Understanding Product Management in Commerce - A Comprehensive Overview
This content provides valuable insights into various aspects of product management in commerce, covering topics such as the definition of a product, classification of products, product mix decisions, and the key elements of a product line. From consumer products to industrial products, it explores the importance of width, length, depth, and consistency in a product mix for marketing success.
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product By Dr. Anubha Gupta Faculty , S.S.in Commerce Vikram University Useful for BBA(H)/B.COM(H)/M.COM and allied subject
Definition of Product Product is a complex of tangible and intangible attributes ,including packaging, colour manufactures prestige and manufacturers and retailers services, which the buyer may accept as offering satisfaction of wants or needs .W.J.STANTON
Classification of Product 1. Consumer product: * Convenience product * Shopping product * Specialty product * Unsought product 2. Industrial product: *operating suppliers *accessory equipments *fabricating material *installations
PRODUCT MIX A product mix is the set of all product lines and items that a particular seller offers for the sale to buyers . Philip kotler
Product mix decisions 1.width 2.Length 3.Depth 4.Consistenscy
Width of product mix The width of product mix for a marketing company is measured by the number of product lines carried by the company.
Length of product mix It refers to the total number of items in all the product lines in product mix.
Depth of product mix Depth of product mix indicates the total number of product in each product line. It is measured by the assortment of colours, models ,size offered within each product line.
Consistency of product mix The consistency of product mix is the close relationship between different product lines . It can be measured on the basis of production requirements, uses of products ,distribution channels etc.
Product line Product line is a group of products that are closely related because they function in a similar way, are sold to same customer groups, are marketed through the same type of outlets, or fall within given price range philip kotler
Product item Various varieties (such as quality, size, colour, Capacity, price, model etc.) offered within product line, which are similar in one or other ways.
