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Characteristics and life cycle of a product

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  1. Introduction
  2. Understanding product as a concept
    1. Definitions
    2. Characteristics of products and services
    3. The concept of quality
    4. The brand and name
    5. The product design
    6. The service features
  3. The classification of products
    1. General classification
  4. The life cycle of a product
  5. Lifecycle and profitability
  6. Lifecycle and trade policy
    1. Adapting a commercial policy at every stage of life
    2. Anticipating changes in the product life cycle

Product is an important variable in marketing applications. A company designs, manufactures and markets in order to generate profits. The important objective of a product is to meet the needs of the consumer through tangible and intangible sources of distribution. The product life cycle that follows the company, shapes depending on its tangibility. The presence of a particular product is felt based on its stay in the market.

Product is defined as something that a company produces and what comes out of it is marketed and sold. The satisfaction of a need does not always go by the purchase of a product as it can also be obtained by a service called delivery which offers not only diverse services but accompanies the use of a product, to satisfy the needs of a customer.

[...] The following are two advantages of a having a good brand: Enhancement of customer loyalty Reference to rationality, where the buyer will opt for a popular and a reliable brand when he faces difficulty in choosing the right product The product design The product design includes the graphical aspects involved in presenting a product to the customer and this will enable the company to establish a visual identity system. This also includes the architectural aspects that will determine the physical features of a product. [...]

[...] Example general classification: Classification criteria Contents Examples Usage Products used for further production Consumer products End consumer products Machinery, computers Oil Bread Duration Sustainable products Semi-durable Consumables Automotive Shoes Food Frequency in buying Immediate consumption Anomalous-products Drink, groceries Computer, bicycle Economic nature Marketable products Non marketable products Substitutable products Complementary products Products for personal use Building Free sim cards Butter and oil Laces with shoes Sweater and umbrella Therefore the tangible products should posses the following characteristics: Durability Best price amongst the competitive products Unique product image Finished or semi-finished The life cycle of a product The product is born, lives and then dies to suit the changing needs of a customer. [...]

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