ACCENTURE

High Performance Delivered

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PRODUCT & PRODUCT LIFE CYCLE

accenturejgiteam@gmail.com

GAURAV PAVAN JAGADEESH BIJAYA RANGOO JOHNY SAURAV SRIPARNA

Introduction
Anything that can be offered in the market for attention, acquisition or consumption and that may satisfy a want or need is called as a product.

Today many companies are moving to a new level in creating value for their customers. To differentiate their products beyond simple making products and delivering services they are creating customer experiences.

Product & Service Attributes

Product Quality Product Features Product Style & Design

Product Quality
For a food product, quality will include taste and nutritional properties.

Product Features
Features are a competitive tool for differentiating the companys product from competitors product. Features are products characteristics that deliver benefits.

Product Style & Design

Style simply describes the appearance of a product while the design goes to the very heart of the product and understands the customers needs.

Branding
Resides in the minds of consumers.

Endowing products and services with the power of a brand.

About creating differences.

Building Brand Equity

Identities making up the brand.

Supports marketing programs.

CHOOSING BRAND CRITERIA

Memorable.

Meaningful.

Likeability.

CHOOSING BRAND CRITERIA

Transferable. Adaptable.

Protectable.

Branding
Ex: Cadbury Dairy Milk The core purpose with which Cadbury operates is creating brands people love. It aims at spreading happiness and this simple mantra is visible in all its Brand promotions.

Labeling
Labels range from simple tags attached to products to complex graphics that are part of packaging. The label identifies the product or brand, such as the name Sunkist stamped on oranges.

The label mainly contains- who made it, where it was made, when it was made its contents, how it is to be used and how to use it safely. Labeling helps in promoting the brand, support its positioning, and connect with customers

Examples of Labeling
E.g.: Pepsi recently redrafted the graphics on its soft drink cans as part of a broader effort to give brand more meaning and social relevance to its youth audience.

Wine makers are turning to label design to help them step up their sales more than ever before.

Product Line
A product line is a group of products that are closely related of various sizes, types, quality or prices.

Product Mix
A product mix consists of all the product lines and items that a particular seller offers for sale

PACKAGING
It involves designing and producing the container or wrapper for a product

INNOVATIVE PACKAGING IDEAS

Make Design the Focus of Your Packaging

Create a Reusable Package

Add a Little Extra to Your Packaging

Focus Your Packaging on a Specific Target

Merge Two Packaging Concepts

Create Fun Packaging

PRODUCT LIFE CYCLE

INTRODUCTION STAGE
TOUGH COMPETITION TOUGH TO MAKE PROFIT LAUNCH PROMOTION EXTENSIVE ADVERTISING

GROWTH STAGE

RAPID INCREASE IN SALES AND PROFITS CHEAPER TO INVEST IN MARKET SHARE ENJOYS OVERALL GROWTH

MATURITY STAGE

COMPETITION IS MOST INTENSE MARKETING SPEND SHOULD BE MONITORED CAREFULLY RESTRICTION IN RESEARCH AND DEVELOPMENT EXPENDITURE

DECLINE STAGE

MARKET IS SHRINKING REDUCES OVERALL PROFIT IF PRODUCT NOT PROFITABLE THEN IT WILL DECLINE

Introduced in the year 1982 Entirely new food category instant noodles 1900s growth declined due to top raman 2000s maggi was market leader in instant noodles Introduced healthy products..eg. Maggi veg atta noodles

Conclusion
The PLC concept can be applied by marketers as a useful framework for describing how products and markets work.. But using the PLC concept for forecasting product performance or for developing marketing strategies presents some practical problems.. In practice, it is difficult to forecast the sales level at each PLC stage, the length of each stage, and the shape of the PLC curve.