Product and brand management

By Vishesh saxena

DEFINATION OF PRODUCT
Product is a bundle of satisfaction that consumer buys .It represents solution to customer problems. The product is always a combination of tangible and intangible benefits. For ex- a refrigerator is not just merely ,steel, plastic, feron gas brand name, number of doors ,and so on but also involves a network and service.

PRODUCT LEVELS OF HIERARCHY

CORE PRODCTBASIC PRODUCTEXPECTED PRODUCTAUGMENTED PRODUCTPOTENTIAL PRODUCT-

CLASSIFICATION OF PRODUCT
CORE BENEFIT- The fundamental level is the core benefit the service the customer is buying BASIC PRODUCT- The second level the marketer must turn the core benefit into basic product EXPECTED PRODUCT- The marketer prepares expected product a set of attributes buyers normally expect when they purchase a product

Classification of product
AUGMENTED PRODUCT- Marketer prepares that exceeds expectations. Potential product- the companies search new ways to satisfy customers and distinguish their offering.

Product classification
non durable- like soft drink soap normally consumed in one or few uses. Durable goods- are tangible goods that normally survive many uses like refrigerators machines. services- are intangible they require more quality control like- hair cuts, legal adviser.

Consumer goods classification

convenience goods- frequently immediately and with a minimum of effort . Examples- soft drinks, soaps, and news papers, Staple goods- are those goods which are consumers purchase on a regular basis. like- Colgate a buyer might routinely purchase on a regular basis

CLASSIFICATION OF PRODUCT
IMPULSE GOODS- are those goods without any planning or search effort Like chocolates, potato chips. emergency goods- are those goods which are purchased when a need is urgent umbrella and rain coats with the advent of monsoons.

Classification of consumer goods

shopping goods- are those goods which are purchased on such bases like furniture, clothing used cars. Specialty goods- unique characteristics for which a sufficient number of buyers are willing to make a special purchasing power.

Classification of consumer goods

unsought goods- the examples of unsought goods- like insurance companies

INDUSTRIAL GOODS CLASSIFICATION

CAPITAL ITEMS- are long lasting goods that facilitate the finished product . Installations consist of building , factories, etc. Supplies and business services- short term goods and services that facilitate development of finished product.

Product differentiationForm- products differentiated in the form size, shape , or physical structure. features- most products can be offered with various features that supplement their basic function. Customization- Marketers can be differentiate products by making them customized to an individual

Services differentiation
reliabilitydeliveryMaintenance and repair-

Product and brand relation

Need family- the core need that underlines the existence of a product family. product family- all the product classes that can satisfy a core need with reasonable effectiveness exsaving and income product class- a group of products within family recognized as having a certain functional coherence. For exfinancial instruments.

Product and brand relation

Product line- a group of products within a product class that are closely related because they perform a similar function. For ex- mobile phones , laptops. Item- a distinct unit within a brand or product line distinguish by size, price, appearance or some other attribute.

Product system and mix

A product system is a group of diverse but related items that function in a compatible manner. For ex life good [lg] Product mix- the firm searches a set of prices that maximizes profit.

Strategies of product mix

Product line pricing- companies developed product line rather than single products and introduce price steps. A men shirt at three price levels- 500,1000,1500. Optional pricing- many companies offer optional product features and services along with their own product. Product bundle pricing-when a firm offers a product as bundle. For ex- planet m cd stores

Co -branding
Marketers combine their products from other companies in various ways.

Packaging , labeling warranties and guarantees

packaging- all those activities of designing and producing for product. Labeling- the level may be single tag attached to the product that is a part of the package. Warranties and guarantees- warranties are formal statements expected product performance by the manufacturer. guarantees reduce buyer perceived risk .They can be especially helpful when the company or product is new in market or when the product quality is superior to competitors.