Product mix refers to the set of product lines and items that a particular seller offers for sale. For example Samsung's product mix includes mobile phones, netbooks, tablets, televisions, fridges, microwaves, printers and memory cards.
Product is anything that can be offered to the market that can satisfy a need or want. Product refers to both goods and services.
Levels products;
• Core products: Core products are a company's products or services which are most directly related to their core competencies.
• Actual products: Within the actual product is the consumable product, which can be viewed as the main good, service or idea the customer is buying.
• Augmented products: is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium.
Classification of products:
• Consumer products: These are bought for personal consumption.
• Industrial products: Such products will be used for further processing. Can be used to manufacture other products.
Customer product classification
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| Customer product classification |
Product positioning
Product positioning is the process marketers use to determine how to best communicate their products' attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages.
Product Branding
Branding refers to name, term, symbol or special design that helps to differentiate the products of one firm to another.
Packaging
Packaging is the technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of designing, evaluating, and producing packages.
Importance of packaging
• Health and hygiene.
• Customer can easily select the product from others.
• To promote sales.
• Reputation and image purposes.
Drawbacks of packaging
• Increase cost of the product
• The landfill impact. Some buyer will throw away packaging and cause pollution.
Product life cycle
The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market.
Assumption of a Product life cycle
• Product has a limited life
• Product pass through different stages
• Profit rise and fall at different stages
• Product requires different strategies in each stage
Extending Product life
Firms extend their product life of their product as the enter decline or late maturity so as to generate more profitable sales growth without any capital growth.
Strategies used to extend product life
• Advertising: try to gain a new audience or remind the current audience
• Price reduction: more attractive to customers
• Adding value: add new features to the current product. e.g additional features in a mobile phone
• Explore new markets: try selling abroad
• New packaging
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