JAIIB PPB Unit 38 - Consumer Behaviour and Product

A Product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Product Personality

The Core
The Associated Features
The Brand Name and Logo
The Package and Label

Product Levels
Product Categories
Product Item, Product Line and Product Mix
The Banking Product

Product Planning

The process of product planning consists of determining the strategies in respect of various elements:

Product Line
Product Mix
Branding
Packaging and New Product Development

Product Life Cycle

Introduction
Growth
Maturity
Decline

New Product Development

The Process of product Development comprises five main stages:
Idea Screening
Concept Testing
Product Development
Test Marketing
Commercial Launch

Diversification

Diversification refers to entering attractive opportunities which are outside the existing businesses of the firm. Three types of diversification

Concentric Diversification
Horizontal Diversification
Conglomerate Diversification

Other Aspects of Product Development

Branding
Line Extension
Brand Extension
Multibrands
New Brands

Packaging

1. Primary Package
2. Secondary Package
3. Shipping Package