Verified Document

Product Concepts Although The Definition Of A Term Paper

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…

Cite this Document:
Copy Bibliography Citation

Related Documents

Definition of Culture
Words: 2434 Length: 8 Document Type: Essay

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

Legal and Ethical Considerations in Marketing Product Safety and...
Words: 3091 Length: 10 Document Type: Term Paper

Marketing, Product Safety, and Intellectual Property Ethical issues relating to marketing and advertising, intellectual property, and regulation of product safety Various organizations often find themselves in the wrong side of the law when undertaking their various business practices relating to marketing and advertisement. It is the desire of every company to have its product known to as many consumers as possible. This often drives them to employ diverse marketing and advertisement

Supply Chain Management Hypothesis Defined Concepts of
Words: 24788 Length: 80 Document Type: Thesis

Supply Chain Management Hypothesis defined Concepts of SCM and the evolution to its present day form Critical factors that affect SCM Trust Information sharing and Knowledge management Culture and Belief -- impact on SCM Global environment and Supply Chain management "Social" and "soft" parameter required for SCM Uncertainties This chapter aims to give an outline and scope of the study that will be undertaken in this work. The study lays out the issues faced by manufacturing organizations when it comes

Diffusion of Product Innovation Through
Words: 16573 Length: 55 Document Type: Dissertation

Moreover, CoPs develop their practice through improving the diffusion of innovation within their active networks; the benefits of such interactions are countless especially in the field of healthcare. One can assume that specialty doctors' communities would present the perfect example for CoPs because they share the same practice, interest and professionalism. It would be interesting to study if those CoP networks exist in United Arab Emirates, whether they are active

Analyzing Managerial Accounting Can Help Managers With Product Costing...
Words: 2726 Length: 7 Document Type: Research Paper

Managerial Accounting Can Help Managers With Product Costing Organizational success depends on manager's decision-making prowess. Management functions encompass Organization, Planning, Control and Direction, each requiring access to established, and well organized and presented data. Managerial accounting that comprises of different facets of accounting measures helps access to data for identifying, analyzing, and deciding on long-term and short-term measures towards business sustainability and profitability. Accounting, in earlier times was restricted to and

Asian Youth Although Most Adults
Words: 2507 Length: 8 Document Type: Term Paper

Gayatri Gopinath, associate professor of women and gender studies at the University of California at Davis, says that many of these young Asian-Americans who join artistic subcultures are individuals who cross over from one country to another in addition to not fitting into the norm of gender, sexuality or psychology. A first-world homosexual transnational has difficulty finding rights of citizenship or dual citizenship in any geographical locations of a diaspora

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now