Managing Products
·
The product lifecycle.
·
Analysis of product portfolios.
·
Branding.
·
New product development.
Types of Product
Convenience
|
Shopping
|
Speciality
| |
Example
|
Chewing Gum
|
TV
|
Sports Car
|
Distribution
(Place)
|
Very Wide
|
Wide
|
Limited
|
Price
|
The price isn’t really that important as it is
normally relatively low
|
The price is important as customers shop around and
compare different products
|
The price isn’t very significant, as it is a special
purchase.
|
Product
|
There is some brand loyalty.
|
There is some brand loyalty, but there is also
comparison between brands
|
There is strong brand awareness
|
Promotion
|
They aim the product at large numbers of customers,
they aim to draw them into the store and use in store promotions to attract
impulse buys
|
Will raise brand awareness
|
The products are very targeted (e.g. people of
different wealth)
|
Process
|
They are often impulse buys
|
They may have payment and credit terms
|
May want payment terms
|
Physical
Environment
|
It is not very significant
|
It is relatively significant
|
It is very significant
|
People
|
There is limited importance
|
Important as customers want staff to know about
strengths of brands and the particular model product that they are buying
|
Very important as staff in store reflect on the
brand a lot
|
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