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Part Three Developing the marketing mix Lecture Seven Product Strategy At a glance Define product and major classifications of products and services Understanding individual product decisions Explain the decisions of developing product lines and mixes Define the steps in the newproduct development process Describe the stages of the product life cycle Product Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Three levels of product Aftersale service Installation Warranty Delivery and credit Repairing Three levels of product (Airline) Qantas Club Priority baggage Frequent flyer scheme Holiday Packages Tours Generic Product ?Stores, preserves, cools, and otherwise helps to satisfy home foodconsumption needs Tangible Product ?Color ?Design ?Quality ?Size ?Weight ?Features ?Material used in construction ?Efficiency in use ?Power source ?Brand name Augmented product ?Image ?Status ?Guarantee/warranty ?Delivery ?Installation ?Repair facilities ?Instructions and technical advice ?Credit ?Return policy ?Followup service Three levels of product Continuum of Goods and Services A l m o s t P u r eG o o d sG o o d s w i t hS e r v i c e sH a l f G o o d s ,H a l f S e r v i c e sS e r v i c e sw i t h G o o d sA l m o s t P u r eS e r v i c e sP h y s i c a lp r o d u c t s t h a t a r ep u r c h a s e d a n dc o n s u m e d w i t hl i t t l e o r n os e r v i c e sP r o