The modern-day market has become extremely competitive – to survive in this market; businesses need product leadership. The concept of product leadership is all about…
What are Product Specifications and How to write it?
When a product is conceptualized, its requirements and specifications are documented so that the product teams can understand what the product will be, how it…
Product Knowledge – Meaning, Importance and Types
With the help of Product Knowledge, a company communicates essential information about any product or service. Product knowledge is used to inform audiences, investors, media…
Concept Development – Definition, Meaning and 6 Stages
Concept development is one of the essential and critical stages of new product development steps. Once an idea is generated and that idea is screened…
What is Product Development? Definition, Meaning, Phases
Definition Product development refers to all the stages that are included in building a product from its initial idea to its release in the market. All…
What is Product Quality? 7 Steps of Products Quality Management
In simple terms, you can understand product quality as a characteristic that is a further conglomeration of different features for fulfilling the customer needs and…
What is Concept Testing for Products? Definition and Objectives
Concept testing is an excellent mechanism through which any company can identify the feasibility of its product, service, design, or marketing in the target market…
Product Information Management: Meaning, Importance, and Examples
Product information management (PIM) manages the information which is required for selling and marketing the products through distribution channels. PIM is the single solution required…
What is Product Launch – Examples, Types, Advantages
A product launch is an event which is organized to launch a product in the market. The product can be completely new or can be…
Marginal Product: Definition and Examples of Marginal Product Explained
The marginal product, according to economics, is defined as the change in the output, which is a result of increasing one more unit of relevant…
8 Steps of the Right Product Development Process
Are you intrigued about the product development process? Does the thought of how a product gets developed in a company always excite you? Then this…
What is Product Line Extension?
The concept of Product Line Extension can be defined as a business strategy where the firm plans to expand its established product brand name with…
What is Product Demonstration? Types of Product Demonstration
A product demonstration, also known as a “demo,” is a marketing technique used to showcase a product to potential customers to encourage them to make…
Minimum Viable Product (MVP) – Description, Steps and Features
A Minimum Viable Product can be defined as the product with just enough features to satisfy early customers of the company with the intention to…
What is Product Standardization? Uses and Advantages
What is Product Standardization? Product standardization refers to the process of maintaining uniformity and consistency among the different iterations of a particular good or service…
Concept of Product Class
To understand the concept of Product Class, it becomes essential to first understand what exactly a “product” is. A product can be defined as anything…
What is a By-Product? By-Products Examples and Pricing Strategies
What is a By-Product? Many times, the production process results in the creation of Leftover products. These leftover products may not be as valuable as…
What Are Concept Statements? How To Write A Concept Statement?
A concept statement is the essence of a business plan. If you are writing a business plan, know that this statement lays the groundwork for…
What is Product Strategy? How to develop a product strategy?
Whenever a new product launches in the market, it is difficult for the company or brand to forecast where the product will reach or how…
What is Product Labelling & what is the Importance of labelling?
Whenever you manufacture a product, you want to communicate the value of the product to the customers. One of the ways to do that is…
What is Augmented Product? Explained with Examples
A product is not as simple as it might appear to a common man. It is more than that. There are various features and components…
What is a high involvement product and characteristics of High involvement purchase?
A high involvement product is a product where extensive thought process is involved and the consumer considers a lot of variables before finally making a…
What is a Low involvement product or Low involvement purchase?
There are many different types of purchases which a consumer might make. But if we measure the purchasing behavior of the customer on the basis…
3 levels of Product competition – How companies compete on basis of products?
One of the most common forms of competition, and a factor which brings in more and more competition day by day is Product competition or…
Five Phases of a Product Design Process
Product design is the inclusion of several steps – identifying a market opportunity, defining the problem, developing a suitable solution, and validating it with real…
Understanding the Product Hierarchy and Examples
Products can be organized in a hierarchy based on their basic components, which shows the relationship between them. The hierarchy includes both essential components and…
Product line stretching
The product line length within a company keeps changing. Generally, there are three price bands which exists in any market – Lower priced products, middle…
Classification of Industrial products – Industrial products classification
Classification of Industrial products is necessary as it helps decision making for the organization. Industrial goods are classified on the basis of their relative cost…
Five product levels in Marketing
In one of the previous articles, we discussed different types of products and broke the products in 3 parts. However, many experienced marketers define the…
Product line competition – How to compete on the basis of Product lines?
One of the key factors which differentiates between brands, especially when they are in the consumer durables, FMCG or retail segments, is the product line…
Difference between product marketing mix and service marketing mix
Many of our readers ask questions about the product marketing mix and service marketing mix. In fact, I recently had some people preparing a service…
How to analyse the product mix of any brand? With example of coca cola.
This is an article by request of a reader. One of the many questions you need answered while analysing a competitor, is the analysis of…
Product Life Cycle
A product is like a human being. It is born, grows up fast, matures and then finally passes away. The product life cycle discusses the…
The Product Concept
The product concept proposes that consumers will prefer products that have better quality, performance and features as opposed to a normal product. The concept is…
What is Production concept?
When the production concept was found, a production oriented business dominated the market. This was from the beginning of Capitalism to the mid 1950’s. During the…
Adaptation of product or Product adaptation
Adaptation of product is a process or strategy of adapting or tailoring an otherwise standardized product or service offering to meet the needs and preferences of…
How to improve product quality? A guide for Business managers
Out of the many tasks given to the marketing department, one of them involves improving product quality. This is a job more precisely for the…
What is Product Placement? Examples and Types
Product placement, or embedded marketing, is a marketing strategy that involves mentioning a particular brand or product within another work, such as a film or…
Product Sampling – Types, Methods and Benefits
Product Sampling is a marketing tactic where companies offer free samples of their products to potential customers. This helps to generate interest and increase awareness…
New Product Development – Process and 7 Stages
The “new product development” describes the process of bringing a new product to market, which includes generating the idea, assessing its market potential, refining it,…
