What are types of product decisions?

What are types of product decisions?

Product line decision:– Like lakme, maybaline etc. There are two ways of adding the product. i) Product line stretching: it means when company adds a new product by stretching the product line by upward, downward or both ways. ii) Product line filling: it means adding a new product within existing range of products.

What is meant by product and production decisions?

Product – Elements of Production Decisions. In decisions on producing or providing products and services in the international market it is essential that the production of the product or service is well planned and coordinated, both within and with other functional area of the firm, particularly marketing.

How are product decisions made?

Product managers make decisions using some combination of three inputs: 1) intuition, 2) analytics, and 3) feedback. The best products get made when decisions are informed by those three inputs in a balanced way. Individuals, teams, and companies often bias towards a particular mode of decision-making.

What are key product decisions?

With every product, regardless of where it is in its lifecycle, there are certain key decisions that must be made, perhaps repeatedly. These decisions include specifying product features, package design, branding decisions, establishing related services, and legal considerations.

What is the objective of product decision?

The objective of the product decision is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage. The four phases of the product life cycle are incubation, introduction, growth, and decline.

What is brand decision?

Branding consists of a set of complex branding decisions. Major brand strategy decisions involve brand positioning, brand name selection, brand sponsorship and brand development. A brand is a company’s promise to deliver a specific set of features, benefits, services and experiences consistently to buyers.

What is product decisions explain the product line in brief?

Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. This is where the concept of product line comes in. While a smartphone and wireless earphones ( Apple air-pod and Samsung buds) are not the same, but the same type of customer uses them.

What is individual product decisions?

Individual product decisions start by deciding on product attributes. This, in turn, means that the development of a product starts by defining the benefits it will offer to consumers. Thus, in stage one of the individual product decisions, we define the product attributes, such as quality, features, style and design.

What is individual product decision?

What are the three major elements of the product decision?

The three major elements of the product decision are: Selection, definition, and design.

What are the different types of brand decisions and strategies?

Here are five different types of branding strategies your company should consider.

• Company Name Branding. Well-known brands leverage the popularity of their own company names to improve brand recognition.
• Individual Branding.
• Attitude Branding.
• Brand Extension Branding.
• Private-Label Branding.

How do consumers make brand decisions explain?

Consumers go through distinct buying phases when they purchases products: (1) realizing the need or want something, (2) searching for information about the item, (3) evaluating different products, (4) choosing a product and purchasing it, (5) using and evaluating the product after the purchase, and (6) disposing of the …

What is product decision in marketing?

Product marketing decisions include coming up with a brand name, creating a quality product, determining the functionality of the item and making the item safe to use. When developing the product, you also must determine if there should be a warranty associated with it and what kinds of repairs or support you will offer.

What is product mix decision?

Product Mix Decision. Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening any existing line, or bringing new variants of a brand to expand the business and to increase the profitability.

What are marketing decisions?

Marketing decisions include promotion decisions which are important content of the marketing mix in which different aspects of marketing communication occurs. The information about the product is communicated with an objective to produce positive customer response.