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    Product Concept

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    Sophia Ceelin Vasquez
    A product is anything that can satisfy a want or need in the market. It can be tangible or intangible. There are five key ingredients that define a product: tangible elements, presumed benefits, delivery processes, brand promises, and product context. Products can be categorized as durable, non-durable, consumer, or industrial products. The stages of product development are idea generation, feasibility study, design and testing, and final design.

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    Product Concept

    Uploaded by

    Sophia Ceelin Vasquez
    39 views3 pages
    A product is anything that can satisfy a want or need in the market. It can be tangible or intangible. There are five key ingredients that define a product: tangible elements, presumed benefits, delivery processes, brand promises, and product context. Products can be categorized as durable, non-durable, consumer, or industrial products. The stages of product development are idea generation, feasibility study, design and testing, and final design.

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    A product is anything that can satisfy a want or need in the market. It can be tangible or intangible. There are five key ingredients that define a product: tangible elements, presumed benefits, delivery processes, brand promises, and product context. Products can be categorized as durable, non-durable, consumer, or industrial products. The stages of product development are idea generation, feasibility study, design and testing, and final design.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Download as txt, pdf, or txt
    39 views3 pages

    Product Concept

    Uploaded by

    Sophia Ceelin Vasquez
    A product is anything that can satisfy a want or need in the market. It can be tangible or intangible. There are five key ingredients that define a product: tangible elements, presumed benefits, delivery processes, brand promises, and product context. Products can be categorized as durable, non-durable, consumer, or industrial products. The stages of product development are idea generation, feasibility study, design and testing, and final design.

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    PRODUCT

    CONCEPT
    Prepared by: Ms. Dovie Jean N. Merillo

    What is a product?
    A product is anything that can be offered to a market that might satisfy a want or
    need.

    Service
    Is a form of product that consists of activities, benefits, or satisfactions
    offered for sale that are essentially intangible and do not result in the ownership
    of anything.

    Products

    Five Ingredients that Define a Product

    Tangible Elements
    Physical and technical characteristics of the product

    Presumed Benefits
    The expected experience that customers seek if they use the product

    Delivery Processes
    The service consideration and applications of the products

    Brand Promises
    The reputation, assurances, and uniqueness of the product of the manufacturer.

    Product Context
    The relationship of the product with its use in the environment

    Example of a Product and Its Components


    Product Idea
    Physical Properties: Liquid
    Description: Aromatic Shampoo
    Quality Level:
    Service/ Warranty/Expiry:
    Brand Name: Sunsilk

    DESIGNING A NEW PRODUCT


    An effective design process:
    Matches products or service characteristics with customer requirements
    Ensures that customer requirements are met in the simplest and least costly manner
    Reduces the time required to design a new product or service and
    Minimizes the revisions necessary to make a design

    PRODUCT DEVELOPMENT STAGES


    Idea Generation
    Feasibility Study
    Development and Testing of Product Design
    Final Design and Process Plans
    Types of Products

    Durable Products
    1. Durable Products
    The products which are tangible and can be used repeatedly.
    For example- television, refrigerator, clothes, machines, etc.

    Durable Products
    2. Non-Durable Products:
    The products which are tangible and perish within one or few uses.
    For example- salt, pepper, soap, etc.

    2. Consumer Products
    1. Convenience Products:
    These products which are purchased frequently, and immediately and with minimum
    efforts. For example- newspaper, toothpaste, washing-detergent, cigarette, tobacco,
    etc.

    2. Consumer Products
    2. Shopping Products:
    The products which customer purchases less frequently and after careful comparison,
    on the basis of suitability, quality, price and style. For example- major
    appliances, clothing, furniture, cars, etc.

    2. Consumer Products
    3. Speciality Products:
    Those products that have brand identification or unique characteristics are known
    as specialty products. Buyers for these goods generally spend more time seeking the
    product they want than on comparing brands. For examples, cars, stereos,
    television, etc.

    2. Consumer Products
    4. Unsought Products:
    Those consumer products that are either not known to the consumers or even if they
    are known, customers generally do not have compelling impulse to buy them. For
    example-Life insurance, blood donation, etc.

    3. Industrial Products
    Those products that are purchased for further processing or for use in operating a
    business are called industrial products.

    3. Industrial Products
    1. Farm Products:
    Products which are produced on farms and supplied as raw material to different
    organisations.
    For example- wheat, cotton, livestock, vegetables, fruits, etc.

    3. Industrial Products
    2. Natural Products:
    Products which are gift of nature are termed as natural products.
    For example- crude oil, fish, timber, iron-ore, etc.

    3. Industrial Products
    3. Manufactured Products:
    The products which have been manufactured but still, are used as products for
    further industrial use. For example- pig-iron is converted in steel and then steel
    is further used for paint, nails, brooms, etc.)

    3. Industrial Products
    4. Supplies:
    Any short-term good or material which is necessary for the day-to-day operations of
    a business.
    Supplies are of two types-operating {e.g., lubricants, coal, typing paper, etc.)
    and maintenance (e.g., paint, nails, brooms, etc.)

    Reference:
    https://www.businessmanagementideas.com/products/types-of-product/20612

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