product

Examples of product in the following topics:

• Product Line Breadth

  • The product mix breadth is five.
  • What products will be offered (i.e., the breadth and depth of the product line)?
  • You may also hear the product line breadth referred to as the product width, product assortment width, and merchandize breadth.
  • The product mix (sometimes called "product assortment") is made up of both product lines and individual products.
  • An individual product is a particular product within a product line.

• Organizational Requirements for Product Development and Management

  • Product development combined with product marketing make up the product management function within an organization.
  • Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.
  • Product development – the process of bringing new products to the marketplace – combined with product marketing, make up the product management function that oversees the launch of a company's new products.
  • A product manager investigates, selects, and develops one or more tangible products for an organization.
  • However, product management also deals with intangible products, such as music, information, and services.

• Product Orientation

  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • A firm such as this would assume that as long as its product was of a high standard, people would buy and consume the product.
  • Consumers recognize product quality and differences in the performance of alternative products.

• Characteristics of the Product

  • The unique characteristics of a product should be used as inputs in determining the product's marketing mix.
  • The characteristics of the product are the features and elements that differentiate it from other products on the market.
  • Product characteristics help determine the marketing mix, potential target market and the pricing of a product.
  • Characteristics of a product also help to determine the price of a product.
  • The characteristics of a product determine the target market and price of a product.

• When to Modify Products

  • While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
  • The product life cycle (PLC) encompasses the multiple phases products pass through during their 'life' in the market.
  • Stakeholders typically contribute input during product development, demanding something different from the product designer and design process.
  • Other products are never re-introduced and deleted entirely from the product roadmap.
  • While some products are completely new innovations, others are simply minor modifications to existing products.

• The Product Life Cycle

  • Product development and product life cycles go hand-in-hand.
  • The product life cycle (PLC) describes the life of a product in the market with respect to business/commercial costs and sales measures.
  • Products have a limited life and, thus, every product has a life cycle.
  • The product life cycle begins with the introduction stage (see ).
  • A good product manager should find new products to replace those that are in the declining stage of their life cycles; learning how to manage products optimally as they move from one stage to the next.

• Stages in the Product Life Cycle

  • The introduction stage of the product life cycle is when the marketing team emphasizes promotion and the product's initial distribution.
  • Often the product will have little or no competitors at this point.
  • In the growth stage of the product life cycle, the market has accepted the product and sales begin to increase.
  • In the decline stage of the product life cycle, sales will begin to decline as the product reaches its saturation point.
  • The market will see the product as old and no longer in demand.

• Deletion

  • Product deletion, either through product replacement or product elimination, results when products fail to meet company expectations.
  • As a result, companies are under pressure to evaluate their existing product line and to make continuous decisions about adding new products or deleting existing ones.
  • One reason for this pattern is the product life cycle.
  • Deletion results in either product replacement or product elimination.
  • Failure rates of products vary by industry.

• Product Advertising

  • The stage of the Product Life Cycle (PLC) often determines the type of advertising that is used by advertisers for a particular product.
  • This form of advertising is designed to stimulate primary demand for a new product or product category (McDaniel et al, 2006).
  • It is heavily used in the introductory stage of product life cycle when a new product is launched.
  • This type of product advertising provides in-depth information of the benefits of using a product or service.
  • The type of product advertising a company chooses depends on where the product is in its life cycle.

• Product Life-Cycle Curve

  • Differing products possess different product life cycle "shapes. " A fad product develops as a steeply-sloped growth stage, a short maturity stage, and a steeply-sloped decline stage (for instance, the pet rock phase in the 1970s).
  • A given product may hold a unique product life cycle shape such that use of typical product life cycle models are useful only as a rough guide for marketing management.
  • Facebook is in the mature phase of the product life cycle.
  • Such a product may be difficult to classify using the product life cycle model - is it the same old iPod, or an entirely new product?
  • The diagram shows the sales and profits of a given product during the course of the product life cycle.