Product decision refers to the process of determining the features, design, and packaging of a product. It involves identifying the target market, determining the product’s utility to customers, analyzing the competition, and setting the price. Product decisions also involve deciding on the branding, positioning, and marketing of the product.
Here are some important aspects of product decision:
1. Product features: Product features refer to the attributes or characteristics that make the product unique, functional and customer-centric. Product features should meet the needs of the target audience and solve their problems. Companies should research and assess the market needs and preferences to determine the product features.
2. Product design: Product design refers to the look, feel and aesthetic appeal of the product. It is an essential factor as it is directly linked to the customer’s perception of the product. The design should be appealing, user-friendly, and should differentiate the product from the competition.
3. Packaging: Packaging is an essential aspect of product decision since it affects the customer’s first impression of the product. The packaging should be attractive, functional, and protect the product. Packaging design should also reflect the brand and voice of the product.
4. Branding and positioning: A brand is what distinguishes a product from others in the market. Branding involves creating a unique name, logo, and messaging that communicates the product’s features and benefits. Positioning refers to how the product is perceived by the customers in comparison to its competitors.
5. Pricing: Pricing is a significant factor in product decision since it impacts the profit margins and customer perception. It is important to keep the price competitive and align with the target audience’s affordability, preferences and perceived value.
In conclusion, product decision is an iterative process of analyzing market research, competition and customer preferences, designing, prototyping, and testing a product to make informed decisions on the features, design, packaging, branding, positioning and pricing of the product. Successful product decision-making leads to creating successful products that meet the needs and wants of customers, and in turn, generate revenue and build customer loyalty.Lacture notes downloading, Hand written notes, Pharmacy notes, MBBS notes, Study material, Dental study material, study material PDF, study material PPT, study Lacture notes, Study science notes, Drugs name, free study material PPT, PDF download Free, paramedical study notes
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