Product and Brand Management

What is a Product? Understanding the Basics

by | Feb 4, 2022

As a marketer or a product manager, understanding the meaning of a product is crucial. In this blog, we’ll provide an overview of what a product is, its characteristics, types, and why it’s important for any company that wants to succeed in today’s competitive market.

What is a Product?

A product is anything that can be offered to a market for attention, acquisition, or use that might satisfy a need or want. It can be tangible (physical goods) or intangible (services, experiences, or ideas). Products are designed to fulfill the needs and wants of customers, and they come in various forms and types.

Characteristics of a Product

A product has several characteristics that make it different from other things in the market. These characteristics include:

  • Tangibility: Products are tangible, meaning they can be touched, felt, or seen.
  • Intangibility: Some products are intangible, meaning they cannot be touched or seen (services, experiences, or ideas).
  • Features: Products have features that make them unique and different from others in the market.
  • Benefits: Products provide benefits that satisfy customer needs and wants.
  • Packaging: Products come in various packaging to protect them during transportation, enhance their appearance, and make them more appealing to customers.
  • Quality: Products have a level of quality that determines their usefulness and value to customers.
  • Branding: Products can be branded to differentiate them from other products in the market.

Types of Products

Products can be classified into several types, including:

  • Consumer goods: These are products purchased by individuals for personal use.
  • Industrial goods: These are products used by businesses to produce other products or provide services.
  • Convenience products: These are products that are low-priced and readily available for customers to purchase without much effort.
  • Shopping products: These are products that customers research and compare before making a purchase decision.
  • Specialty products: These are products that are unique and expensive and have a limited target market.
  • Unsought products: These are products that customers do not actively seek out to purchase.

Why Understanding Products is Important

Understanding what a product is, its characteristics, and types is crucial for any company that wants to develop and sell products. By having a clear understanding of these factors, companies can:

  • Identify customer needs and preferences to create products that meet their expectations.
  • Differentiate their products from competitors by focusing on unique features and benefits.
  • Develop effective pricing, promotion, and distribution strategies for their products.
  • Build strong brands that connect with customers and create loyal followers.

Conclusion

In conclusion, a product is anything that can be offered to a market for attention, acquisition, or use that might satisfy a need or want. It can be tangible or intangible, has unique characteristics, and can be classified into several types. Understanding what a product is, its characteristics, and types is crucial for any company that wants to develop and sell products that meet customer needs, differentiate themselves from competitors, and create strong brands that connect with customers.

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Product and Brand Management

1 Product Management Basic Concepts

  1. Product Management – Meaning and Scope
  2. Product Management: An Overview
  3. What is a Product?
  4. Product Classification, Differentiation
  5. Product and Brand Relationships, Product and Brand Systems
  6. Product Planning
  7. Role and Responsibilities of a Product Manager

2 Product Life Cycle (PLC)

  1. Product Life cycles Implications of Product life cycle
  2. Product Life Cycle (PLC) an aid to Product Planning
  3. Operationalising the Product Life Cycle
  4. Product Life Cycle as a Guideline for Marketing Strategy
  5. Product Life Cycle as a Guideline for framing Market Share Strategy
  6. Summary of PLC Objectives, Characteristics and Strategies
  7. Evidence and Critique for the Life Cycle Concept
  8. The Diffusion of Innovation Theory – A Parallel theory

3 Product Line Decisions

  1. Product Line Analysis
  2. Product Line Extension
  3. The Disadvantages of Line Extension
  4. Factors Influencing Product Line Decisions
  5. Category Factors Influencing Product Line Decisions

4 Product Portfolio

  1. The Portfolio Concept
  2. The Logic of Portfolio Approach
  3. Types of Display Matrices
  4. The BCG Growth-Share Matrix
  5. GE’s Strategic Business Planning Grid
  6. Shell’s Directional Policy Matrix
  7. PIMS Model
  8. Arthur D Little Co. Matrix Model
  9. Hofer’s Market Evolution
  10. Utility of Display Matrices

5 Organizing for New Product Development

  1. Setting Responsibility for New Product Development
  2. Structural Units for New Product Development
  3. Function of the New Product Development Units

6 Generation, Screening and Development of New Product Ideas

  1. Innovation and the New Product Development Process
  2. Generation of New Product Ideas
  3. Sources of New Product Ideas
  4. Methods of Generating New Product Ideas
  5. Screening of New Product Ideas
  6. Criteria for Screening New Product Ideas
  7. Development of New Product Ideas

7 Concept Development Testing and Physical Development of the Product

  1. Introduction to Concept Development
  2. New Product Development
  3. Business plan: A tool to fetch financial assistance for new product development program

8 New Product Launch

  1. Types of New Products
  2. New Product Launch the Marketing Plan
  3. Defining and Selecting the Target Market
  4. Product Strategy and Positioning
  5. Pricing the New Product
  6. Promotion of the New Product

9 Branding Concepts and Evolution

  1. Branding
  2. Strategic Relevance of Branding
  3. Branding Policy Decisions
  4. Brand Name
  5. Brand Name Selection Process
  6. How to Build a Brand?
  7. Brand Image
  8. Branding of Commodities

10 Brand Equity

  1. The Concept of Brand Equity
  2. Measurements of Brand Equity
  3. Composite Measure of Brand Equity
  4. Customer Based Brand Equity
  5. How Brand Equity is created?
  6. Building Brand Equity

11 Brand Building Blocks: Identify, Image and Positioning

  1. Introduction to Brand Building
  2. Brand Building Blocks

12 Brand Architecture and Brand Extension

  1. Developing a Brand architecture strategy
  2. Brand Architecture guidelines
  3. Brand Portfolios
  4. Rationalizing the Brand Portfolio
  5. Brand Hierarchies
  6. Levels of Brand Hierarchy
  7. Brand Hierarchy Decisions
  8. Corporate Branding
  9. Brand Extensions
  10. Types of Brand Extension
  11. Advantages and Disadvantages of Brand Extension
  12. Launching a Brand Extension

13 Enhancing Brand Equity

  1. Brand foundation-authenticity and believability

14 Managing Brands Over Time and Across Geographies

  1. Expanding to International Markets
  2. Global Marketing: Standardized vs Customized Approach
  3. Planning the Global Marketing Strategy
  4. Factors Impacting Customization
  5. Developing the Global Branding Strategy
  6. Managing Brands Over Time
  7. Levers for Sustaining Brand Value
  8. Augmenting the Brand Offering
  9. The Pricing and Distribution Levers
  10. The Communication Lever

15 Measuring Brand Equity

  1. Measuring Elements of Brand Equity
  2. Frameworks for Brand Equity Measurement
  3. Brand Report Card
  4. Need for Brand Valuation
  5. Methods of Brand Valuation