Product

Management

MM 5 (3rd Year Marketing Management)
 
Chapter 1 The Product.
A Commercial Factor
 1.1 Product concept
1.1.2Premarketing

1.1.3Psychological theory
1.1.4.Product definition
1.1.5 Product dimensions
 
2 Product classification:
1.2.1 By its nature
1.2.2 By final use
1.2.3 By reasons for purchase
1.2.4 By consumers groups
 Product concept

 A product concept is a description of a product or service, at
an early stage in the product lifecycle.[1] It is generated before
any detailed design work is undertaken and takes into
consideration market analysis, customer experience, product
features, product cost, strategic fit, and product architecture.
[2]

 A product concept should describe how the new product will

appeal to its target market. While the product concept is
based upon the idea that customers prefer products that have
the most quality, performance, and features, some customers
prefer a product that is simpler and easier to use. [3]

 What is pre-marketing and
why is it important?

 What is pre-marketing?
Pre-marketing is the foundation stage of any
marketing plan to enable business development. Prior
to any marketing, SEO or social marketing, this step
ensures that you have the right brand. The right
website, stationery, brochure/catalogue and other
related sales and marketing tools in place. To ensure
you capitalise on your ongoing marketing and sales
team activity.
 Why does my business need
pre-marketing?

Pre-marketing is the first stage of sales and business
development. It gives your brand a solid platform and
all of the tools you need to market and re-market your
brand effectively.
Without the right tools, you may struggle to set
yourself apart from your competition. Or attract the
customers you actually want or be unable to measure
your return on any marketing investment.
 Psychological theory

 Psychology is a powerful tool in marketing and advertising. It's
important to understand what makes people visit your website,
what makes people come back, and how to tap into those
motivations.
 Psychology is a complex topic and cannot be surmised in just
one article, however, we will go over some basics and provide
some tips to help you get started.
 Traditional marketing and advertising, like billboards or radio
ads, can be successful for one-time sales, but by utilizing
psychology and understanding the motivators of your target
persona, you can create a long-term relationship with your
customers.
 Product definition

 A product is the item offered for sale. A product can be a
service or an item. It can be physical or in virtual or cyber
form. Every product is made at a cost and each is sold at
a price. The price that can be charged depends on the
market, the quality, the marketing and the segment that
is targeted. Each product has a useful life after which it
needs replacement, and a life cycle after which it has to
be re-invented. In FMCG parlance, a brand can be
revamped, re-launched or extended to make it more
relevant to the segment and times, often keeping the
product almost the same.
 Product dimensions

 Product dimensions are characteristics that serve to
identify a product variant. You can use combinations
of product dimensions to define product variants.
You must define at least one product dimension for a
product master in order to create a product variant.
 Product classification:

 Product classification organizes products into four
categories based mostly on consumer buying behavior,
similarity to competing brands, and price range.
Classifying products helps marketers develop strategies
that target consumers' specific needs.

 By its nature
 By final use
 By reasons for purchase
 By consumers groups