IT chymes .
@ | Posted 21 Sep. 2017
Product mix strategies for New Product Development, Branding and Packaging
Product Planning & Development- It includes proper market research and understanding the consumer needs and then designing the product accordingly.
Product Design- Another way to add customer value is through distinctive product design. Good design can attract attention, improve product performance, cut production cost and give the product a strong competitive advantage in the target market.
Branding- Perhaps the most distinctive skill of professional marketers is their ability to create, maintain, protect and enhance brands of its products and services. A brand is a name, term, sign, symbol or design or a combination of these that identifies the maker or seller of the product or service. Branding has become so strong that hardly anything goes without branding. Eg. White Linen perfume, fruits, vegetables.
Packaging- It includes the activities of designing and producing the container or wrapper for a product. The package may include the product’s primary container ( the tube holding the toothpaste), a secondary package that is thrown away when the product is about to be used ( cardboard box containing the tube) and shipping package to store, identify and ship the product.
Labelling- Labels may range from simple tags attached to the products to complex graphics that are part of the package. Labelling gives information regarding the nature, name, content, MRP, etc.
Product Support Services- Customer service is another element of product strategy. A company’s offer to the market place usually includes some services which can be a minor or a major part of the total offer. Product support services are the one’s that augment actual products. A company should therefore design its products and support services in such a way as to profitably meet the needs of target customers. It can then develop a package that will both delight customers and yield profits to the company.