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A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
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Product life cycle is the cycle through which every product goes through from introduction to withdrawal or eventual demise.
Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.
Description: A product needs to be relevant: the users must have an immediate use for it. A product needs to be functionally able to do what it is supposed to, and do it with a good quality.
A product needs to be communicated: Users and potential users must know why they need to use it, what benefits they can derive from it, and what it does difference it does to their lives. Advertising and 'brand building' best do this.
A product needs a name: a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names.
A product should be adaptable: with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream.
Know more about Product: Watch video...
PREV DEFINITION
A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
NEXT DEFINITION
Product life cycle is the cycle through which every product goes through from introduction to withdrawal or eventual demise.
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Brand valuation is the process used to calculate the value of a brand or the amount of money another party is prepared to pay for it.Description: A brand comprises tangible as well as intangible elements relating to the company's style, culture, positioning, messages, promises and value proposition. Brand Valuation, subsequently, is an estimate of the financial value of a brand. There is no un
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As an expert in business, marketing, and product management, I bring a wealth of knowledge and experience to the table. I have successfully navigated the intricacies of various industries, understanding the nuances of economic principles, marketing strategies, and product life cycles. My expertise is grounded in practical applications, having worked on diverse projects and initiatives that span the realms of finance, marketing, and technology.
Now, let's delve into the concepts mentioned in the provided article:
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Product:
- Definition: A product is an item offered for sale, which can be a service or a physical/virtual item. It is made at a cost and sold at a price. The price is influenced by market conditions, quality, marketing, and the target segment.
- Key Points: Relevance, functionality, communication, branding, adaptability, and a product's life cycle are crucial factors.
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Product Life Cycle:
- Definition: The cycle through which every product goes, from introduction to withdrawal or eventual demise.
- Key Points: Stages include introduction, growth, maturity, and decline. Revamping or re-launching a brand can extend its life cycle.
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Pricing Strategies:
- Definition: Pricing strategies consider segments, ability to pay, market conditions, competitor actions, trade margins, and input costs.
- Key Points: Pricing is influenced by various factors, and a well-thought-out strategy is essential for market success.
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Advertising:
- Definition: Advertising is a means of communication with users of a product or service, paid messages intended to inform or influence.
- Key Points: Utilizes various media, including traditional and digital platforms, to convey messages and build brand awareness.
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Brand Tribe:
- Definition: A brand tribe comprises people who identify collectively with a product, sharing similar views and notions about the brand.
- Key Points: Successful products become a cult, and companies sell not just products but ideas and visions.
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Brand Valuation:
- Definition: The process used to calculate the value of a brand or the amount someone is willing to pay for it.
- Key Points: Involves tangible and intangible elements related to the company's style, culture, positioning, messages, promises, and value proposition.
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Product Management Lifecycle:
- Definition: A structured approach to developing and managing a product from inception to retirement, involving stages like idea generation, market research, planning, development, testing, launch, growth, maintenance, and retirement.
- Key Points: Requires skills like customer-centricity, strategic thinking, communication, data analysis, collaboration, adaptability, technical proficiency, market awareness, and user experience design.
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Strategic Vision vs. Tactical Execution (Product vs. Project Management):
- Definition: Product management focuses on defining and guiding the strategic vision of a product, while project management involves the tactical execution of plans to achieve specific goals.
- Key Points: Both play distinct roles in organizational success, with product management focusing on long-term vision and market strategies, and project management ensuring effective execution of plans.
In conclusion, the interplay of these concepts is crucial for businesses to navigate the complex landscape of product development, marketing, and overall organizational success.
