A product is a definitive element of ‘marketing planning’ and hence decisions related to products are most important for any organisation. Decisions taken to deal with organisational products are called product decisions. Product decisions may vary from minor changes made in the packaging (like altering the tag or colour of the pack) to significant business diversifications (attained through merger/acquisition or R&D). The starting point of marketing process of any organisation is the decision about product, which it wants to cater to the target customers. Apart from fulfilling the needs and wants of the consumers, a product is also an essential factor which acts as the source of profit for the organisation. Both for-profit and non-profit organisations use their respective products differently. For-profit organisations sell their products to earn profits and to meet the stakeholders’ requirements, whereas, non-profit organisations use their products for self-sustenance. In order to earn favourable outcomes in the long run, a marketing organisation needs a professionally designed product strategy, developed in accordance with the target market. The various kinds of product decisions are :
Major Product Decisions
- Product Line
- Product Mix
- Branding
- Packaging
- Labelling
