Product Core Concepts

8/9/2019 Product Core Concepts

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PRODCore Co

BMT506 Product and Brand M



Product

anything that can ofered to a mark

that might

satisy a want or n



! product

…in Retailing is called Merchandise

…in Manufacturing is Raw Materia

Finished Goods

…in Project Management is P

Deliv



! Product can e"

A good

An idea

A process

A method

Information An object

A service

An experience



! product is"

a bundle of utilities (total product)

a bundle of attributes (features, functions, band uses)

has capabilities to satisf! customer " functio#ell as ps!chological

has some exchange value ma! be tangible or intangible or a combinat

both

is not al#a!s a single product

ma! be a part of another product



Product #ierarchy

So$utions or Bund$es

Product Port%o$io

Product &ine

Product

Product '$ements( Modu$es(Terms

Product P$at%orm or Base!rchitecture



Product #ierarchy

Product &ines group of related products

e$g$ s%in care products

Product Port%o$io group of several product lines

e$g$ &osmetics'eaut! care products

So$utions and Bund$es group of related products or services

e$g$ antiageing



Product #ierarchy

Product '$ements and Modu$es

*blac%boxes+ #ithin a product e$g$ po#ermodule'batteries

Product P$at%orm

nderl!ing frame#or%, base architecture, technoframe#or%s, and interfaces upon #hich productsproduced

e$g$ -#ift platform from Maruti -u.u%i



Product &e)e$s (Philip /otler)



Product &e)e$s

Core Benetthe fundamental need or #ant that consumersb! consuming the product or service

Generic Prodcta version of the product containing onl! those or characteristics absolutel! necessar! for it to

!"#ected Prodctthe set of attributes or characteristics that bu!normall! expect and agree to #hen the! purchproduct



Product &e)e$s

$%mented Prodct

inclusion of additional features, benets, attrelated services that serve to di0erentiate thproduct from its competitors

Potential Prodctall the augmentations and transformations amight undergo in the future$



Product C$assi*cation

1n basis of Rate of &onsumption " &opeland (

&on'drable 6angible goods that are normall! consumed in on

uses

e$g$ eer, 6oothpaste, -ugar, -oap, -alt, etc$

Drable tangible goods that normall! survive man! uses

e$g$ 7urniture, Refrigerator, &lothing, Rugs, etc$

(ervices activities, benets or satisfaction that are o0ered



Product C$assi*cation+ CO,SUM'R-OODS:d#ard and Richard (23;2)

Convenience Prodcts that the consumer bu!s #ith minimum shopping e0ort

e$g$ iscuits, <e#spaper, 6oilet -oap, &igarettes etc$

(bcate%ories

Stap$e Products " bought often in a routine manner #thought

.mpu$se Products " purchased #ithout an! planning oe0ort

'mergency Products " circumstantiall! purchased #his great

P d C$ i* i CO,SUM'R




(ho##in% Prodcts selected b! consumers based on certain !ardstic%ssuitabilit!, =ualit!, price and st!le

involve shopping comparison before selection

e$g$ furniture, rugs, dresses, computers, shoes and

appliances

(bcate%ories )*otler+ ,--,. #omogenous Products " seen as basicall! the sa

#eterogeneous Products " seen as di0erent in fe

P d t C$ i* ti CO,SUM'R




(#ecialty Prodcts for #hich consumers are habituall! #illing to ma%

purchasing e0ort$

possess uni=ue characteristics or high degree of identication$

e$g$, specic brands and t!pes of fann! foods, carcomponents, photographic e=uipment and suits$

9o not involve bu!er in ma%ing comparisons bu!etime onl! to reach the dealers of the specialt! go

P d t C$ i* ti CO,SUM'R



Product C$assi*cation+ CO,SUM'R-OODS

:d#ard and Richard (23;2)

/nso%ht Prodcts Products consumer does not %no# about or %no# about

normall! thin% of bu!ing

e$g$ re extinguishers, insurance, enc!clopedia, novelt!(sometimes) etc$

(bcate%ories )0illiam D1 P1+ ,--2. ,e/ Unsought Products " potential customers do no

an!thing about

Regu$ar$y Unsought Products " customers not motivsatisf! need

P d t C$ i* ti .,DUSTR.!&



Product C$assi*cation+ .,DUSTR.!&-OODS Fondation Prodcts

manufacturing machines upon #hich produdependent

(bcate%ories .nsta$$ations " buildings and xed e=uipment

!ccessory euipment " portable factor! e=uipmtools #hich do not become part of the nished pr

P d t C$ i* ti .,DUSTR.!&



Product C$assi*cation+ .,DUSTR.!&-OODS !nterin% Prodcts

ingredients or components of product 6hese are the parts that go into the produc

(bcate%ories

Ra/ materia$s " usuall! enter the production prtheir ra#'natural or nonprocessed state

aricating materia$s " undergo some initial prbefore entering production process

Product C$assi*cation+ .,DUSTR.!&



Product C$assi*cation+ .,DUSTR.!&-OODS Facilitatin% Prodcts

operating supplies that are used up in the oof the rm but do not become part of the p

purpose of such goods is to %eep the foundgoods functioning properl! and to help in thhandling and suppl! of the entering goods$

e$g$ lubricating oil, sa# blades, labels, etc$



Product Mi2

also called product assortment

is the set of all products and items that a paseller o0ers for sale

consists of various product lines

Product mix has a certain

3idth " total number of product lines &ength " total number of items in the product m

Depth " number of variants o0ered of each prodline

Consistency ho# closel! related various produ

are in end use, production re=uirements, distribu



Product &ine Decisions

>ine -tretching 9o#n Mar%et -tretch

p Mar%et -tretch

6#o#a! -tretch

>ine 7illing

>ine Moderni.ation

>ine 7eaturing

>ine 6rimming

Product Management+ e/ Re%erenc



Product Management+ e/ Re%erencBoo4s 9onal R$ >ehmann and Russell -$ ?iner, Project Ma

6M8

-teven 8aines, The Product Manager’s Desk Refere

Mc@ra# 8ill

Ramanuj Majumdar, Product Management in India,

&$ Anandan, Product Management, 6M8

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Product Core Concepts