Please enable JavaScript.
Coggle requires JavaScript to display documents.
F. Product Strategy - Coggle Diagram
F. Product Strategy
Individual product and services decisions - The important decisions in the development and marketing of individual products and services.(5)
-
-
-
-
-
Product line decisions - A group of products that are closely related, sold similarly and to the same audience. (Ex. Nike; lines of sport shoes and clothing)
- Widening - It can add new product lines, widening its product mix.
- Lengthen - The company can lengthen its existing product lines to become a more full-line company.
- Deepen - It can add more versions of each product and thus deepen its product mix.
- Consistency - The company can pursue more product line consistency – or less – depending on whether it wants to have a strong reputation in a single field or in several fields.
-
Definitions:
Product - Anything that can that can be offered to a market for use or consumption that might satisfy a want or need
-
Services - A form of intangible product such as; banking, hotels or airlines.
3 Levels of a product
- Core - The fundamental need the product will satisfy (Ex. Communication, transport, self-care)
- Actual - The product features, design, brand, packaging etc...(Ex. The smartphone, car)
- Augmented - The additional consumer services and benefits (Ex. Warranty, after-sale services, product support, instructions etc...)
Product classifications
Consumer
Convenience (toothpaste, table salt, fast food)
Shopping (Major appliances, television. furniture, clothing)
Specialty (luxury goods; Rolex, diamonds, car)
Unsought (life insurance, blood donations)
Industrial
Materials and parts - raw materials, manufactured and sold to the consumer (Ex. wheat, fruit, cement, wire)
Capital items - Aid in production or operations (Ex. buildings, generators, trucks, printers, desks)
Supplies and services - Support day-to-day activities (Ex. paper, paint, nails, brooms, window cleaning and computer repair)
A product may also include: Organisations, persons, places and ideas.