Product Strategies Product Line

Good option for a company to try to expand its business is by adding to its existing product line. This is because people are more likely to purchase products from brands with which they are already familiar. For example, a frozen pizza company may want to increase its market share by adding frozen breadsticks and frozen pastas to its product line.

Product Mix Strategies

There are the five following product mix strategies are there which company may be used in different situations I. Trading up & trading down

Trading up is done by organization through increasing the number of features and benefits of a product such like , improving its quality, or introduce it with a superior level of service to justify a higher price. On the other hand trading down refers as Reducing the number of features and its related benefits or the quality of a product to suit the price demanded by its customers. II.
Product Mix Expansion

Product can be expand either line or through brand. In product line extension it is the use of an established products brand name for a new item in the same product category. Line Extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes. While in brand extension refers that company introduce a new product in a totally different product category.

III.

Product Modification (Alteration)

Product modification means when company makes some adjustments in the characteristics of a product. It has been done through in three ways
a. Quality modifications: These are changes that relate to a product's dependability and

durability and usually are executed by alterations in the materials or production process employed. Reducing a product's quality may allow an organization to lower the price and direct the item at a larger target market. b. Functional modifications: Changes that affect a product's versatility, effectiveness, convenience, or safety are called functional modifications. They usually require redesigning the product.

c. Style modifications: Style modifications are directed at changing the sensory appeal of a

product by altering its taste, texture, sound, smell, or visual characteristics. Since a buyer's purchase decision is affected by how the product looks, smells, tastes, feels, or sounds, a style modification may have a definite impact on purchases.
IV. Product Positioning and Repositioning

a. Product positioning involves a series of decisions and operations that target the generation and trying to maintaining of a certain image of the product in consumer's mind, related to the competitor brands. A product's position includes the perceptions, opinions and feelings the customers have regarding the product and consumer may easily compare it to the similar products on the market. b. Product re-positioning Sometimes during its existence, a company may notice that its products' image is outdated, or can be improved. Then the company starts re-positioning its products in customer's perception. Re-positioning consists in identifying a new, unoccupied market position and promoting the product based on the new criteria.
V. Product Mix Contraction

Product mix contraction refers to the marketing strategy of a company that reduces the number of different products it sells because those products do not beneficial for the company to be continued. They are trying to concentrate its resources on its most popular products.

Product Adoption Process & its Steps

In market there are several products with similar function. Consumers go with certain product to fulfill their needs. By several exercise and trial consumer select the requisite product. To come to a decision of using certain product regularly after several study, observation and trial of the new product is known as product adoption. There are mainly five steps in the product adoption process. They are mentioned and explained below: Steps of Product Adoption Process 1. Product Awareness 2. Product Interest 3. Product Evaluation

4. Product Trial 5. Product Adoption

The above mentioned points related to the steps of product adoption are explained below: 1. Product awareness The first step of the product adoption is to be aware of product. Basically consumers (individual or organizational) are aware of product introduction in the market via various means of communication, such as television, newspapers, business magazine, internet etc. People become aware of quality, features, utility, price etc of the product to adopt. 2. Product Interest: If the awareness or information of the product existence, if consumer is interested in the product he/she starts to collect the information related to the product. Consumer becomes interested about product quality, features, utility and price. 3. Product Evaluation: After the collection of the information about the product, the information gathered is evaluated by the consumers. Consumers checks whether the product quality, features, utility and price of the product satisfactory or not? 4. Product trial: In the fourth step of the product adoption, consumer makes trial of the product in small amount. They make the use of the product in small quantity or they may make test use of the product. 5. Product adoption: After the trial of the product if the consumer is satisfied he/she will adopt the product and use the product regularly even in the future.