PRODUCT SELECTION

IN THIS PPT YOU WILL UNDERSTAND ABOUT THE BASIC CONCEPT & KNOWLEDGE ABOUT THE PRODUCT SELECTION, AND HOW TO DO PRODUCT SELECTION IN MARKET.

1. L. J. POLYTECHNIC, AHMEDABAD SUBMITTED BY : VAIBHAV BHARAMBE Mechanical Engineering Department Self Employment And Entrepreneurship Development

2. INTRODUCTION TO PRODUCT SELECTION What is product ? Product is the bundle of satisfaction. Product is the conceptual creation of a producer approved by the consumer. The Philip Kotler is tell the a product is anything that can be offered to a market for attention, acquisition, use or consumption. This proper definition of product given in “ Marketing Management ” by Philips kotler .

3. INTRODUCTION TO PRODUCT SELECTION Product selection :- Product selection is the process in which retailor choose the shape or material of the product as per market demand. Term included in product selection :- Material Shape Color Price

4. PRODUCT SELECTION Demand and Supply Characteristics Frequency of Consumption Nature of use Product Characteristics Standard products Job-order products Fast moving Consumers goods Consumer durable: Consumers goods Industrial goods Product class Product line Product mix

5. CONCEPT OF PRODUCT SELECTION Product selection is a decision process, in which the design team selects one or few product concept for further development. An entrepreneur establishes a business unit with a modest investments in a small scale level. As he senses business opportunities from the changing environment, keeps on adding, improving and dropping different types of product. A small business unit progressively becomes large through additional investments. The new product investment areas are as under: (i) Introduction of new product. (ii) Expansion of the existing product. (iii) Diversification in a new line of product by an already existing unit. (iv) Business integration investments- the business is a step-by-step and sequential conversion of raw material into finish product. E.g. a raw cotton is converted into finished cloths through spinning, weaving, and processing. GROUP-1 CHAPTER:-3.1( i )(ii)

6. Product Selection Innovation and Creativity Design of a product Material selection Final product Customer Product Customer Product Selection GROUP-1 CHAPTER:-3.1( i )(ii)

7. IMPORTANT AVENNUES OF NEW PRODUCT SELECTION Innovation product, through R & D efforts. Differentiated imitative product of some existing entrepreneur. Offensive strategy like sale of joint or by – product for cross subsidizing the main product price-cut. Defensive strategy through developing self-sufficiency using backward or forward integration. Joining hand with competitor through collaboration in manufacturing or marketing the products. Production of components with some large units, e.g. manufacturing of only a component used in scooters, cars, or machinery manufacturing.

8. Importance Of Product Selection Changes in Business Risk Changes in Financial Risk Changes the Existing Production System Changes in Existing marketing system necessitating changes in channels of sales and distribution Changes in organization structure and personnel positions Tapping the new sources of raw materials and other types of inputs Changes in the competitive Product Position

9. Thank You