Lesson 6: Product/Service strategies
Marketers broadly define a product as a bundle of physical, service, and symbolic attributes designed to satisfy consumer wants. Therefore, product strategy involves considerably more than producing a physical good or service. It is a total product concept that includes decisions about package design, brand name, trademarks, warranties, guarantees, product image, and new-product development.
Pricing is one of the most important elements of the marketing mix, (The marketing mix is also called the 4Ps and the 7Ps. The 4Ps are price, place, product and promotion) as it is the only mix, which generates a turnover for the organization. The remaining 3p’s are the variable cost for the organization. It costs to produce and design a product; it costs to distribute a product and costs to promote it.