setting product strategy
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Setting Product StrategyBY
RAGHAV KUMAR
NETAJI SUBHAS INSTITUTE OF TECHNOLOGY, DELHI
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Characteristics of Product and How do marketers classify Products
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1) Core BenefitThe core benefit is what consumers feel they are getting when they purchase a product
2) Basic/Generic Productit refers to the marketer's effort of converting the core benefit into
an Product.
3) Expected Productit refers to the expectations the consumer have when they purchase a product
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4) Augmented Productit refers to the product prepared by the marketer which exceeds the customer expectation.
5) Potential Productit includes all the possible transformation which the product might undergo in future
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Product Classification
1) Durability and Tangibility2) Use
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Durability and Tangibility
1) Nondurable goods( frequently used ,tangible)
2) Durable goods( can last long , tangible) 3) Services ( perishable, intangible)
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Consumer Goods
1) Convenience goods 2) Shopping goods 3) Speciality goods 4) Unsought goods
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Convenience goods
Purchased immediately, frequently, Soaps, Soft drinks
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Shopping GoodsCompared on the basis of price, quality and style. Furniture , clothing
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Speciality GoodsUnique Brand image enough for buyers to buy. Cars, Stereos...
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Unsought GoodsConsumer does not have much knowledge or has little intention to buy. Smoke detector, life insurance
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Industrial Goods
1) Materials and Parts 2) Installations 3) Accessory Equipment 4) Operating Supplies
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Material and PartsGoods which enter the manufacturer's process completely. Farm products, Component materials…
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InstallationBrought Directly from Industrial Producer. Heavy Equipments, Buildings
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Accessory EquipmentShorter life than installations. Factory and office equipments
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Operating SuppliesShort term goods and services help in managing finished products. Lubricants…
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Thank You !
BY
RAGHAV KUMAR
NSIT,DELHI