Marketing Unit-2 B.Pharma 8th Sem PDF | PPT
Keywords: Download PDF, Notes, PPT, Product Decisions, Product Classification, Product Line, Product Mix, Product Life Cycle, Product Portfolio Analysis, Product Positioning, New Product Decisions, Branding, Packaging, Labeling, Pharmaceutical Product Management.
Product Decisions: Classification, Product Line, and Product Mix
Product decisions are critical in marketing as they determine the offerings a company provides to its customers. Products can be classified into various categories, such as consumer products, industrial products, and services. A product line refers to a group of related products under a single brand, while a product mix encompasses all the product lines a company offers. Effective management of product lines and product mix ensures that a company meets diverse customer needs and maintains a competitive edge.
Product Life Cycle
The product life cycle (PLC) describes the stages a product goes through from introduction to decline. These stages include introduction, growth, maturity, and decline. Understanding the PLC helps marketers develop strategies tailored to each stage, such as increasing awareness during the introduction phase or focusing on cost efficiency during the decline phase.
Product Portfolio Analysis
Product portfolio analysis involves evaluating a company's range of products to ensure a balanced mix of high-growth and high-profit products. Tools like the Boston Consulting Group (BCG) matrix are commonly used to classify products into categories such as stars, cash cows, question marks, and dogs. This analysis helps in making strategic decisions about resource allocation and product development.
Product Positioning
Product positioning refers to how a product is perceived by consumers relative to competitors. Effective positioning highlights the unique benefits and value of a product, creating a distinct image in the minds of consumers. Positioning strategies can be based on attributes, price, quality, or user needs.
New Product Decisions
New product decisions involve the process of developing and launching new products. This process includes idea generation, concept testing, product development, market testing, and commercialization. Successful new product decisions require thorough market research, innovation, and alignment with customer needs.
Product Branding, Packaging, and Labeling
Branding, packaging, and labeling are essential components of product decisions. Branding creates a unique identity and builds customer loyalty. Packaging protects the product and serves as a marketing tool, while labeling provides important information to consumers. In the pharmaceutical industry, these elements must comply with regulatory standards and ensure patient safety.
Product Management in the Pharmaceutical Industry
Product management in the pharmaceutical industry involves overseeing the development, marketing, and lifecycle of pharmaceutical products. This includes ensuring compliance with regulatory requirements, managing clinical trials, and developing strategies to address the unique challenges of the healthcare market. Effective product management ensures that pharmaceutical products meet patient needs and achieve commercial success.
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