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 ProductProduct 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 Multi-brands New Brands