physical and non-physical attributes that a targeted buyer seeks to acquire for their satisfaction exchange for a specific amount

ANATOMY OF A PRODUCT:

CLASSIFICATION OF PRODUCT:

- bought for personal or household use, fulfilling current needs or wants without intent to resell or further process.

Products purchased for business purposes, often used in production or resold to industrial buyers

TYPES OF CONSUMER GOODS:

Long-lasting products with a lifespan of over three

Short-lived products consumed within three years, typically used once or a few times

Essential, frequently purchased items for daily use

Intangible offerings that fulfill specific needs without a physical product

CATEGORIES OF CONSUMER GOODS:

Frequently purchased, widely available items that require minimal buying effort.

Items for which consumers actively compare quality, price, and features before purchase.

Products with unique attributes or brand appeal that drive strong consumer preference

These are those goods which the consumer does not know about or does not normally think of buying.

Groups product with similar characteristics or uses aimed at a specific market segment

Addition of new items to an existing product line

PRODUCT LIFE CYCLE

ASSESS ASSOCIATED RISKS 3

Misalignment with business goals.

:Lack of differentiation or customer appeal.

:Inability to develop the product on time and within budget.

Strategic efforts to target new markets with existing products,

Products designed to deliver similar benefits at a lower price point,

is the overall mental image in the minds of the people

WHY BRANDS MATTER?:

– brand help consumer distinguishes one product from another

– brand safeguard their reputation and prevent misuse by others

– brand communicates unique benefits to stand out from competitions

is how your brand looks, feels, speaks, and connects with the world.

– Your logo, colors, and design that people instantly recognize.

– The tone and language you use to communicate.

– What your brand stands for and why it exists.

Brand identity It’s the unique combination of:

PRICING STRATEGIES:

5 TYPES OF ADVERTISEMENTS

To convince customers to buy immediately.

To offer a positive image of the company and the brand.

To get the customers to buy

is any communication, usually paid-for, specifically intended to inform and/or influence one or more people.

are short-term strategies used to increase immediate sales by providing additional value or incentives to customers.

The promotions are typically time-bound, creating a sense of urgency.

They offer extra value compared to the normal product offering, encouraging immediate purchase.

These promotions are used to boost product trials, increase purchase volume, and drive growth.

focus on building and maintaining a positive image for a company and its products.

Involves direct interaction with the target audience to present and guide them toward making a purchase decision.

adding a fixed markup to the cost of

set based on the perceived value of the product

Setting prices based on competitors’ prices for similar products in the market

The route through which products move from the manufacturer to the consumer.

assist manufacturers with operations to distribute products to consumers

is available in as many outlets as possible to maximize exposure and reach.

Products are available in a limited number of outlets,

Products are sold through a very limited number of outlets, typically to maintain a high-end, exclusive image.

products are strategically position near the target market any time and all the time.

component or element of marketing mix that is associated with informing, persuading and reminding the market about the product and offers