refers to set of products which are offered for sale by a firm
(Product mix, Product design, Product selling)
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icts that share common
Indicate that share common
Answers
Answer:
Adjustments to Products
Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer.
LEARNING OBJECTIVES
Discuss strategies for adjusting products in response to changes in consumer taste and the marketplace
KEY TAKEAWAYS
Key Points
There are risks involved with product adjustment: changing the price of the product may price some buyers out, while changing the features may dissuade some from continuing to buy the product.
Product positioning is both a concept and a process, often requiring extensive market research and involving a conscious change in the promotional message.
Line extensions occur when a company adds new items in the same market category. This is usually either up-market or down-market, depending on the company’s strategy and desired market growth.
Key Terms
product repositioning: Changing the market’s perceptions of a product so that it may better compete in its present market or other market segments.
product adjustment: The changing of a product in order to provide superior satisfaction and win over buyers from other brands and products.
Adjustments to Products
As more brands enter the marketplace, winning and holding buyers becomes more difficult. This is a result of:
changes in consumer tastes; in particular, the size and characteristics of particular market segments
changes in availability or cost of raw materials and other production or marketing components
the proliferation of small-share brands that reduce efficiencies in production, marketing, and servicing for existing brands
Because of factors such as these, a decision is made either to identify ways of adjusting the product in order to further distinguish it from others, or to design a strategy that will eliminate the product and make way for new products. The specific strategy to accomplish these aims may be in several general categories, described below.
Product Adjustment/Modification
It is normal for products to be changed several times during their lives. If a change can provide superior satisfaction and win more initial buyers and switchers from other brands, then a change is probably warranted. Yet there are definite risks involved: a dramatic increase in product quality might price the existing target consumer out of the market. Similarly, the removal of a particular product feature might be the one characteristic of the product considered most important by a market segment.
Answer:
product mix refers to set of products which are offered for sale by firm.