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Textbook:
Pages : 538;
Paperback;
210 X 275 mm approx.
Chapter Code : SMMC15
Textbook Price: Rs. 900;
Shipping & Handling Charges: Rs. 100 per book;
Books Available only in INDIA
A product can be considered as a combination of various tangible and intangible factors. Each product has a personality which consists of four factors - the generic product, the expected product, the augmented product, and the potential product. Marketers have to develop and implement various product strategies so as to achieve success in the market. Product differentiation is one product strategy through which a product is projected as being different from competing products in the market. Product positioning is done to help customers perceive a product differently from those of competitors. Product line expansion involves adding more products to a company's product line while product line contraction involves withdrawing products from an existing product line. In trading up, products which are priced much higher than other products in the product line are added to the product line. In trading down, products which are priced much lower than existing products are added to a product line. Another important product strategy is brand strategy. Important product brand decisions to be taken include whether to go in for single brand, multiple brands, brand extension, etc. |
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An organization has to ensure that all its products are managed well and that no product or product line gets neglected. The product life cycle model proposed by Theodore Levitt is very useful in making many product decisions. According to the product model, successful products pass through four stages during their lifetimes - the market development stage, market growth stage, market maturity stage, and market decline stage.
Branding helps consumers to differentiate products offered by various competitors. Branding helps organizations to retain their customers and also to obtain legal protection against competitors who try to copy the features of their products. In order to compete successfully in global markets, products are expected to have high quality. Various concepts have evolved in quality like TQM, Six Sigma, ISO Standards, etc. which helps organizations to enhance the quality of the products they manufacture and thereby satisfy the needs of customers. Customer service is very important for consumer satisfaction and it has both a product component and a non-product component. Many organizations give importance to building brand name over customer service and this often ends in failure. Retaining existing customers is relatively easier than gaining new customers. Organizations have to keep this in mind and try to provide complete satisfaction to the existing customers.
Nature of Product
The Generic Product
The Expected Product
The Augmented Product
The Potential Product
Developing Product Strategies
Product Differentiation
Product Positioning
Product Line Expansion and Contraction
Trading Up and Trading Down
Product Brand Strategy
Managing Existing Products
Product Decisions
Product Life Cycle and Marketing Strategy
Branding Strategy
Product Line Branding
Corporate Branding
Mixed Branding
House of Brands
Responsibility for Making Product Decisions
Product Quality Management
Total Quality Management
Customer service strategy
Branding Strategy and Customer Service
