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A product is anything that can be offered to
a market to satisfy a want or need, including
physical goods, services, experiences,
events, persons, places, properties,
organizations, information, and ideas.
• On the basis of Type of User
• On the basis of Degree of Tangibility
A product line is a group of those
products associated by functions, by
consumer group, by distribution
channel or by price range.
The total group of products that an organization
makes available to customers
A company’s product mix has certain:
How many different product lines the company
Product line length:
Total no. of brands within special product line.
Product Line Stretching
Increasing the number
of products within an
existing product range with similar
products that have additional or
Types of Line Stretching
Moving from low priced product to upper end/
• Higher margins at premium Product levels.
• Increased growth rate.
• Positioning as full line manufacturers.
A business strategy that involves increasing the
number of products in an existing product to
take advantage of marketplace gaps and
Band is a “Name, term, sign, symbol or design or a
combination of them intended to identify the goods
and services of one seller or group of seller and to
differentiate them from those of other sellers.”
- American Marketing Association (AMA)
New products are goods and services that differ
significantly in their characteristics or intended
uses from products previously produced by the
What it takes to launch one commercially
successful new product?
Reasons for New Product Failures
• Bad Timing
• Too Little Market Attractiveness
• Poor Execution of the Marketing Mix:
Name, Price, Promotion, and Distribution
• No Access to Buyers
• Insignificant Point of Difference
• Poor Product Quality
THE NEW-PRODUCT PROCESS-Idea
Customer and Supplier Suggestions
Employee and Co-Worker Suggestions
Research and Development Breakthroughs
THE NEW-PRODUCT PROCESS-Screening
The first filter in the product
development process, which
eliminates ideas that are
inconsistent with the organization’s
new-product strategy or are
inappropriate for some other reason.
THE NEW-PRODUCT PROCESS-Business
• if positive, build a prototype
THE NEW-PRODUCT PROCESS-Development
Packaging, branding, labeling
Final government approvals if
THE NEW-PRODUCT PROCESS-Test
The limited introduction of a product
and a marketing program to determine
the reactions of potential customers
in a market situation.
THE NEW-PRODUCT PROCESS-Commercialization
Most expensive stage
• It is The process of introducing a new
product into the market
• It may involve heavy promotion and filling the
distribution networks with the product.
• Speed as a Factor in New-Product Success