Concepts of a Product There are four concepts of a product in marketing namely – physical concept, service concept, augmented concept, and total product concept. Do not be confused with the product concept of marketing. It explains a philosophy that consumers prefer those products that have the highest performance, quality, and durability. Here, we are…
Consumer Product Vs. Industrial Product The main difference between consumer and industrial product lies is that the purpose for which the product is purchased. Consumer products and industrial products are two types of products found in the market. Consumer product on one hand is a product that satisfies the immediate need and wants of individual…
What is an Industrial Product? An industrial product is a type of product purchased by a business firm for consumption, rendering services, or reselling purposes. Industrial products are also called business products. Industrial products can not be directly used by consumers, these products need to be processed to be able to use by end consumers….
The finished goods are not safe and transportable from one place to another without packaging. Suppose, you produce milk, but you can not sell it directly to consumers, you need to store the milk and pack it in plastic jugs or paper cartons. For this packing is necessary. Let’s understand what the packaging is, its…
The market is saturated with different brands or products so consumers are enjoying different types of products most conveniently. When they use the products they have both positive and negative perceptions about the products. Does this lead to brand equity? Let’s find out. What is Brand Equity? Brand equity is the total value that consumers…
Generally, it is believed that any symbol, term, name, design, logo, even sound, or combination of these are the components that define brands. This is true, but a brand is more than just these elements. Let’s find out what is a brand, its characteristics, types, and importance. What is a Brand? A brand is the…
Process of New Product Development (NPD) New product development (NPD) is the process of bringing a product idea into the market in its physical form or as a service. The process includes the activities like brainstorming ideas, evaluating ideas, market analysis, and finally making the products. Steps for developing a new product vary from organization…
A product is something that is offered to the market either for consumption or reselling purposes. The product can be a tangible item like clothes, rice, etc. as well as an intangible item like consulting or delivery service. Now, let’s understand the different types of products found in the market. Types of Products Generally, every…
What is Consumer Product? A consumer product, also called consumer goods is a product that is purchased for consumption purposes by consumers. Consumer products are specially designed for daily consumption by an individual person or household. Consumer goods are either purchased for personal use or household consumption, not for the resell purpose. Examples of consumer…