The elementary classics of Product’s reliability and viability for a consumer relates to the dimensions of chemistry involved in modeling that very physical or non physical image. It is of material habits to relate the materialistic view point of consumers in holding the physical dimensions on hand to assertively command that “I hold the healthiest claim I can ever sustain for relating “my” fair justification of being the custodian of that very Physique”.

The personal justification matters a lot since the adaptability of that substance very much synchronises with interest of adopting that very unit. The interest of having it with him or her matters a lot since it may be a “need, want, desire or an aspiration” of having that. Products need to be a stable component during its tenure with a consumer for the quantum of usage capacity it holds.

It is said that “Product becomes a symbol, a cause, a concept as well a hope that empathises with the holders of its usage value and hence effects in the transformation of a market”. It is of ensured spirits to acknowledge the permutations and combinations involved in the make of a product. The vigour of competition enshrined in the market carries out the fundamental interests of carving out a new Product to capitulate the interest proven attribute embedded in the consumer.

Branding is obviously the summation of all representative factors that adds value to the interest parameters of holding that very spirit embedded for “Virtual status”. “Product” and “Brand” are conceptually different for a professional organizing the theme of operations but for a pure buyer more or less the “Branded Product” is the inspiring motto for acquiring the object of preference

Awareness beckons the interests in establishments to add on measured privileges of recognition contributing to the deliverance of image sustenance for a product termed “Brand”. The beauty of the impetus created is that the Brand may forgo the physical existence of the Product but the physique on board will not be able to survive without the added attribute of brand.

What is a PRODUCT?

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An offering to meet target customers needs or wants. A Product need not be tangible Product is certainly and decidedly linked with Features, Service mix and quality, Value- based prices

The Customer Value Hierarchy
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Core Benefit (to Learn management) Basic Product (Properties available- infra, intellectual) Expected (a normal expectation by a customerExposure) Augmented (something additional that exceeds customer expectation- “Branded people” for guest lectures) Potential Product (the possible augmentations and transformations the product or offering might undergo in the future)

Product Classification

Durability Tangibility Use (Consumer or Industrial)

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On Durability and Tangibility Non Durable Durable Services (legal advice, repairs) Consumer Goods Classification Convenience (News paper, groceries) Shopping (furniture, Branded toys) Speciality (Jewellery, Electronic items, Car) Unsought (Encyclopedias)

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Industrial goods Classification
Materials and Parts Raw materials – Farm and Natural Manufactured – Component materials (iron, yarn) and Component parts (small motors) Capital items Installations (factories, offices) Equipment (Elevators) Supplies and Business Services Maintenance and repair (Paint, nails) Operating (pen)

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Differentiation – in terms of PRODUCT
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Form Features (Car – Maruti Vs TATA) Performance quality (Parker Vs Reynold) Conformance quality (Green Products) Durability (Sanitary) Reliability (Philips) Repairability (Maruti Vs Fiat Uno) Style (Rayban glasses)

Differentiation- in terms  Ordering Ease (Problem in luxury hotels) of Service
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Delivery (INDIAN Vs EMIRATES) Installation (Medical equipments) Customer Training Customer Consulting Maintenance and Repair

Product and Brand Relationships

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Product systems and Mixes – Product system is a group of diverse but related items that function in a compatible manner (Products sold in front of temples). Product mix (Product assortment) is the set of all products and items a particular seller offers for sale. Product Line Stretch- a) Down- Market (a product for lower segment) b) Up- Market (for upper segment), c) Two-way Line Modernisation and Pruning Co- Branding and Ingredient Branding

NEW PRODUCT DEVELOPMENT the need of the consumers, It is necessary to understand

competitive threats, availability of post-sales services and cost of marketing of the product

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New Products can be as : New to the world products New Product lines Additions to existing product lines Improvement and revisions of existing products Repositioning Cost reductions (products at lower costs)

Most new product activity is devoted in improving existing products It is increasingly difficult to identify blockbuster products that will transform a market, but continuous innovation to better satisfy consumer needs can force competitors to play catch up.

Required Organisational arrangements
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Budgeting for New Product Development Organising New Product Development – Team leadership, Team skills and expertise, Level of interest, Diversity of team members, Recognition

New Product Development Process
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Idea Generation Idea screening Concept Development (User, Built in and additional benefits, Time and occasion of use) Concept Testing (in Buyers and Market segment) Developing Marketing strategy Business Analysis Market Testing Commercialisation (Advertising coverage)

Obstacles

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Limited creativity and paucity of new product ideas Fragmented markets Social and economic limitations Government policies and restrictions Cost effectiveness of the process Resource crisis at various levels Product development and launching time Short Product Life Cycle

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