Unit 38 : Consumer Behaviour and Product
A Product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Product Personality
The Core
The Associated Features The Brand Name and Logo The Package and Label
Product Levels Product Categories
Product Item, Product Line and Product Mix The Banking Product
Product Planning
The process of product planning consists of determining the strategies in respect of various elements:
- Product Line
- Product Mix
- Branding
- Packaging and New Product Development
Product Life Cycle
- Introduction
- Growth
- Maturity
- Decline
New Product Development
The Process of product Development comprises five main stages:
- Idea Screening
- Concept Testing
- Product Development
- Test Marketing
- Commercial Launch
Diversification
Diversification refers to entering attractive opportunities which are outside the existing businesses of the firm. Three types of diversification
- Concentric Diversification
- Horizontal Diversification
- Conglomerate Diversification
Other Aspects of Product Development
- Branding
- Line Extension
- Brand Extension
- Multibrands
- New Brands
Packaging
- Primary Package
- Secondary Package
- Shipping Package