Product and Service Strategies Essay Example | Topics and Well Written Essays - 2750 words

Product and Service Strategies - Essay ExampleStyle - look, fashion etc. endogenic forceChanging one or more of the above-discussed parameters could differentiate a Product. This will act as the competitive advantage or unique exchange proposition of that particular output and to the company as a whole. Product HierarchyThe hierarchy of a product starts from the basic need of the customer. A product is designed to fulfill the need.Then a product family emerges which includes major categories. i.e. for a life insurance both savings and income schemes will be included here or all insurance schemes will be grouped here.Then a product class emerges. i.e. considering only the income part of insurance.This is followed by product line of business where age groups come. Here the target trade is known clearly.Then finally item comes where the focus will be on countries. i.e. Italian marble items argon known world wide. Product HierarchyNeedProduct familyProduct classProduct lineProduct t ypeItemProduct fund AnalysisThis analysis will give clear details about the productSalesProfitMarket profilePositioningCompetitionIdentifying market segmentsDifferentiationFinally, the management will be in a position to decide which product to focus more and which one to drop.Product Line aloofnessThe product line would be short if profits increase by adding items.The product line would be long if profits increase by falling items.The General notion about the product length goes like thisA Company will have shorter product lines if its objective is short-term profitability or high profitability.A Company will have longer product lines if its objective is capturing more market share and market growth.The product line would defer for companies in due course of time. Commonly, companies...Product line pricing, a type of product mix strategy, sets price steps ( as well as known as price points) between products in the line to appeal to different groups of consumers. Another product mix strategy called price bundling clusters two or more sports products into a single case price. Conversely, captive product pricing unbundled two or more sports products and sells each at a separate price. This type of product mix strategy is also referred to as two-part pricing.In economics and marketing, a service is the non-material equivalent of a good. Service provision has been defined as an economic activity that does not depart in ownership, and this is what differentiates it from providing physical goods. It is claimed to be a process that creates benefits by facilitating either a change in customers, a change in their physical possessions, or a change in their intangible assetsIntangibility - They cannot be seen, handled, smelled, etc. There is no need for storage. Because services are difficult to conceptualize, marketing them requires seminal visualization to effectively evoke a concrete image in the customers mind. From the customers point of view, this attribute makes it difficult to evaluate or compare services previous to experiencing the service.Perishability - Unsold service time is lost, that is, it can