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Product strategy

TermDefinition
Product Bundle of physical, service, and symbolic attributes designed to satisfy a customers needs and wants
Services Intangible tasks that satisfy the needs of consumer and business users
Goods Tangible products customers can see, hear, smell, taste, or touch
Classification for consumer markets Convenience products, shopping products, specialty products, unsought products
Convenience products Goods or services consumers want to purchase frequently, immediately, and with minimal effort
Shopping product Products consumers purchase after comparing competing offerings
Specialty products Products with unique characteristics that cause buyers to prize those paritcular brand
Product line Series of related products offered by one company
Product mix Collection of different product lines that a company offers
Product mix width The number of different product lines that a company offers
Product line depth The number of offerings in a product line.
Types of Product strategies Market penetration, Product development, Market development, Diversification
Market penetration strategy This strategy usually covers products that are existing and that are in an existing market. In this strategy, there can be further exploitation of the products without necessarily changing the product or the outlook of the product.
Product development This is a growth strategy where new products are introduced into existing markets. This strategy can differ from the introduction of a new product in an existing market or it can involve the modification of an existing product.
Market development In this strategy, the business sells its existing products to new markets. This can be made possible through further market segmentation to aid in identifying a new clientele base.
Diversification strategy This growth strategy involves an organization marketing or selling new products to new markets at the same time. It is the most risky strategy among the others as it involves two unknowns i.e. new product and new market.
Product Life Cycle Progression of a product through introduction, growth, maturity, and decline stage.
Introductory stage In this stage a firm works to stimulate demand for new market entry. Because the product is new promotional campaigns are important to generate awareness.
Growth stage Sales volume rises rapidly during the growth stage as new customers make initial purchases and early buyers repurchase the product.
Maturity stage Sales of product continue to grow in the early part of this stage but eventually reach plateau as the backlog of consumers dwindle.
Decline stage Innovations or shifts in consumer preferences bring about an absolute decline in industry sales.
Brand A name, picture, design, or symbol, or combination of those elements, used by a seller to differentiate its offerings from competitors’.
Three-way product classification system a framework for classifying consumer products as either a convenience good, a shopping good, or a specialty good. Applying the categories helps to guide marketers in developing successful strategies.
Cannibalization When a new product takes sales away from the same company’s existing products.
Unsought offering An offering consumers don’t typically shop for until it is needed. Examples include funeral and towing services.
Created by: mkale
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