WHAT IS A PRODUCT?

A PRODUCT is defined as anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a want or need. It can include Tangible and Non-tangible goods and services.

CLASSIFICATION OF PRODUCTS
From the marketing point of view, Products can be classified into two homogenous categories: 1. CONSUMER PRODUCTS: Consumer Products are those products which are intended for use by household consumers. These products can be further classified as: a. Convenience Products: It includes food items, over-the-counter medicines, tooth paste, electric bulbs, batteries, ect.

b. Shopping Products: It includes fashionable garments, furnitures, automobiles, television sets, washing machines, refrigerators, ect. c. Speciality Products: These products are for those who have strong brand preferences like new expensive automobiles, mens suits, stereo sound equipments, photographic equipments, health foods ect. d. Unsought Products: These products are those products which are new products that the customer is not yet aware of or products which customers may not need right now. It includes computers that speak and video telephones.

WHAT IS PRODUCT SELECTION?

Product selection is choosing the good or service to provide customers or clients. Any manufacturing firm needs an

excellent product strategy and great products are the keys to success.

STEPS FOR IDENTIFYING THE PRODUCTS FOR MANUFACTURING

One key to success in formatting a customerdriven operations strategy for both manufacturing and service firms is to understand what a customer wants and how to provide it better than the competition does. The various steps involved for identifying the product for manufacturing are as follows: 1. Analyzing the market 2. Understanding the possible competitive priorities of the organization. 3. Selecting the appropriate competitive priorities among the available (possible) competitive priorities.

4. Developing the operations strategies to achieve the chosen competitive priorities.

WHAT IS PRODUCT DEVELOPMENT?

Product Development is the process of searching ideas for new products, screening them systematically, converting them into tangible products and introducing the new products into markets. Types of products based on the Product Development: 1. Market-Pull Products: Products developed using generic process in a market pull situation. Recognizing the market opportunity & selecting appropriate product technologies to meet customer needs. E.g.: Furnitures, Tools, Sports goods, ect.

2. Technology- Push Products: Products developed by using new technology and an appropriate market where new technology can be applied. Planning phase involves matching technology & the market. E.g.: Teflon sheets (Gore Tex) developed by W.L. Gore Associations & Tyvek envelopes.

Industrial products: 1. raw materials 2. fabricating part 3. installations 4. accessories of eqiupmetns 5. operating supply