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Chapter 9

Products

Book Version 3
By Boundless
Boundless Marketing
Marketing
by Boundless
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Section 1
What Is a Product?
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Defining Product

A product is any good, service, or idea that can be offered to a market to satisfy a want or need.

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Benefits and Solutions

The core benefit is what consumers feel they are getting when they purchase a product.

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Features and Attributes of a Product

The features and attributes of a product are integral to the product design process, which in turn assists in the creation of new products.

Section 2
Types of Products
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Consumer Products

A consumer product is any tangible product for sale that is used by a person or household for non-business purposes.

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Shopping Products

Convenience goods are those that require little effort on the part of the buyer, while shopping goods require research and comparison.

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Specialty Products

Specialty goods are those considered unique by the buyer, who will go to great lengths to get them.

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Unsought Products

An unsought good is one that is not actively sought out by a consumer, but is instead purchased due to fear, precaution, need, etc.

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Business Products

Business products are sold to other businesses, as opposed to convenience, shopping, and specialty products, which are sold to consumers.

Section 3
Product Line and Product Mix
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Adjustments to Products

Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer.

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Product Line Breadth

The breadth of the product mix consists of all the product lines that the company has to offer to its customers.

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Product Line Depth

Companies employ different strategies to expand their product line depth, which refers to the number of products in a specific product line.

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Product Lines in Services

By productizing a service it can be managed more like a product and various product lines can be created.

Section 4
Product Life Cycles
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The Product Life Cycle

Every product goes through the various life cycle phases of introduction, growth, maturity and decline.

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Growth

During the growth stage, the public becomes more aware of the product; as sales and revenues start to increase, profits begin to accrue.

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Maturity

During the maturity stage, sales will peak as the product reaches market saturation, and competition will grow increasingly fierce.

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Decline

During decline, sales growth becomes negative, profits decline, competition remains high, and the product ultimately reaches its 'death'.

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Product Life-Cycle Curve

Product life cycles are a useful guide to lifetime sales and profits, and can help marketers understand what strategies to deploy & when.

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Impact of the Product Life Cycle on Marketing Strategy

The stage of the life cycle of the product affects how it is marketed.

Section 5
Managing Existing Products
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When to Extend Product Lines

A company can extend its product line using a down-market stretch, an up-market stretch, or a move both ways.

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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.

Section 6
New Product Development
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The Need for New Products

In dynamic markets companies must constantly introduce new products and services to keep up with changing consumer wants and needs.

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Strategy

A good NPDS can help organize research, prioritize customer needs, and reduce cost overruns, to ensure a smooth development process.

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Idea Generation

The success of product-driven companies is directly tied to new product development, which is generated through innovative ideas.

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Screening

During screening, the company evaluates whether to devote further resources to the development of a product at various stage gates.

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Concept Testing

Concept testing is important for evaluating consumer responses to a product before market introduction.

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Business Analysis

The output of the business analysis stage is a prediction about whether the product is likely to be profitable or not if ultimately produced.

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Development

Development involves setting product specifications as well as testing the product with intended customer groups to gauge their reaction.

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Test Marketing

Test marketing is the final stage before commercialization, and is where all the elements of the marketing plan are tested.

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Commercialization

Commercialization the process of launching a new product; it may involve heavy promotion and filling the distribution networks with the product.

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Success and Failure: Strategies to Improve Success

Marketers must learn from their own previous failures, and others' failures, to ensure that they are successful for the next product launch.

Section 7
Differentiating Factors in Product Design
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Quality

Consumers place a value on quality; therefore high quality products may be able to win share and/or command a price premium.

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Design and Feature Set

Premium features and design may help differentiate a product to earn it share or a price premium in the marketplace.

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Support and Help

Excellent customer service can help differentiate a product or brand and may lead to increased brand loyalty over time.

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Deletion

Product deletion, either through product replacement or product elimination, results when products fail to meet company expectations.

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Organizational Requirements for Product Development and Management

Product development combined with product marketing make up the product management function within an organization.

Section 8
The Spread of New Products
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The Diffusion of Innovation

The diffusion of innovation theory seeks to explain how, why, and at what rate new ideas and technology spread through cultures.

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The Rate of Adoption

The rate of adoption is defined as the relative speed with which members of a social system adopt an innovation.

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Stages of Adopters

The stages of adopters for the diffusion of innovation include knowledge, persuasion, decision, implementation, and confirmation.

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Applying the Diffusion of Innovation Theory

In applying the diffusion of innovation theory, it is important to understand potential adopters and their decision-making process.

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Boundless Marketing by Boundless
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Pricing
  • Introduction to Price
  • Competitive Dynamics and Pricing
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and 4 more sections...
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Chapter 9
Products
  • What Is a Product?
  • Types of Products
  • Product Line and Product Mix
  • Product Life Cycles
  • Managing Existing Products
and 3 more sections...
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Branding and Packaging
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