A product concept is the idea of a product as conceived by the user. Definition of Product concepts will often be driven by user’s needs and by the user defined usage scenario. It represents the idea of a product based on the user viewpoint. The basic relationships are showed in the simplified Express G.
Product Mix Decisions
Ø A firm may lengthen or widen its product mix
Ø A Company may decide to add variations that will attract new users
Ø A product may be pruned or altered, and new product may extend the product life cycle
Ø Line extension: introduction of a new product that is closely related to other products in the firm’s existing line
Product has a life cycle is to assert four things:
Ø Products have a limited life.
Ø Product sales pass through distinct stages,each posing different challenges,opportunities,and problems to the seller.
Ø Profits rise and fall at different stages of the product life cycle.
Ø Products require different marketing,financial,manufacturing,purchasing,and human resource strategies in each life-cycle stage (For More)
Ø A firm may lengthen or widen its product mix
Ø A Company may decide to add variations that will attract new users
Ø A product may be pruned or altered, and new product may extend the product life cycle
Ø Line extension: introduction of a new product that is closely related to other products in the firm’s existing line
Product has a life cycle is to assert four things:
Ø Products have a limited life.
Ø Product sales pass through distinct stages,each posing different challenges,opportunities,and problems to the seller.
Ø Profits rise and fall at different stages of the product life cycle.
Ø Products require different marketing,financial,manufacturing,purchasing,and human resource strategies in each life-cycle stage (For More)
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