Before explaining important decisions concerning an individual product or the process of producing a new product, let’s look at some basic concepts.
Everything that is available on the market and that can meet certain needs or desires through purchase, use or consumption is called a product. It can take the form of physical things, services, ideas and people, etc.
A product may consist of the following three levels.
- Basic product.
- Actual product.
- Completed product.
The Product is mainly divided into three categories, which consist of the following:
A durable product can be used for a longer period of time.
Non-durable product is consumed quickly, ie, a single or more than one use.
Services are intangible, inseparable and perishable empirical benefits that do not lead to possession of anything.
Product manufacturing process
Each product manufacturing process begins with the definition of the idea, there are certain decisions that must be taken properly to ensure that the product or service will be successful in the market. Such decisions regarding one product apply only to that product, and they consist of the following.
- Product attributes.
- Product support service.
Attributes of a product.
When a new product is produced, it includes certain benefits that must be properly communicated to consumers in the form of product attributes. The product’s attributes include:
Quality of the product.
Peculiarities of the product.
Product style and design.
Quality is used to position the product in the minds of customers. Product quality can be measured in the following two aspects.
1. The level of performance, which is the proper functioning of the main purpose of the product.
2. 2. Consistency, which is the proper functioning of the product for a longer period.
Both of these elements are necessary in order for any product to benefit its customers.
Features of the product.
Functions are added to the product to make it competitive and efficient in the market. The product can contain one basic function or set of functions. Features actually add value to the product. But it is difficult for business to decide which features should be added to the product to make it effective. The reason is that each additional feature increases the value of the product, which in turn increases its price.
One way to find out what features are required in a new or existing product is to conduct a market survey, where business representatives ask customers the following questions.
– How do customers feel about the product?
– What features do they value?
– What new features should I add to the product?
In this way, a company can find many new features for its product and make a final choice by comparing the cost of each feature with its relative value.
Product Style and Design.
Style is defined as the appearance of a product. A good style reflects a pleasant feeling when looking at the respective product. In fact, style is a narrower concept associated with the physical appearance of the product. But product design is a deeper concept than product style. In the case of product design it is not only catchy, but also useful in its execution.
Business organizations maintain the effective style and design of their products to increase their value by increasing productivity and reducing costs, resulting in a competitive advantage.
Brand refers to any symbol, name, design, sign, term or set of all that indicates the seller or manufacturer of a product. Brand is seen as an important part of the product, as buyers perceive the effectiveness of the product based on its branding. Today, nothing in the world is produced or sold without a proper brand. There are certain advantages associated with branding, which are as follows.
A customer can easily distinguish a useful product from a list of alternatives.
The quality of the product is reflected in its specific branding.
The customer knows that he will get the same advantage, performance and quality every time you buy a similar brand.
Sellers of branded goods also receive certain special advantages.
Branding provides the basis on which to build an effective story about the features and qualities of the product.
Legal protection against imitation of certain features of the product by competitors is provided through branding.
Market segmentation is also facilitated by branding.
Branding consists of the following elements:
Brand means any name, mark, symbol, term or set of all elements that may indicate a seller or manufacturer of that product.
2. Brand value.
It is defined as the value of a brand.