Setting Product Strategy

What are the charac ter i s t i c s o f the produc t and how do marke ters c lass i fy produc t s?

Presentation byDivyasree P K

IIT Madras

PRODUCTPRODUCT

N. Market offering to satisfy a need or want

Physical goods

Product need NOT

be tangible always

Air Courier Service

Experience at Veega Land Amusement Park

Music concert

Product

CharacteristicsCharacteristics

Potential

feature

Augmented

feature

Expected featureExpected feature

Basic feature

Core feature

PRODDUCT

Cor

Ease and comfort r

e

comfort in kitchen

feature

BASI

Works on electricitySimple designSafe to useI

C

Safe to use

feature

Expec

Multiple jars and attachments

cted feature

Augmen

Unbreakable jar base

Fail proof coupler

5 year warranty on motornted

5 year warranty on motor

feature

POTENTIAL

In 2020

feature

In 2020

Product

ClassificationClassification

Based on DuraBILITYDuraBILITYTangibility

TangibleNon durableNon durable

TangibleDurableDurable

Not tangibleNot tangible

OfConsumerConsumerGoods

Convenience Goods1

Frequently purchased

with

minimum effort

Convenience Goods1

Staples Emergency goods Impulse goods

Shopping Goods2Purchased after evaluation of evaluation of style, price, suitability and quality

Speciality Goods3

With unique brand identification and value

Unsought Goods4

Smoke detectors InsuranceInsurance

Are normally bought on seller’s initiative

OfinDustrialinDustrialgoods

Materials & Parts1FruitsVegetablesWheat

PetroleumPetroleumIron ore

IronYarn

MotorsTyres

Capital Items2Installations like buildings

Equipments like toolsthatthat

the development of finished product

Aid

Supplies and Business Services3

Writing paperPen

PaintNailBroom

LegalManagement consultingAdvertising

Cleaning on contract basis

PenLubricant