Management

Programme

MS – 63: Product Management

1. ​What is a product? Taking the example of refrigerator, explain the anatomy
of the product i.e. the core benefits, tangible specifications, and augmented
features.

SOLUTION
product is one of the significant components of promoting blend. An advertiser
can fulfill customer needs and needs through item. An item comprises of both
great and administration. Choices on all different components of advertising
blend rely upon item. For instance, cost is set for the item; limited time endeavors
are coordinated to sell the item; and dispersion network is ready for the item.
Item is in the focal point of promoting program. Thusly, item has a significant
function in deciding generally speaking achievement of showcasing endeavors.

An advertiser attempts to create and sell such items that fulfill needs and needs
of the objective market. Different words utilized for item are acceptable, product,
administration, article, or article. In promoting writing, item has extensive
importance.

For models, we don't accepting a pen, however composing administration.

Essentially, we don't accepting a vehicle, yet transportation administration.
Simply possessing item isn't sufficient. It must serve our need and need. Hence,
physical item is only a vehicle or medium that offer administrations, advantages,
and fulfillment to us.
 Anatomy of a Product

Core benefits: What, the product means to the customer? For example, a
refrigerator offers the generic benefits of storing, preserving and cooling a food or
similar items.
Tangible specifications: Features, colour, design, quality, size, weight: materials
used in making the product, durability, operating resource (say, diesel, petrol or
electricity) & price.
Augmented features: Company name, brand image, warranty/guarantee for the
whole machine or specific parts. It may include dimensions like delivery, easy
accessibility, credit, packaging, repair/service facilities.

The idea of advertising was portrayed by expanded number of makes creating comparable
items, developing business sectors, change in ways of life and savage serious climate. As
comparative items are made by more number of fabricates, customers had a wide
alternative for reception. Selling action hence turned into an intense and provoking
undertaking to the advertiser. There factors lead to the need for prepared and talented
faculty to comprehend buyer tastes and inclination and in like manner consider, plan, and -
create items and offer to the objective buyers for appropriation and their resulting rehash
buys. These recently recognized taskforce is relied upon to have and outfit with all the
apparatuses and procedures for making mindfulness, teaching the objective customers and
support the organization's item. This gathering of work power in along these lines assigned
as item/chief/supervisor contingent upon the nature and size of the firm, its items and
product offering and so on Accordingly the introduction of ;a very much characterized and
particular item the board office was inescapable, focussing and using all the assets of the
office towards dealing with its items.

2 Taking the example of packaged fruit juices, explain how you can generate new product
ideas using attribute analysis
SOLUTION
Product Ideas

A considerable exhibit of thought age procedures are available to the advertiser. Each
method has its benefits and liabilities, however nobody procedure is generally in a way that
is better than the others. Albeit all organizations ought to make progress toward an
efficient, market-coordinated methodology, they are obliged by their individual
circumstances. those thought age methods which are generally viable with corporate
objectives and conditions. Corporate item goals, monetary status, work force and plans for
future development may all influence this choice.

A producer of canned soup may require some item adjustments to extend his line. To
discover thoughts he may utilize morphological investigation to see new taste mixes, or
potentially advantage structure investigation to find neglected gustatory needs. On the
other hand, a producer of airplane, requiring u new kind of altimeter, may locate his most
fitting answer in synectics.

Huge, all around obeyed firms with statistical surveying divisions may discover thorough
advantage structure investigation a feasible other option, and boost their speculation
utilizing it. More modest, more unfortunate firms may need to manage with less intricate
examination and then some singular inventiveness; maybe through conceptualizing or
move investigation. The individual brain research projects of the company's chiefs are
additionally an obliging variable. Are heads innovative? Would they be able to cooperate
with at least relational rubbing? Not all organizations gangs the of work force who can
utilize conceptualizing or synectics adequately. Henceforth, the utility of rather mechanical
methods like morphological examination.

At last, one should take note of that a portion of these methods may be utilized successfully
in pair. We can perceive how conjoint examination supplements advantage structure
investigation. Might not the mental opportunity of conceptualizing upgrade a method like
quality posting the firm which characterizes its item in comparably expansive terms.
Conjoin/ examination may be useful in assembling o obscure item thought into an item idea
worthy to the market. Obviously, an innovative methodology is required for the inventive
measure.\

By decomposing existing products into combinations of specific parts, qualities, or

attributes, Attribute Listing (or Analysis) seeks to modify one or more of these to improve
the whole product.
A common screwdriver, for example, can be broken down into the following

•a round, steel shank

• a wooden handle, manually operated
• wedged end to engage the slot in a screw
• torque provided by twisting action

A group/individual can be asked to propose attribute modifications to improve

product appeal and/or performance. The round shank can be made hexagonal so
that the hand has a better and firm grip or a wrench could be applied. to get the
increased torque; electric power could replace manual power; and so on.

So, say, in case of a company planning to bring out a toothpaste, it may want to
know a package of optimum level and combination of various attributes and
benefits, such as

•whitening of teeth
• breath freshening
• decay prevention
• taste
• price

If each of these attribute-benefits has 3 levels - High to Low - then there are as
many as 243 combinations possible to choose from among
Osborn has suggested that useful ideas can he stimulated by putting the following
questions to an object and its attributes:

•put to other uses?

• adapt?
• magnify?
• reduce?
• substitute?
• rearrange?
• reverse?
• combine?

3 Briefly explain the concept of Product Life Cycle (PLC).Do all the products
follow the bell shaped curve of PLC? Discuss giving suitable examples.

SOLUTION
The term item life cycle alludes to the timeframe an item is acquainted with
purchasers into the market until it's eliminated from the racks. The existence
pattern of an item is broken into four phases—presentation, development,
development, and decrease. This idea is utilized by the executives and by
showcasing experts as a factor in choosing when it is fitting to build publicizing,
lessen costs, extend to new business sectors, or update bundling. The cycle of
planning approaches to ceaselessly uphold and keep up an item is called item life
cycle the board.
Features

● A product life cycle is the amount of time a product goes from being
introduced into the market until it's taken off the shelves.
● There are four stages in a product's life cycle—introduction, growth,
maturity, and decline.
● The concept of product life cycle helps inform business decision-making,
from pricing and promotion to expansion or cost-cutting.
● Newer, more successful products push older ones out of the market.

The Product Life Cycle idea as an instrument of item arranging has had a lot of
analysis just as help, Let us take a gander at some experimental proof in this
specific situation. The S Shaped calculated bend has been broadly acknowledged
as a portrayal of the life pattern of an item, having four discernible stages; a log
stage (presentation), an exponential stage (development), a fixed stage
(development and immersion) and a decay stage.

The exact help for the S molded item life cycle isn't all inclusive and the proof
with respect to its legitimacy is, subsequently, not definitive. The overall example
appeared above was found to exist in certain item classes Puzzle and Cook in their

investigation of 192 customer items in 1969 found that 52 percent of the items
followed the overall example of item life cycle. Various examinations on modern
items likewise demonstrated that a genuinely enormous level of them surmised
the PLC portrayal.

Deals of 'develop' items notwithstanding, didn't really follow the anticipated

example. Three varieties in the development stage were watched - the normal
stable development, a development because of changes in the market factors,
and an imaginative development because of certain advancements presented in
the item. Also for the decrease stage, it has been indicated that the stage isn't
inescapable for items like vanished milk, bread and so on

It should nonetheless, be obviously perceived that items don't follow a

characteristic and unavoidable pattern of birth, development and passing as
living beings do. The item life cycle that they follow is, to an enormous degree
the outcome and not the reason for advertising techniques. The deals and benefit
charts do react to advertising inputs and a deals decrease doesn't really imply
that the item has entered an irreversible decay stage. As the existence cycle
stages don't have unsurprising span and unavoidable arrangement, the item life
cycle idea can, best case scenario, be utilized as an overall rule for arranging
future activity. It must be enhanced by a profound and intensive investigation of
the market and serious conditions .describing an item so as to fill in as a gainful
or arranging instrument. The convenience of PLC idea changes in various choice
circumstance. As an arranging apparatus, it accentuation the kind of principle
showcasing challenges an item is probably going to look in the changed stages,
and recommends major elective systems that might be followed at each stage. As
an instrument for control, PLC idea empowers examination of item execution
'against comparable items in the past. It has a restricted utility as an estimating
instrument as deals accounts of items contrast generally and the existence cycle
stages show fluctuating span.

4 What do you understand by the term ‘product positioning’? Describe the

alternative basis of positioning that you can apply for a tooth paste.

SOLUTION
Product positioning is the process of identifying the needs of different groups of
customers and the extent to which competing products are perceived to meet
customers needs. In other words, relating a product to the market is termed as
‘product positioning’.

It also includes activities like determining the market segments towards which
major marketing effort will be directed on behalf of a product and suggesting
methods to differentiate products from competing ones. Thus, the whole process
is meant to bring together the market segments and products. The process can be
used to retain existing products and services as well as to introduce new ones.

Thus, product positioning refers to targeting the product at specific class of

customers or for specific needs. It determines the image of the product in relation
to the rival products. The strategies used for this purpose are product
differentiation and segmentation.

These strategies are often employed by the firms who want to engage in
non-price competition in markets characterised by imperfect or monopolistic
competition. Both the strategies involve financial investment in promotional
programmes.

Product differentiation means making the product different in some manner from
the competitive products. It is an important product strategy in a competitive
market. A marketer cannot control the price of his product which is identical in all
respects to the products of competitors.

Product differentiation can offer the following advantages:

(i) It helps in facing competition.

(ii) It facilitates some control over the price of the product.

(iii) It enables the marketer to create brand loyalty.

iv) Awareness of differences in the product helps to boost the firm’s goodwill.

(v) It provides ideas for advertising.

However, product differentiation tends to increase the problem and costs of

advertising and sales promotion. Firms with limited product line find product
differentiation particularly useful.

Basis of positioning that we can apply for a tooth paste.

Toothpaste is an essential product consumers cannot do without. For more
established brands, selling toothpaste products is relatively easy. However, if you
wish to launch new toothpaste into the market or want to increase sales of a
relatively new product, you must undertake some rigorous but strategic
marketing. There are several techniques and tools that can help you market
effectively, but you have to be purposeful in your strategy and evaluate how the
marketing initiatives will enhance the credibility for your brand and influence
potential customers.

Product Differentiation

The toothpaste market has several similar competing products, and you have to
brand yours in such a way that it stands out. Prominently display your logo and
name on the packaging to boost brand awareness and sales. Identify the specific
qualities that clients are looking for in a toothpaste, such as the ability to whiten
or strengthen teeth and protect against tooth decay. Emphasize the
characteristics of your toothpaste and range of benefits that consumers will get
from using it, always ensuring that the information you provide is factual and
backed up by research.

Collaborate with Dental Care Specialists

Toothpastes are considered health care products that guard the teeth against
bacteria and other harmful microorganisms. Having dentists recommend your
toothpaste improves your brand recognition. Seek a dentist who will appear in a
cable or TV broadcast ad recommending your toothpaste for optimum teeth
protection. Print attractive posters and fliers and leave them in dental clinics or
offices. Participating in community health promotion activities that raise
awareness on proper dental care can also provide you with an opportunity to
market your brand.

Promotion and Advertising

Depending on your budget, you can leverage several print and electronic media
channels to market your toothpaste products effectively. Your ads, which should
highlight the top features of your toothpaste to attract maximum attention, can
be placed with broadcast media such as radio and television that reach a wide
audience. The local daily or national newspapers and health magazines also offer
good opportunities to advertise your toothpaste. Having a product website that is
modern and easily navigable with links to social media helps you explain your
product to readers, creating positive brand impressions.

Explore Retail Marketing Channels

Retail outlets may be able to provide advertising opportunities for your

toothpaste by allocating display space for your products and posters so shoppers
readily see them. You may consider selling your toothpaste products to retailers
at discounted prices and leave the marketing work to them. You also can use trial
offers in the form of limited-time coupon discounts for at select retail outlets to
entice customers to sample your products.
5.Discuss the various functions that packaging performs in marketing of cooking
oil

SOLUTION

Everything you need to know about what is packaging in marketing. ​Packaging

may be defined as the general group of activities in the planning of a product.

These activities concentrate on formulat​ing a design of the package and

producing an appropriate and attractive container or wrapper for a product.

The container itself can act as a forceful though silent and colourful salesman at
the point of purchase or an effective medium of advertisement encou​raging
impulse buying. Many a time, package design itself can act as a registered brand.

Packaging is aimed at attaining two basic functions, the first to protect the
product and the second to promote the product.

According to Philip Kotler “protection, convenience and economy were the three
traditional purposes attached to package.” But in this modern era, we need to
add all the modern functions of packaging.

1. Meaning of Packaging 2. Classification of Packaging 3. Functions 4. Essentials 5.

Attributes 6. Packaging Cost 7. Packaging Strategies 8. Requisites of a Good
Package 9. Factors Affecting 10. Significance of Societal View of Packaging 11.
Consumer Problems.

Packaging may be defined as the general group of activities in the planning of a

product. These activities concentrate on formulat​ing a design of the package and
producing an appropriate and attractive container or wrapper for a product. The
container itself can act as a forceful though silent and colourful salesman at the
point of purchase or an effective medium of advertisement encou​raging impulse
buying. Many a time, package design itself can act as a registered brand.

Almost every article has to be packed to make a trip to the ultimate consumer.
But packing is merely a physical action and provides a handling convenience, e.g.,
wheat, cotton, etc. Packing is necessary to prevent flowing out of such liquids as
milk, drinks, etc. It is essential to maintain freshness and quality, e.g., ghee, sauce,
etc. It can prevent the danger of adulteration, e.g., butter, cheese, spices, edible
oil, etc.

However, packaging is much more than mere packing. Packag​ing is a marketing

necessity. The public does not want just the product. It wants explanation,
assurance, encouragement, confidence and praise, i.e., pat-on-the-back, all
integrated or combined with a pleasant and eye-catching get-up or appearance
on the top to gain action, i.e., close the sale- Thus, a good package ensures
ultimate success of the product as a commercial venture.

Package is an invaluable aid to decision-making by the customers. Under keen

competition the consumer needs an effective means to recognise a difference
and establish preference that will ensure repeated re​purchases. Packaging does
this job in a competitive market. That is why millions of rupees are spent on
packaging and branding. Such huge expenditure is made for the simple reason
that packaging and branding alone can sell your products. In fact, the amount
spent on packaging is more than that poured into advertising. Packaging
completes the sales cycle triggered by advertising.

In the present age of consumer-oriented marketing approach (i.e. Buyers’

Market), packaging has gained unique importance. The utility reasons for
packaging, viz., protection, identification and convenience are themselves
exploited in selling and some features of the package may serve as a sales appeal,
e.g., a reusable jar. Message on the label is a constant reminder to the user of the
product. Packaging decorates and beautifies the product so as to lead the
consumer to impulsive buying.

Thus, the package serves in most cases as a vehicle by which the brand of the
product is carried through to the consumers. In modern self-service stores, with
mass display, well-designed packages attract attention, and through silent sales
talk increase the sales volume. Packaging itself is a device of sales promotion.

A customer will pay more just to get the special package—even though the
increase in price exceeds the additional cost of the package, e.g., Supreme Lux
Soap sold in an attractive re-usable box for lunch or tiffin. In short, packaging is an
advance stage of packing and it demands the services of experts. It has assumed a
specialised status in the process of marketing.
Following are the functions of packaging:

a. Containment:
b. Protection:
c. Identification:
d. Convenience:
e. Attractiveness:
f. Promotional Appeal:
g. Economy:

6.What are the objectives of test marketing? Taking any new product of your
choice explain how you would go about its test marketing.

SOLUTION
TEST MARKETING

Test marketing is primarily used for frequently purchased fast moving consumer
goods. However, the general principles can be applied easily to industrial goods
and consumer durable goods also. The objectives of test marketing are generally
four folds.

They are:
1). To obtain the best estimates of sales volume and market share of the new
product.
2). Marketing mix elements like distributor support, advertisement response, and
some sales promotion efforts can be evaluated only in the test marketing.
3). Only opportunity to evaluate the entire marketing strategy.
4). It is like a dress rehearsal, time to streamline manufacturing, selling, and
delivering the product to consumers.

Before getting on to test marketing it is important to decide whether or not to

test market. The trade-off of required investment, the risk of taking the product
directly to the market. The risks could be over estimation of the company's ability
to manufacture, distribute and sell the new product, company's reputation and
morale of employees. The several important factors for consideration are
opportunity cost of delaying launch. The third issue is the reaction of competition
and company's exposure to competition. When P&G launched' Ariel Compact', a
new detergent product in the market, HLL quickly learnt and. launched "Surf
Ultra". However, it is important to note that the purpose of test marketing is not
to learn whether consumers will buy and use the product or the interest will
dwindle quickly. The answers for these questions should have been obtained in
concept test, product test or pretest marketing, i.e., well in advance before
putting the product for test marketing.
We would go about its test marketing.

​1. Talk to customers

2. Test ugly

3. Offer a sample

4. Use test ads

5. Get personal