Financing and Marketing Management

Unit 16 - New Product Development Process

16.3. Product and Product Mix
Product Planning refers to the systematic decision making related to all aspects of the development and management of a firms products including branding and packaging. A product is anything that can be offered to a market to satisfy a want or need. Each product includes a bundle of attributes capable of exchange and use. Products that are marketed include physical goods, services, experiences, events, persons, places, organizations, properties, information, and ideas. The marketing manager needs to understand how markets develop overtime, in order better to plan and manage products, their life-cycles and their marketing strategies.

Differences between Goods and Services

• Goods are tangible. You can see them, feel them, touch them etc.
• Services are intangible. The result of human or mechanical efforts to people or objects
• Sales of goods and services are frequently connected, i.e. a product will usually incorporate a tangible component (good) and an intangible component.