Product and services, Marketing Management

Product & services

Product is a complicated concept that must be carefully defined. Since the first of the four marketing mix variables, it is frequently where strategic planning starts. Product strategy calls for creating coordinated decisions on product lines, specific products and the product mix. Services and Products can be thought of as occupying three levels: the real product, the core product, and the augmented product. Usually Consumer products are classified according to how consumers purchase them (shopping, convenience, specialty, or unsought products). According to whether parts and materials industrial goods are classified, capital items, and supplies and services are manufactured. The primary difference between consumer goods and industrial is the purpose for which the product is bought. Additionally  to  tangible  services and products , in recent years marketers have broadened the concept of a manufactured goods to include other "marketable entities"-namely,  persons, organizations, places, and ideas. Whether an organization is classed as non-profit or profit, marketing has a role to play in the entity. Political candidates & sports figures are possibly the best instance of how significant marketing is to person marketing. With the development of tourism marketing, various states, nations, and attractions have learned how to effectively market themselves. At last, idea marketing (chiefly social marketing issues) has acquired in popularity in the latter part of this century. Those persons that study trends in marketing consider that all of the above areas will continue to raise and expand in the years ahead.

Companies must develop strategies for the items in their product lines. They have to decide on product attributes, branding, packaging, labeling, and product support services. Each of these areas is described so that the specific product decision is seen like a sequence of planned events. Mostly companies produce a product line instead of a single manufacture. Product line and product mix decisions are crucial to the success of the manufacture in a competitive environment. The product mix explained the set of product lines and items offered to customers by a specific seller. Product lines have to be carefully managed. One way to do this is to study how to stretch and fill lines. The product mix is explained by its, length, width, depth, and consistency. All of these tools help the planner to correctly observe the product so it may achieve competitive superiority and improved product strategy.

The twenty-first century may well indeed be the century of the branding. There has been renewed interest in the concept of brand equity (the positive differential influence that knowing the brand name has on customer response to the service or product).  Solid brands counter cynical consumers. Managing brand is an art that has to be mastered by the successful marketer. This art is increasingly hard and complexes with the emergence of powerful global brands and raising competition for consumer dollars. Actually, a brand's position will not take hold completely unless everybody in the company lives the brand.

Services (although a lot times mentioned in the similar breath as product) are different from products. Since the United States has become a service economy, it is very significant that the marketer understand the strategies linked with the delivery of services. The characteristics of services (inseparability, variability, intangibility and perish-ability) are verified and detailed. The ability to distinguished and produce high quality services are a necessity for the services marketer. Currently, successful companies focus on the creation of service-profit chains. To create these chains work, a company can have to undertake interactive and internal marketing. Service productivity is as vital as manufacturing productivity.

Posted Date: 11/8/2012 1:15:02 AM | Location : United States

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