product categorization discussion

Ideally, according to business, mainly marketing, the term product is referred to or viewed as an object or system that is made to be available for consumption. Moreover, it is considered as anything that can be given to the market to create satisfaction of desire or need of client or customer(Cowell, 1998). Thus, in connection to the retailing product are frequently considered as merchandise, whereas manufacturing products are purchased as raw materials and then finally sold as finished goods. On the other hand, service is also viewed as a kind of product since it is also offered to clients or customers. Thus, in connection to the product, the paper is going to focus on product development types or categories that include new-to-market, new-to-the-company, improvements of existing products, and finally, an extension of the product line.

New-to-the-market

Ideologically, another way in which new-to-the-market products can be expressed is new to the products. Thus, this already signifies that this is what the majority of individuals or people would refer to like a new product in the market of a country. In other words, these are but products in the market that tend to be inventions that create a whole new market in a particular locality. Probably some of the latest products in the market are iPad, iPod, Polaroid cameras, and even the laser printers amongst another product’s that exists(Viswanathan & Childers, 1999).

New-to-the-company

These products can be defined as products that take a company or organization into a new category. Therefore, in this instance, the product is viewed not to be new into the market or world but is only new to the company or firm(Viswanathan & Childers, 1999). Thus, this new or current product in the firm line signifies the problem of the imitation aspect of the products; for instance, “me -too” Hallmark gifts items (P&G) and Universal credit card (AT&T’s) amongst other existing examples.

Additional to the existing Products Lines

They are defined as simple line extensions in the market created to remove the product line as given to the companies or organizations’ initial markets. For instance, P&G Special K line extensions such as snack bars, drinks, and even cereals, Bud Light and Tide Liquid detergent.

Extension of product line

In conclusion, according to business, these are current products, and they have been made better. Thus, some of the examples are P&G’s detergents and soap, amongst other examples(Viswanathan & Childers,1999).

 

 

Reference

Viswanathan, M., & Childers, T. L. (1999). Understanding how product attributes influence product categorization: development and validation of fuzzy set-based measures of guardedness in product categories. Journal of Marketing Research36(1), 75-94.

Cowell, D. W., & Communication Advertising. (1984). The marketing of services. London: Heinemann.

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