Product Classification, Development, and Marketing Strategies

Principle of marketing Products can be classified according to their durability into durable and non-durable products. Durable products do not have to be purchased frequently while non-durable products have to be purchased frequently. Examples of durable products are: photographic equipment, and jewelry Examples of non-durable products are: pen, chalk, books. Also products can be classified according to perishability. Thus, there are perishable and non-perishable products. For example: Perishable products are: agricultural product. Nonperishable products are: anything that stays longer. The stages of a product development are: 1) Idea generation 2) Idea screening 3) Concept developing and testing 4) Marketing strategy development 5) Commercialization 6) Test marketing 7) Product development 8) Business analytics When it comes to idea generation, the idea can be generated from people, suppliers, and group discussions within organization, company laboratories, and management team. Idea screening is: Shifting between the ideas to pick what is the best suitable. A proposed marketing strategy will be written laying out the marketing mix strategy of the following: 1) Segmentation 2) Product 3) Positioning strategy 4) expected sales and profits