Product Concepts Although the Definition of a Term Paper

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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 foods, and convenience foods.

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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'….....

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