4 Types of Product policy decision
The marketer has to keep in mind the product policy decision while introducing a product. As it is a competitive tool in the hands of the marketer. It involves four basic decisions. These are:
1.) Individual product decision:-
i) Product attribute: it refers to the quality, feature, style and design of the product. With the help of the quality manufacturer can give the customers assured quality product. Feature helps in differentiating the product from other products. Style and design helps to bring the attention of the customers towards the product.
ii) Product branding: it is very essential to give a product a brand name. Only with the help of brand name the customer can differentiate the product from the other products. Branding facilitates the marketers in promoting the product and making consumer brand conscious.
iii) Product packaging: packaging means the wrapper which contains the product. Like a pack of Cadbury chocolate has a primary golden color wrapper and then a secondary wrapper to cover it. Packaging act as a silent salesman. It is with the help of the packaging the customer come to know about the product quality, quantity, weight, price etc.
iv) Product labeling: labeling gives the consumer information regarding the manufacturer’s name, place, date of manufacturing, expiry date, calories, carbohydrates, nutritional value etc.
v) Product support services:- it means the services which are provided to the customer after selling the product to the customer like after sale services, installation etc.
2.) Product line decision:–
it means group of product which are closely related to each other. Like lakme, maybaline etc. in product line decision the marketer has to make decision regarding the product line length, which means the number of product in the product line. There may be short product line, means the marketer can increase the profit by adding new product or there may be long product line. There are two ways of adding the product.
i) Product line stretching: it means when company adds a new product by stretching the product line by upward, downward or both ways.
ii) Product line filling: it means adding a new product within existing range of products.
3.) Product mix decision:-
it means the complete set of product line produced and sold by the company. Like nestle produces, milk powder, maggi, ghee, sugar, tea etc. product mix consists:
i) Product mix width: refers to how many products company is offering. Like
soap, shampoo, powder etc.
ii) Product mix length: refers to how many no. of items in each product line.
Like 5 kind of soap, 7 kind of powder etc.
iii) Product depth: refers to different items in each product line. Like Hindustan liver
ltd. offering different kind of soap eg. Lux, santoor, hamam.
iv) Product consistency: refers to how closely related the various product line in end
4.) Product positioning decision:-
it is the way how the marketer communicate the information regarding the product to the prospective buyer. It can be done on the biases of price or size or usage.