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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
1. Primary Package
2. Secondary Package
3. Shipping Package
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