GL BAJAJ

Presentation on
UNIT 3
Name: Nishat fatima, Nishant Teacher –prince pal singh
chauhan,Nishant baliyan,Nitesh
gupta,nitesh kumar mishra
Branch: MBA E 1st year
 Content
• Product Decisions: Concept, product hierarchy, new product development,
diffusion process, Product Life cycle, Product mix strategies. Packaging /
Labeling: Packaging as a marketing tool, requirement of good packaging,
Role of labeling in packaging
 Product and product decision
Product is one of the important elements of marketing mix. A marketer can satisfy consumer needs and
wants through product. A product consists of both good and services. Decisions on all other elements of
marketing mix depend on product
According to Philip Kotler-“It is anything that can be offered to someone to satisfy a need or want.”
According to William Stanton- “Product is complex of tangible and intangible attributes, including
packaging, colour, price, prestige and services that satisfy needs and wants of people.”
PRODUCT DECISION-
Product decisions are decisions about a company's product or service to meet customer
demand and ensure business success. Product quality, feature, and design are product
attribute decisions. Product attributes, branding, packaging, labeling, and support services are
individual product decisions.
 PRODUCT DECISION
• The product decisions may include: Original Product Improved Product Modified Product Development
of Product Launching Products, etc. Product Mix It refers to the aggregate range of products that a
company owns.
• Product decisions are a vital marketing choice that involves determining which products or services a
company will offer to meet customer demand and ensure business success. Product decisions include:
• Product attributes: These include quality, features, and design.
• Product mix: This is the range of goods and services offered by a company.
• Product line: This is a group of related products that are sold to the same customer segment.
• Product lifecycle: This includes planning for the introduction of new products, improvement of existing
products, and elimination of obsolete products.
• Branding and packaging: These are individual product decisions.
• Labeling: This is the verbal information about the product or the seller that may be part of the
packaging or attached directly to the product
 PRODUCT LIFE CYCLE
• Product life cycle (PLC) and product mix strategies are both important marketing
management concepts that can help a business maximize its profitability and remain
competitive:
• Product life cycle
• The stages a product goes through from its inception to its decline, including introduction,
growth, maturity, and decline. Each stage requires specific marketing strategies to maximize
the product's potential and profitability.
• Product mix
• A well-planned product mix strategy helps a business balance its offerings across different
market segments, minimizing risk by not relying on a single product line.
• Here are some examples of marketing strategies for different stages of the product life cycle:

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 4 STAGES OF PLC
• Introduction
• Focus on capturing the attention of the target audience by investing in advertising and promotion.
• Growth
• Focus on increasing profits by improving the product's quality, adding new features, and adopting new
distribution channels.
• Maturity Stage: This stage is marked with slow down of sales growth. Sales continue to rise but at
decreasing rate. Competitors have entered the market and existing products face severe competition.
Sales curve is pushed downward
• Decline
• Focus on reducing promotional expenses and distribution network due to a rapid fall in sales.
• Product strategies are a key part of the marketing mix, which is a framework that helps guide marketing
strategies. A product strategy focuses on the product itself, including its features, quality, design, and
packaging.
 PACKAGING AND LABELING
• Packaging and labeling are important marketing tools that help consumers make informed decisions
about a product:
• Labels provide information: Labels tell customers what the product is, what's in it, how to use it, and
when it will expire. They also include warnings and environmental information.
• Labels help with branding: Labels can include logos, catchy phrases, and eye-catching colors to
make a brand stand out.
• Labels help with identification: Labels can help customers differentiate a product from others on
store shelves.
• Labels help with comparison: Labels provide information that helps customers compare different
products.
• Packaging can be used for convenience: Packaging can be designed to be easily disposable and
recyclable.
• Packaging can be used for social media: Packaging can include social media handles and hashtags
to encourage customers to engage with a brand on social media.
 \
Packaging as a Marketing tool Packaging’s primary purpose is to protect your product during
transportation, from the time it leaves manufacturing facilities until it is delivered to the end user. Yet, every
set of eyes that sees the package in its journey from factory to end user is a marketing opportunity.
Packaging is your moment of truth: It is your customer’s experience when they receive, open and use
PRODUCT
Labels should be readable: Labels should use a legible font size and color.
• Labels can be permanent or removable: Permanent labels are difficult to remove, while removable

labels adhere to the product only until they need to be removed.