Products Life Cycle

• Products

  Anything that can be offered to a market for attention, for attention, acquisition, use or consumption that may satisfy a want or need.,
• GOODS

  Tangible products that are usually produced in a factory or in a separate location that may or may not be perishable.
• DURABLE GOODS

  Products that have a long lifespan and are not consumed quickly. They are typically used repeatedly over an extended period, usually lasting for three years or more.
• NON DURABLE GOODS

  Products that are consumed or used up relatively quickly, usually within less than three years. They are not typically used repeatedly over an extended period and are commonly used one time.
• PRODUCT LEVELS

  Core Product

  • This refers to the basic product. Here, the focus is on the purpose for which the product is intended.
• PRODUCT LEVELS

  Generic Product

  • This represents all the qualities of the product.
• PRODUCT LEVELS

  Expected Product

  • This refers to all the benefits consumers expect to get when they purchase a product.
• PRODUCT LEVELS

  Augmented Product

  • This refers to all the additional factors that set the product apart from the competition, that is, its brand identity and image.
• PRODUCT LEVELS

  Potential Product

  • This refers to the augmentations and transformations that the product may undergo in the future.
• Examples of Product Levels:

  • POTENTIAL: future regular software updates
  • AUGMENTED: Ecosystem with other devices
  • EXPECTED: good camera and long battery life
  • GENERIC: messaging and calling phone
  • CORE: Provision of communication
• A business can have a range of products available in their establishment.

  • PURELY GOODS Ex. Aqua Flask, Cadbury
  • MIXTURE OF GOODS AND SERVICES Ex. Restaurants, Hospitals
  • PURELY SERVICES Ex. Angkas, Grab
• PRODUCT CLASSIFICATIONS

  CONSUMER PRODUCTS & BUSINESS PRODUCTS
• PRODUCT CLASSIFICATIONS

  CONSUMER PRODUCTS

  Products and services bought by final consumers for personal consumption. Marketers usually classify these products and services further based on how consumers go about buying them
• PRODUCT CLASSIFICATIONS

  BUSINESS PRODUCTS

  Those purchased for further processing or for use in conducting a business. Thus, the distinction between a consumer product and an industrial product is based on the purpose for which the product is purchased.
• 4 PRODUCT CLASSIFICATIONS (Classes)

  CONVENIENCE

  SHOPPING

  SPECIALTY

  UNSOUGHT
• PRODUCT CLASSIFICATIONS (Classes)

  CONVENIENCE

  Products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort. They are usually low-priced, and marketers place them in many locations to make them readily available when customers need or want them.
• PRODUCT CLASSIFICATIONS (Classes)

  SHOPPING

  Less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. Marketers usually distribute their products through fewer outlets but provide deeper sales support to help customers in their comparison efforts.
• PRODUCT CLASSIFICATIONS (Classes)

  SPECIALTY

  A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Buyers normally do not compare specialty products. They invest only the time needed to reach dealers carrying the wanted products.
• PRODUCT CLASSIFICATIONS (Classes)

  UNSOUGHT

  A consumer product that the consumer either does not know about or knows about but does not normally consider buying. By their very nature, unsought products require a lot of advertising, personal selling, and other marketing efforts.
• PRODUCT CLASSIFICATIONS Convenience Products:

  STAPLES

  Bought often, routinely, and without much thought. Branding is used for many staples to make them easier to remember and find.
• PRODUCT CLASSIFICATIONS Convenience Products:

  IMPULSE

  Bought quickly, as unplanned purchases. They may be strongly affected by the immediate situation.
• PRODUCT CLASSIFICATIONS Convenience Products:

  EMERGENCY

  Purchased immediately when the need is great. Consumers don’t shop around for these products or ask how much they cost.
• PRODUCT CLASSIFICATIONS Shopping Products:

  HOMOGENOUS

  Ones that customers see as basically the same and want at the lowest possible price.
• PRODUCT CLASSIFICATIONS Shopping Products:

  HETEROGENOUS

  Products that are seen as different in quality and/or suitability are therefore seen as more feature-dependent.
• PRODUCT CLASSIFICATIONS Special Products:

  • Kdramas
  • Seasonal drinks
• PRODUCT CLASSIFICATIONS Unsought Products:

  NEW UNSOUGHT

  Represents new ideas in the market for potential customers who don’t know about them yet.
• PRODUCT CLASSIFICATIONS Unsought Products:

  REGULARLY UNSOUGHT

  Represents those who don’t motivate customers to seek them out, even though they may need them.
• PRODUCT CLASSIFICATIONS Business Products:

  MATERIALS

  Includes raw materials and manufactured materials and parts. Raw materials consist of farm products and natural products. Price and service are the major marketing factors; branding and advertising tend to be less important.
• PRODUCT CLASSIFICATIONS Business Products:

  CAPITAL ITEMS

  Industrial products that aid in the buyer’s production or operations, including installations and accessory equipment. Such as buildings and fixed equipment.
• PRODUCT CLASSIFICATIONS Business Products:

  SUPPLIES & SERVICES

  These include operating supplies and repair and maintenance items. Supplies are the convenience products of the industrial field because they are usually purchased with a minimum effort or comparison.
• WHY DO PRODUCTS FAIL?:

  Company

  • Inadequate value proposition
  • poor marketing communications
  • the product does not meet the customer
  • expectations of failure to fully develop the product
• WHY DO PRODUCTS FAIL?:

  Customers

  • change in purchase priorities
  • higher expectations
• WHY DO PRODUCTS FAIL?:

  Competitors

  aggressively attack new competition
• WHY DO PRODUCTS FAIL?:

  Environment

  • changes in government legislation
  • changes in societal demands
  • economic changes