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Products
What Is a Product?
Types of Products
Product Line and Product Mix
Product Life Cycles
Managing Existing Products
Products
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Products
(continued)
New Product Development
Differentiating Factors in Product Design
The Spread of New Products
Products
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Products > What Is a Product?
What Is a Product?
• Defining Product
• Benefits and Solutions
• Features and Attributes of a Product
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www.boundless.com/marketing/textbooks/boundless-marketing-textbook/products-9/what-is-a-product-66/
Products > Types of Products
Types of Products
• Consumer Products
• Shopping Products
• Specialty Products
• Unsought Products
• Business Products
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Products > Product Line and Product Mix
Product Line and Product Mix
• Adjustments to Products
• Product Line Breadth
• Product Line Depth
• Product Lines in Services
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www.boundless.com/marketing/textbooks/boundless-marketing-textbook/products-9/product-line-and-product-mix-68/
Products > Product Life Cycles
Product Life Cycles
• The Product Life Cycle
• Growth
• Maturity
• Decline
• Product Life-Cycle Curve
• Impact of the Product Life Cycle on Marketing Strategy
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Products > Managing Existing Products
Managing Existing Products
• When to Extend Product Lines
• When to Modify Products
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Products > New Product Development
New Product Development
• The Need for New Products
• Strategy
• Idea Generation
• Screening
• Concept Testing
• Business Analysis
• Development
• Test Marketing
• Commercialization
• Success and Failure: Strategies to Improve Success
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Products > Differentiating Factors in Product Design
Differentiating Factors in Product Design
• Quality
• Design and Feature Set
• Support and Help
• Deletion
• Organizational Requirements for Product Development and
Management
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Products > The Spread of New Products
The Spread of New Products
• The Diffusion of Innovation
• The Rate of Adoption
• Stages of Adopters
• Applying the Diffusion of Innovation Theory
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Appendix
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Key terms
• analysis In product design, the analysis stage is where designers begin research on how to find a solution to the problem at
hand.
• attribute a characteristic or quality of a thing
• augmented product The supporting services surrounding the product, such as after-sales service for a machine, or parking
spaces for a department store.
• business products Products that are sold to other businesses as opposed to end consumers, and used to produce other
products.
• commercialization The process of introducing a new product into the market.
• concept testing The process of evaluating consumer response to a product idea prior to the introduction of the product to the
market.
• conformance The act of conforming; conformity.
• consumer product Any tangible product used for personal, family, and household non-business purposes.
• Consumer Product Safety Act Act enacted by US Congress in 1972, establishing the Consumer Product Safety Commission as
an independent agency of the US Federal Government.
• convenience good a good that requires a minimum amount of effort on the part of the consumer.
• core product The core product identifies what the consumers feel they are getting then they purchase the product.
• critical mass A quantity or amount required to trigger a phenomenon.
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• cultural factors Differences in cultures (be they national or corporate cultures) that managers must pay attention to in order to
ensure success.
• decline The stage of the product life style where low/negative sales growth, lower profits, and maximum competition occur,
forcing the product into decline and 'death'.
• decline stage when a product is not predicted to continue to be successful or upgraded
• depth of the product line Line depth refers to the number of subcategories a category has.
• development the complete process of bringing a new product to market
• development stage The stage where prototypes are created, and questions of production and marketing are asked.
• diffusion The act of diffusing or dispersing something, or the property of being diffused or dispersed; dispersion.
• durability Permanence by virtue of the power to resist stress or force.
• extensibility A quality of design that takes possible future advances into consideration and attempts to accommodate them.
• extranet A private computer network that uses Internet protocols and can be accessed by authorized individuals via the
Internet.
• fad A phenomenon that becomes popular for a very short time; the product life cycle has a steeply-sloped growth stage, a short
maturity stage, and a very steep decline.
• feature creep The tendency of a design project or product cycle to accumulate more and more features or details, rather than to
be completed and released at a more basic level.
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• feature creep The tendency of a design project or product cycle to accumulate more and more features or details, rather than to
be completed and released at a more basic level.
• flexible product development A new product development strategy designed so that changes can be made late in the process
without excessive disruption.
• Fourt-Woodlock equation a market research tool to describe the total volume of consumer product purchases per year based
on households which initially make trial purchases of the product and those households which make a repeat purchase within
the first year.
• Generation X the generation of people born after the baby boom that followed World War II, especially those born in the 1960s
and 1970s
• growth stage The stage of the product life cycle where product sales, revenues and profits begin to grow as the product
becomes more popular and accepted in the market.
• hierarchy Any group of objects ranked so that every one but the topmost is subordinate to a specified one above it.
• horizontal conflict channel conflict between intermediaries at the same level within a channel
• innovation As used here, innovation describes an idea or product that is new to the company in question.
• innovation As used here, innovation describes an idea or product that is new to the company in question.
• intrinsic Innate, inherent, inseparable from the thing itself, essential.
• ISO The ISO is the International Organization for Standardization.
• iterative Of a procedure that involves repetition of steps (iteration) to achieve the desired outcome; in computing this may
involve a mechanism such as a loop.
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• lifecycle the stages through which a product or its category bypass, from its introduction to the marketing, growth, maturity to its
decline or reduction in demand in the market.
• market saturation A situation in which a product has become distributed within a market to the fullest possible extent, leaving
demand for the product at a minimum. The actual level of saturation can depend on consumer purchasing power, competition,
prices, and technology.
• maturity The stage in the product life cycle where sales growth ultimately peaks, then slows as the product reaches widespread
acceptance, and competition is fierce.
• maturity stage when a product is no longer in the growth stage, but not yet in the decline stage
• modified rebuy the repurchase of a good with changes to the details of the order
• new product a good or service that was previously not offered by the company
• obsolescence The process of becoming obsolete, outmoded or out of date.
• Phase-gate model A new product development strategy that is divided into phases, separated by gates.
• planned obsolescence a policy of deliberately planning or designing a product with a limited useful life, so it will become
obsolete or nonfunctional after a certain period
• product Any tangible or intangible good or service that is a result of a process and that is intended for delivery to a customer or
end user.
• product adjustment The changing of a product in order to provide superior satisfaction and win over buyers from other brands
and products.
• product life cycle The process wherein a product is introduced to a market, grows in popularity, and is then removed as
demand drops gradually to zero.
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• product life cycle The process wherein a product is introduced to a market, grows in popularity, and is then removed as
demand drops gradually to zero.
• product line A product line is the marketing strategy of offering several related products for sale as individual units.
• product line breadth The breadth of the product mix consists of all the product lines that the company has to offer to its
customers.
• product line depth Product line depth refers to the number of products in a company's specific product line.
• product mix The complete set of all products a business offers to a market. The product mix is made up of both product lines
and individual products.
• product repositioning Changing the market's perceptions of a product so that it may better compete in its present market or
other market segments.
• productize To modify something to become suitable as a commercial product.
• purposeful development Innovation that occurs in response to a market need that existing product lines cannot satisfy.
• recall To withdraw, retract (one's words etc. ); to revoke (an order).
• revenue stream A revenue stream is a method that a company, organization, or individual uses to collect money—often
automated—from users of their product or service. In essence, it is a method of earning money and a way to protect it.
• screening A step in the product development process where products are evaluated according to a certain set of criteria on
whether they will be successful in the marketplace.
• serviceability The property of being serviceable, of being useful for some function.
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• shopping good goods that consumers will want to be able to compare and contrast with others before they make a purchasing
decision.
• social system The interaction of at least two personal systems or two persons acting in their own roles.
• specialty good Products that are considered so unique by the consumer that they will go to any length to seek out and
purchase them.
• specialty store small retailers which offer a specific range of merchandise and related items
• stakeholders A person or organization with a legitimate interest in a given situation, action or enterprise. It can range from
employees and investors of a company to the customers purchasing from the company.
• SWOT Analysis A structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved
in a project or in a business venture.
• tangible product The tangible product is reflected in the quality, features, brand name, styling, and packaging.
• test marketing The stage where all the variables in the marketing plan, as well as the product characteristics, are tested in a
real-world setting.
• Unsought good Goods that a consumer does not seek out, but purchases out of fear, precaution, or need.
• user-centered design A new product development strategy where the needs of the end users are given the most attention.
• vertical conflict psychological tension or anxiety between two alternatives that are not simply different, but where one is
genuinely higher than the other
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The maturity stage
This stage of the product life cycle shows that sales will eventually peak and then slow down.
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Buying a car
Most buyers invest a lot of time and effort into choosing the right car for them.
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Public Domain Images. "Front bumper oldtimer car royalty free stock photograph." Public domain http://www.public-domain-image.com/full-image/transportationvehicles-public-domain-images-pictures/cars-automobile-public-domain-images-pictures/front-bumper-oldtimer-car.jpg-royalty-free-stock-photograph.html View on
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Different sources of innovation
A summary of different sources of innovation, as described in this section. Being innovative is key to generating new ideas in product development.
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OpenStax CNX. "Global Text Project, Business Fundamentals. October 31, 2012." CC BY 3.0 http://cnx.org/content/m35574/latest/?collection=col11227/1.4 View
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Business analysis and profitability
Financial ratio analysis allows an observer to put the data provided by a company in context. This allows the observer to gauge the strength of different
aspects of the company's operations.
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Pixabay. "Achievement, Bar, Business, Chart - Free image - 18134." Public domain http://pixabay.com/en/achievement-bar-business-chart-18134/ View on
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'The Giant' Swiss Army Knife, by Wenger
Since 2006 Wenger has produced a knife called "The Giant" that includes every implement the company has ever made. With 87 tools and 141 different
functions it is recognised by the Guinness Book of Records as the world's most multifunctional penknife. While containing an incredible amount of
different features and uses, this model has lost one of the primary characteristics of the original Swiss army knife, that of portability.
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Screening
This figure illustrates the long process it takes for a drug to enter the market.
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Company Sales
Sales of individual products and total company sales for a fictitious company with multiple products.
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Take Your Pick
Some of the options in the Coca-cola product line.
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Wal-Mart's failure in Germany
A summary of the case study.
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Product life cycle of the personal computer
The chart shows the rise and fall of personal computers.
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Phases in the Product Life Cycle
Modification decisions often (but not always) happen before products are introduced to the market.
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Product Launch
Some organizations set up product management teams so that they intersect between marketing and engineering activities.
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Dressing Up
An image consultant can productize their service by offering a package which includes a clothes and accessories shopping trip, beauty salon visit, and
make-up application.
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Customer Support
In today's interconnected world, product support and help services are delivered via multiple channels.
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Improving Product Quality
Improving product quality in businesses can lead to better productivity and more innovation.
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Flickr. "All sizes | Improving product quality the open source way | Flickr - Photo Sharing!." CC BY-SA
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Stages of Diffusion
This chart depicts the five stages of the diffusion of innovation.
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Wikipedia. "DoI Stages." Public domain http://en.wikipedia.org/wiki/File:DoI_Stages.jpg View on Boundless.com
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Prototype
This is a Toyota prototype car.
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Coca-Cola Vanilla
Coca-Cola Vanilla is the limited relaunch of the formerly produced Vanilla Coke soft drink from the early 2000s to compete with Pepsi Vanilla. It was
phased out in North America by the end of 2005 due to low sales.
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Louis Vuiton Flagship Store in Paris, France
People will travel miles to buy a LV bag even though there are plenty of options in their local department store.
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iPod Classic
An example of a consumer product.
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Six Sigma
The symbol for Six Sigma
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Crowds outside an Apple store
Whenever Apple launches a new product, there are inevitably crowds outside waiting to get their hands on the new product.
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Diffusion of Innovation
This graph depicts the innovation curve and the tipping point, or critical mass.
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Categories Of Adopters
Categories of innovation adopters include innovators, early adopters, early majority, late majority, and laggards.
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Flickr. "All sizes | Everett Rogers Diffusion of Innovations graph | Flickr - Photo Sharing!." CC BY-SA
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Product life cycle stages
The table shows the product life cycle stages and the different marketing characteristics that accompany and identify them.
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Lumber: A Business Product
Lumber is an example of a business product.
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Sales and profits during the life cycle
The diagram shows when a product is expected to break even once it is introduced into the market.
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Technology and Market Share
With successive groups of consumers adopting the new technology (shown in blue), its market share (yellow) will eventually reach the saturation level.
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Fire extinguisher
This is a classic example of an unsought good.
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Levels of the product
The four levels of a product include: core, tangible, augmented, and promised.
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Test marketing for Red Bull Truck
Aggressive promotion in a limited geographical area is often a key element of the test marketing phase.
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Product Development and Product Life Cycle
The Product Life Cycle follows directly after new product development.
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Vending machine
Soft drink companies tend to produce many variations of a similar product, thereby filling out their product line.
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The decline stage
This stage of the product life cycle is the terminal stage where sales drop and production is ultimately halted.
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Proctor and Gamble's Brands
P&G has various product lines.
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Product life cycle sales and profits
The diagram shows the sales and profits of a given product during the course of the product life cycle.
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The growth stage
The graph shows the growth stage in the overall product life cycle.
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Concept testing - focus group
Using focus groups to generate user feedback is one method of going about concept testing.
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Soccer ball
A soccer ball is an example of a tangible product, specifically a tangible good.
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The VW Beetle
The VW Beetle has been modified countless times since its original production in 1930s, in order to keep it competitive and attractive to consumers.
Today, the car is marketed towards a very different type of customer.
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Product Features
Features must meet usability and reliability requirements before being built into products and systems.
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Attribution
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/product-mix
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/product-line-breadth
• Wikipedia. "depth of the product line." CC BY-SA 3.0 http://en.wikipedia.org/wiki/depth%20of%20the%20product%20line
• Wikipedia. "Product marketing." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Product_marketing
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