Product, Consumer, and Industrial Products: Creating and Communicating Value

Product

Product is anything that can be offered to a market for attention, acquisition, use, or consumption, in order to satisfy customer needs.

Consumer Products

are bought by consumers for personal consumption.

Industrial Product

are bought by other companies for further processing or use in conducting a business.

Product Value (Creating and communicating value): 2 ways

• The customer-value hierarchy

Perceived value will differentiate a company from competitors and will make the product more attractive for the market.

• Core benefit
• Basic product
• Expected Product
• Augmented Product
• Potential Product

• Value Proposition

consists of identifying the Benefits, Barriers, and Needs. Describes the benefits customers can expect from your products and services.

• Benefits
• Experience
• Barriers
• Needs
• Features

• The Product Life Cycle

Is a tool that helps identify the changes that may take place during the time that a product is on a market. It also emphasizes the fact that nothing lasts forever. It helps to analyze Products and Markets.

• Introduction
• Growth
• Maturity
• Decline

• Branding Strategy

Brand is a name, term, sign, symbol, or design intended to identify the goods and services of a group of sellers and to differentiate them from competitors.

• Brand Name
• Logo

• Brand Strategies

The company must define the global brand strategy for its products. However, firms need to decide how to brand their products:

• Product Branding
• Draw attention
• Short and simple
• Easy to pronounce
• Easy to internationalize
• Easy to recognize
• Good Sound
• Should be registrable
• Different from other competing brands