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Abhishek Javalgikar

PGDM-Media and Entertainment


Roll no- 19
IMPACT
5 stage model of Buying Process

What? When? Why? Where? How

Buyer Decision When you want To have Problem Identification:


before and after to take the knowledge of To identify why product
purchase product in the how customers didn’t meet the customers
market make their need.
buying decisions
Information Research:
Customers will try to
search information of
products brand. Company
needs to identify sources
and its importance.

Evaluation of alternatives:
Customers compare the
brands by comparing
attributes. Marketer needs
to highlight features of the
brand.
Purchase Decision:
After Evaluation customers
buys the product out of
several brands. Factors like
attitude, situation factors
and risk are considered.
Post-Purchase Decisions:
Marketer must monitor
post-purchase experience
of the customers.
Product Lifecycle Management

What? When? Why? Where? How

Managing entire To improve It reduces cost Manufacturing Advertising:


lifecycle of a product life cycle by improved To get additional audience
product from to compete control and potential customers
procuring raw better against
material to after large
service and competitors.
disposal of
products in some
cases.
Speeds time to Service Price Reduction:
market through Provision Price cuts attracts
quicker changes. customers

Software Adding new features:


Development Value addition catches
attraction of new buyers.
Exploring and Expanding
to new Markets:
Through Market Research
and introducing product to
new market, new
customers are attracted.
Product Levels: Customer Value Hierarchy

What? When? Why? Where? How

A Product needs When company To add more Core Product:


to meet the need aims to fulfill customer value. This is basic product and
of consumer. needs of focus is on purpose for
Product needs to customer which product is used.
have tangible through their
and an abstract products.
value.
To shape this Generic Product:
abstract value, This gives all the qualities
five product of product.
levels can be
used.
Expected Product:
This gives all aspects
consumer expects to get
when they purchase the
product
Augmented Product:
This includes additional
factors which sets the
product apart from that of
the competition.
Potential Product:
This is augmentation and
transformations that
product may undergo in
the future.
Product Hierarchy

What? When? Why? Where? How

There is When company To satisfy Need Family:


Comparison of aims to fulfill customer needs Core need that highlights
products in needs of from basic needs existence of a product
markets. customer to particular
through their items.
products.
The Hierarchy of Product Family:
product to All the product classes that
satisfy the needs can satisfy a core need
while comparing with reasonable
is Product effectiveness
Hierarchy.
Product Class:
Group of products within
family as having a specific
functional coherence.
Product Line:
Product within Product
Class that are closely
related because they
perform similar function.
Product Type:
Group of items within
product line that share one
of many possible forms of
product.
Brand:
Name with one or more
items in product line, used
to identify source of item.
Item:
Distinct unit in product line
that is differentiable by
various attributes
Product Mix Pricing

What? When? Why? Where? How

Critical part of When you To make Cost Plus:


Marketing Mix. It decide as to take strategic choices Pricing the product above
is collection of your product to about how to cost of producing and
products and the market. price products to distributing that product
services that a achieve business
company goals.
chooses to offer
its market.
Competition Based:
Prices are based on
evaluation of what
competitors are pricing.
Skimming:
It is pricing at high value
initially before competition
enters.
Penetration:
It is pricing at low price
initially to encourage more
customers.