Product and Service Strategies Essay Example | Topics and Well Written Essays - 2750 words

crossroad and Service Strategies - Essay flakesetters caseStyle - look, fashion etc.Integrative forceChanging one or to a greater extent of the above-discussed parameters could signalize a Product. This will act as the competitive advantage or unique selling hint of that particular crossway and to the company as a whole. Product HierarchyThe hierarchy of a ware starts from the basic need of the customer. A product is designed to fulfill the need. therefore a product family emerges which includes major(ip) categories. i.e. for a life insurance both savings and income schemes will be included here or all insurance schemes will be grouped here.Then a product class emerges. i.e. considering lone(prenominal) the income part of insurance.This is followed by product line where age groups come. Here the target market is know clearly.Then finally item comes where the focus will be on countries. i.e. Italian marble items are cognize world wide. Product HierarchyNeedProduct familyProdu ct classProduct lineProduct typeItemProduct Line AnalysisThis analysis will give clear enlarge about the productSalesProfitMarket profilePositioningCompetitionIdentifying market segments eminenceFinally, the management will be in a position to decide which product to focus more and which one to drop.Product Line LengthThe product line would be short if profits attach by adding items.The product line would be long if profits increase by dropping items.The superior general notion about the product length goes like thisA Company will have shorter product lines if its objective is short-term profitability or high profitability.A Company will have womb-to-tomb product lines if its objective is capturing more market share and market growth.The product line would lengthen for companies in due course of time. Commonly, companies...Product line pricing, a type of product blend in strategy, sets price steps (also known as price points) between products in the line to appeal to different groups of consumers. Another product mix strategy called price bundling clusters two or more sports products into a single packaged price. Conversely, captive product pricing unbundled two or more sports products and sells each at a separate price. This type of product mix strategy is also referred to as two-part pricing.In economics and marketing, a service is the non-material tantamount(predicate) of a good. Service provision has been defined as an economic activity that does not result in ownership, and this is what differentiates it from providing physical goods. It is claimed to be a process that creates benefits by facilitating either a change in customers, a change in their physical possessions, or a change in their intangible assetsIntangibility - They cannot be seen, handled, smelled, etc. There is no need for storage. Because services are difficult to conceptualize, marketing them requires creative visual percept to effectively evoke a concrete image in the customers min d. From the customers point of view, this attribute makes it difficult to label or compare services prior to experiencing the service.Perishability - Unsold service time is lost, that is, it can