CHAPTER ONE
Many companies don’t just sell product they like, they first decide the need of consumer before creating such goods. Marketers know the first basic thing in determining a product success or failure is that one should foist consider consumer feelings about the intended product which the company wants to sell and also their feelings towards the company itself. Actually, the last thing that companies develop when, making products is the core benefits.
For example, NBC sells more than one million worth of coca-cola, Fanta, Sprite etc. to consumer around the world. They make successful soft drink products and this has made them the leader in the popular price segment in the world.
HISTORICAL BA CKGROUND OF THE COMPANY
The history of the company in Nigeria is almost as old as Nigeria itself. It is one of the earliest companies established in the country.
KEY WORDS AND TERMS
1. Actual product: a product’s parts, quality level, features, design, brand name, package and other attributes combine to deliver core product benefits.
2. Agitated product: is the additional consumer services and benefits build around the core and actual product.
3. Brand: is a name term, sign, symbol, or design or a combination of those intended to identify the goods and services of one seller in group of sellers and differentiate them from those of competitors.
4. Business analysis: is a review of the sales, cost and profit projections for a new product to find out whether these factors satisfy company’s objectives.
5. Commercialization: This is a process of introducing a new product into the market.
DEFINITION OF PRODUCT
A product is anything that can be offered to a market for attention acquisition, use or consumption and that might satisfy a want or need. Products include more than just tangible goods. Broadly defined, product include physical objects, services, persons, places, organization ideas, or mixes of these entitles.
LEVELS OR COMPONENTS OF A PRODUCT
Product planners need t o think about the product on three levels. The most basic level in the core product, which addresses the question; What is the buyer really buying?
PRODUCT CLASSIFICATION
Marketers have developed several product classification schemes in developing marketing strategies for their products and services into two broad classes based on types of consumers that use them. Consumer products ans industrial products.
CONSUMER PRODUCT
These are those bought by final consumer for personal consumption. Marketers, based on how consumers go about buying them further classify those goods.
INDUSTRIAL PRODUCTS
These are those products purchased for further processing or for use in conduction a business.
PRODUCT ATTRIBUTES
Developing a product involves the benefits that the product will offer. These benefits are communicated and delivered by product attributes such as quality, feature and design. Decisions about these attributes greatly affect consumer reactions to a product.
PRODUCT QUALITY
Quality is one of the marketers major positioning tools. Quality has two decisions. Level and consistency. In developing a product the marketer must first choose a quality level that will support the product’s position in the target market.
