try to discover new product uses and convince people to use the product in more varied ways.

b) Product Modification: Managers also try to stimulate sales by modifying the product's characteristics through quality improvement, feature improvement, or style improvement.

i) Quality Improvement: Aims at increasing the products functional performance its durability, reliability, speed, taste etc.

ii) Feature Improvement: aims at adding new features e.g. size, weight, additives etc. that expand the products versatility; safety or convenience.

iii) Style improvement: increasing to product's aesthetic appeal.

c) Marketing-Mix Modification: Product managers might also try to stimulate sales by modifying other marketing-mix elements. they should ask the following questions:

i) Prices: Includes a price cut to attract new tries and users. If so should the list price be lowed or lowered through price specials, volume or early purchase discounts, freight cost absorption, or easier credit terms? Or the raise the price to signal higher quality?

ii) Distribution: Obtain more product support and display in the existing outlets, more outlets be penetrated, introduce product into new distribution channel.

iii) Advertising: Increase the advertising expenditure, adds message be changed or timing, frequency or size of add be changed?

iv) Sales Promotion: Making trade deals, cents-off-coupons, rebates, warranties, gifts and contests.

v) Personal Selling: Increase the quality or number of sales-people, re-division of sales territories. Increase the sales force incentives.



vi) Services: Like speeding up delivery, technical assistance, and credit facility.

DECLINECharacteristics:

In this stage, sales begin to decline as the market becomes saturated, The cost of operations start increasing. Unit cost of product start increasing once again

since the production volume starts decreasing because of the decreased demand from the customers.

Customers in this stage are known as LAGGARDS. The profits of the company also starts decreasing. The objective of the company in this stage is to continue with the product so long as it is

feasible or else company will have to delete this type of product from its portfolio.

Strategies:Product - The number of products in the product line may be reduced. Surviving products can be made to look new again.Price - Prices may be lowered to reduce inventory of discontinued products. Prices may be maintained for continued products serving a niche market.Distribution - Distribution becomes more selective. Channels that no longer are profitable are phased out (removed).Promotion - Expenditures are lower and aimed at reinforcing the brand image for continued products.

Benefits Of The PLC Model – - PLC model gives managers the ability to forecast product directions, and plan for timely

execution of appropriate competitive actions. - With actual sales data, the PLC model can also be used as a tool in understanding of past

and future sales. This helps in building an appropriate strategy.

- Companies always anticipate the emergence of new competitors and therefore, must prepare in advance to battle the competition and strengthen their product’s position.

- The PLC model is advantages in planning long-term marketing strategies, particularly when markets and economies are stable.

- By combining the elements of time, sales volume and all the four stages, the PLC model helps determine when it is reasonable to remove dead products.

Limitations Of The PLC Model –

- It is difficult to forecast change in PLC stages. - Slowing sales do not always mean the product has reached the Decline phase.

- Products, companies and markets are different, so not all products or services go through every stage of the PLC. There have been many cases where products have gone straight from introduction to decline, usually because of bad marketing, wrong features, lack of value to the consumer or simply a lack of need for such a product.


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- Not all products/services spend the same length of time at each stage. This makes it difficult for the company to plan its future strategies.

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1.6 LABELLING

Definition: “Label is a part of product, which carries verbal information about the product or the seller. It may be a part of package, or it may be a tag attached directly to the product.”

Elements of a good label: A complete label of product provide following information. They are important elements of a good label;

a. Brand name.b. Address of the producers.c. Gross and net quantity of the content.d. Ingredients in the product.e. Direction for the use.f. Nature of the product.g. Date of packing and expiry.h. Retail pricing.

Types of Labels: There are three type of label:A brand label: It simply carries brand name on the product. It gives only the brand names. E.g. clothes.A Grade label: It identifies quality standards or grades. In another word it, identifies the quality. E.g. Mercedes E Class, wagoner DLX, etc.A Descriptive label: It gives information about how to use, care of the product. E.g. Magi 2 Minutes Noodles.

FUNCTIONS OF LABELING:

Label performs many important functions as described below;i. Identify brand: a label of a product identify the brand name. There are some products

which have unique label to make easy identity of brand.ii. Provide instructions: For a complex product, the label on the product provides detailed

instructions about the use of it. E.g. the label behind the Maggie provides detailed instructions about how to cook.

iii. Used for marketing: The function of a label may be to draw the attention of consumers on it. Each piece of label can serves a purpose to entice consumers to buy one brand over the other.

iv. Details of Ingredients: a food label particularly provide consumer a full detail ingredients used in that product. E.g. the label of a Cadbury dairy milk chocolate provides about total kJ calorie, carbohydrate, sugar, etc. in it.

v. Identifies manufacturer of product: it gives name and detailed address of the manufacturer of a particular product for legal purpose.

vi. Price variations are avoided: A label provides exact price (MRP) on a particular product so that the chance of price variation is avoided for consumers.

Advantages of labeling:i. It grades the product.



ii. It facilitates buyers to pay the right price.iii. It helps in avoiding confusions regarding price, usage, qu.iv. It brings home the characteristics of a product.v. It helps advertising activity.

vi. It gives all needed information to buyers.vii. It gives guarantee for the standard.

viii. Label is the media to popularize he product.

Disadvantages of labeling:i. It is of no use to ignorant or illiterate consumers.

ii. It increases the cost of the product.iii. Labeling must be preceded by grading and standardization.iv. It aims mainly for promotion of the product rather than giving information to the

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1.7 PACKAGINGDefinition: “Packaging is the science, art and technology of enclosing or protecting products for distribution, storage, sale, and use”.

Types of Packaging:

Packaging are of different types. It is classified as follows;

Primary packaging is the material that first envelops the product and holds it. This usually is the smallest unit of distribution or use. The package which is in direct contact with the contents.

Secondary packaging is outside the primary packaging. It is mostly used to group primary packages together.

Tertiary packaging is used for bulk handling, warehouse storage and transport shipping.

EXAMPLE: Milk and other dairy products are often found in tetra-packs. Following figure illustrates how a tetra-packaging is built.

OBJECTIVES OF PACKAGING:



Packaging is an important part of product attraction and marketing. Packaging is not only meant to protect the product but it is also meant for marketing, wall protection, information, security, convenience, and portion control. Here are some objectives of product packaging are;

ProtectionPackaging of products are done to make sure that they are covered and protected against shock, temperature, atmosphere etc. It is very important to protect the product so that the product remains pure and safe in its original form. For example, potato wafers must be packaged properly so that the wafers inside stay crispy.

Increase shelf lifeIn order to increase the shelf-life of the products, packaging plays a very important role. Packages keep the products fresh, safe, and clean. Product needs protection from dust, oxygen, water-vapour, etc. Many packages hold oxygen absorbers to increase the shelf life.

MarketingProduct packaging plays an important role in marketing. One of the objectives of packaging is to help in marketing the product. Attractive packaging helps the sellers in encouraging the potential buyers to buy the product.

CompactnessPackaging helps in using lesser space for the products. Small articles are usually grouped together in packages for the reason of effectiveness. For example, a single box of hundred pens needs less space than hundred single pens.

SecurityPackaging plays an important role in cutting down the security risks during delivery & transportation. Superior packaging techniques are used to avoid tampering of products while transportation.

Convey of InformationPackaging provides information to the buyers regarding the use, recycling, transportation instructions, or disposing of the package. In some specific fields such as pharmacy, medical, and chemical products, they require some special type of information. For example, expiry date information on the medicines is very important information for the buyers while purchasing them.

Portion ControlIn the pharmacy and medicinal field, the precise/exact amount of filling is needed to control usage. Medicine tablets are packaged into different packages that are of a more suitable size for personal use.

FUNCTIONS OF PACKAGING:

i. Product Protection: The main function of packaging is to protect it from sun, rain, moisture, insects and atmospheric contacts etc. Packaging maintain the product fresh and increases it’s life. So, air-tight containers are used for certain products.


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ii. Product Containing: Package means using just the space in which a product will be contained. Ordinary packaging is in form of throwaway containers. For example milk pouch is thrown away after its use.

iii. Product Attractiveness: The size and shape of the package, its color, etc. must make package attractive to look at. The psychological feeling is that a good package contains good quality product in it. A pictorial label on the package plays a role of silent salesmen.

iv. Product Identification: Every producer has its own distinct packaging, different from other with respect to design, size, color and other specification packaging helps-us in the easy identification and immediate picking up of the product.

v. Product Convenience: Packaging provides convenience in the transportation and storage of the product. It is convenient for the consumers to use these products. Packaging of Tropicana Real and Frooti Juices facilitates their consumption. Packaging, no doubt helps us in the safe and convenient handling and storing of the product.

vi. Effective Sales Tool: It is rightly said that packaging works as silent, salesman. It catches the attention of customers and increase sales: a design and attractive package invites customers. Many people think that a good package, taller in size, not shorter, contains bigger products. Women likes round on curved shape of packages. Packaging, attractive and innovated, has value. Many people buy the products for the sake of containers only. So it is most effective tool for marketer to increase sale of product.

vii. Innovative Ideas: The producers sometime develop innovative ideas about packaging which promotes their sales. For examples, shampoo, tomato ketchup, surf, sugar, milk, oil etc., are sold in small pouches.

viii. Provide Guarantee: By supplying an undamaged package, the manufacturer guarantees that the details on the packaging are as per the contents. The packaging is therefore the basis for branded goods, consumer protection and product liability. There are legislative requirements which demand that goods be clearly marked with details indicating their nature, composition, weight, quantity and storage life.

SHORT QUESTIONS

1. Define Product, Product Mix, Product line

2. What are the levels of Product?

3. What is Length, Width, Depth and Consistency of Product mix?

4. What is market skimming?

5. What is market penetration?

6. Define Packaging.

7. Define Labelling.

8. List down the strategies used in maturity stage of product life cycle?



9. State the functions of packaging and labeling.

10. What are the elements of a good label?

LONG QUESTIONS1. Explain different levels of Product.

2. State the characteristics of Product life cycle in each of its stages. Explain different strategies used in each of the life cycle stages of PLC. Write the answer with the help of examples in each stage.

3. Classify types of Products.

4. Explain the concept of Product Line and Product mix with an example.

5. Discuss the important objectives and functions of Packaging and Labeling in marketing of products.


product

Documents

product concepta product

core product

expected product

augmented product

basic product

product mix

potential product

actual product