The product is the core, which is something that meets the requirement of the consumer. It can either be tangible or intangible such as a cellphone service or a car washing service. Examples of tangible products are what we can see and hold such as a cellphone, pencil eraser or a car. Some intangible products that are not services are software packages and e-books. Although, they are products, they are not tangible but it’s not a service either.
All products have birth, sustenance and eventual death. The lifecycle of a product is something that the marketers need to give a good amount of thought while introducing the product in its nascent stages, how the maturity of a product enables it stay afloat and finally it gives way to something better, leading to a downfall in sales.
Apart from the product itself, product marketers must give weightage to the surroundings, the product range and the conflicts. No product must conflict with another that are being manufactured by the same unit. In other words, product lines must not compete with one another that come out of the same stable. For example, an automobile manufacturer launches different models which cater to different classes of consumers and with varying range of prices. He will not launch two cars with similar set of features and watch them compete against one another. It’s death by choice!
The product is the core, which is something that meets the requirement of the consumer. It can either be tangible or intangible such as a cellphone service or a car washing service. Examples of tangible products are what we can see and hold such as a cellphone, pencil eraser or a car. Some intangible products that are not services are software packages and e-books. Although, they are products, they are not tangible but it’s not a service either.All products have birth, sustenance and eventual death. The lifecycle of a product is something that the marketers need to give a good amount of thought while introducing the product in its nascent stages, how the maturity of a product enables it stay afloat and finally it gives way to something better, leading to a downfall in sales.Apart from the product itself, product marketers must give weightage to the surroundings, the product range and the conflicts. No product must conflict with another that are being manufactured by the same unit. In other words, product lines must not compete with one another that come out of the same stable. For example, an automobile manufacturer launches different models which cater to different classes of consumers and with varying range of prices. He will not launch two cars with similar set of features and watch them compete against one another. It’s death by choice!
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