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Sample Paper on Product and Service Decisions

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Sample Paper on Product and Service Decisions
Name and describe three decisions that companies that companies make regarding their individual products and services.

Individual Product and Service Decisions: – This focuses on product characteristics, product branding, product packaging, and labeling and product customer care service. A product’s attributes outlines benefits the merchandise puts forward, which are conveyed through quality, specific features, style as well as its design. Quality is vital in marketing as it directly affects the product or service performance. Product features are vital tools in differentiating a product from its competitors. Style makes a product irresistible, attractive and adds to its aesthetic value. A good design results to a product’s effectiveness as well as its appearance. Branding is the ability of marketers to build and manage brands.  Packaging entails designing and generating the container or covering for manufactured goods. Labeling is the attachment of tags attached to products during packaging.

Product Line Decisions: – Product line is a collection of products that are directly connected because they work similarly, are bought by the consumer groups, are marketed using similar media, or have similar price ranges. The main product line decision entails product line length. Managers need to asses product lines occasionally to analyze each item’s sales and profits and to know how each item’s input to the lines overall management.

Product Mix decisions: – This involves an organization with several product lines. A product mix includes all the product lines and goods that a seller wishes to sell. A company’s product mix involves four main decisions: breadth, length, depth and regularity.  Moreover, product mix dimensions shape product strategy. The company may seek to increase its strategy in four ways as well as add new product lines widening its product mix. Its new lines exemplify the company’s reputation. From time to time, a company may have to streamline its product mix to pare out marginally performing lines and models to regain its focus.

  1. How does a brand name add value to a product?

Brand names highlights the product’s worth since consumers view brands as significant elements in a product. They add meanings to brands and build up brand relations. Brands have meanings beyond the physical attributes of a product and help customers identify products that may benefit them.

A product’s quality and consistency is indicated by the brand name. To the seller, the brand name is the foundation to market a product’s exceptional quality. The brand name and trademark endow legal protection for exceptional product features. Furthermore, branding helps to fragment markets.

  1. Describe the role of packaging.

            Packaging holds and protects the product. Its contents are carefully put together thus preventing it from breakage, spillage or being tampered with.  Before one accesses the product, they have to get it off its container.

Packaging captures interest. A well packaged product ultimately draws the customer’s attention to the point of focus. Some customers would just buy a product by virtue of it having an attractive package / wrapper.  Dull packages often go unnoticed and would stay at the market shelves even longer.

Packaging also describes the merchandise. From the information given on the wrapper, a customer is able to understand what kind of product it is before buying. A customer would know whether it is cooking oil, an electronic appliance or a soft drink.

Moreover packaging makes the sale. Innovative packaging gives the product competitive advantage over other products.  Poorly designed packages anger customers and consequently lose the sales of a company.

 

 

 

 

 

 

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