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Product Decision & Strategies

Product Decision & Strategies

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Published by euro65

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Published by: euro65 on Apr 06, 2011
Copyright:Attribution Non-commercial


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Learning Objectives
1. Define an Industrial Product.2. Understand Changes in the productstrategy.3.Know Product Life cycle (PLC) Theoryand its application.4. Develop Product strategies forexisting products.5. Understand new productdevelopment.6. Know impact of technology and high-tech marketing.7. Learn Marketing of industrialservices.
Definition :Its is a physical thing as well as a Complex set of economic, technical, legal and personal relationship between abuyer and a seller.Meaning of a Total Product Package :It includes basicproperties (with fundamental benefits), enhanced properties(with tangible benefits), and augmented properties (withintangible benefits).In a competitive market, business marketers must understandtarget customers’ perceptions of a total product package andoffer the same better than competitors.
Business marketers must understand that aproduct strategy is dynamic and flexible. It changes due to changes in(i) Customer needs.(ii) Technology.(iii) Government Policies / Laws.(iv) Product Life Cycle.

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