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Product Concepts
Although the definition of a product may seem intuitive, it has a very specific meaning in the vocabulary of marketers. A product can be a tangible item, a service, or an idea but above all it is the result of an exchange. The product is the foundation of the marketing mix of product, price, promotion, and place.
Products fall into two basic categories of consumer and business products. Subsets of consumer products include convenience products (inexpensive, casual purchases made with little effort); shopping products (more expensive items requiring research and comparison); specialty products (items for which there are few substitutes); and unsought products (products not actively sought by the buyer). A product may be part of a product line (closely-related items) which is likewise part of a product mix. A product mix consists of all the products sold by the organization such as Campbell Soup's product mix of canned and packaged soups, sauces, frozen...
Having product lines enhances advertising and packaging uniformity and also results in greater economic efficiency in terms of the standardization of all the product and marketing elements.
Adjusting positioning is an inevitable necessity for product lines in terms of function, quality, and style and 'planned obsolescence' is a component of many product lines to drive more sales. However, sometimes merely repositioning to respond to changed demographics, declining sales or changes in the social environment is adequate to boost sales of a product line. Other common responses to improve sales include extending product lines. This can prove to be problematic if lines are overextended, resulting in product dilution or cannibalizing the sales and resources of more successful products.
A critical component of marketing a product is branding: not only is having a strong brand name important but also a brand 'mark' (the unspoken value of…
Culture Definition of "Culture" Alfred Kroeber and Kluckhohn Clyde are the two leading anthropologists of America who considered the stock of definitions of culture, sorted out the common points and came up with a comprehensive definition of culture in 1952. Their aim was to find out how culture is used in anthropology and give a definition which comprises of all or at least majority of the definitions. Their definition of culture
Pizza Hut, Domino's most dominant global competitor, was clearly way behind all three national pizza chains in 2005, with a very weak innovation story on new products to sell, and more re-shuffling of menu items with aggressive pricing and programs to bring in the lucrative in-store buyer. The net result from this lack of innovation was Pizza Hut losing significant market share. it's expected that Pizza Hut will be more
Distinctions can be found in trade-neutral taxonomic motivations, also, and many other contributors such as environmentalists, child-labor activists, etc., so it is more an art than a science Case of pharmaceuticals: Jordan and U.S. In trade between Jordan and U.S., U.S. is a highly developed country, and Jordan is a developing nation. Free trade agreement between Jordan and U.S. US has highly sophisticated Big Pharma manufacturers Jordan is just starting out in pharmaceutical production US pharma
Multiplier Thailand, like many third world countries, is interested in identifying the mechanisms by which economic growth may be achieved. Economic growth and more specifically 'rapid economic growth falls within the province of the mid-term and long-term macroeconomic policies (Dervis and Petri 1987, p. 211). Dervis and Petri, survey 20 'middle income' countries, in an attempt to identify the factors which contribute to successful development-which they identify as moderately rapid
Compliance Patient compliance is not always easy to obtain and it is frustrating when patients fail to follow recommendations and instructions. In addition, nurses and physicians tend to expect compliance while there is plenty of evidence derived from clinical studies that compliance should not be expected. This work intends to examine and analyze the issue of patient compliance. (Stone, et al., 1998) Lamb (nd ) reports that for products marketed
Voluntary Disclosure Concept of voluntary Disclosure The law requires all companies to disclose their financial information, together with additional information either in annual, half-yearly and quarterly financial reports. In this case, the description that best fits such law a requirement is a typical example of mandatory disclosure of information. Apart from the mandatory disclosure of information, the annual report contains the voluntary disclosure of information. Notably, there are other opportunities that can