Decision Making in Product and Product Lifecycle

DECISION MAKING IN PRODUCT AND PRODUCT LIFECYCLE
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DECISION MAKING IN PRODUCT AND PRODUCT LIFECYCLE
Product
A product may be referred to as anything that is created/ offered to the market to satisfy a want or need. It
is made at a cost and sold at a price by the producer. Therefore in terms of marketing mix, a product
refers to anything produced by a company/ firm using tactical marketing strategies with the aim of
satisfying the demand of a particular target customers1. This involves the engagement of marketing tools
in studying the trend of the market, which includes but not limited to the type of product, the price,
promotional strategies and the place of production.
Type of product sold by the company
Coca-Cola is a well-established multinational company with branches in many countries. it is basically
specialized in the production of soft drinks that is to say, Soda although it is diversifying its production in
energy drinks.
Illustration of the three levels of product
1 Charter, Martin, and Ursula Tischner. "Sustainable product design." In Sustainable Solutions, pp. 118-
138. Routledge, 2017

There are basically three levels of product which a producer should consider when manufacturing any
product. These include; the core product, the actual product and the finally the augmented product2.
The core product; this is mainly concerned with the answering the question of “what exactly is the
customer buying?” For example, the core reason for any customer to buy a car is for transportation,
likewise to a mobile phone for communication.
The actual product; after considering a decision of the basic function of the product to be manufactured,
the actual product defines the way in which it will be designed. This include but not limited to the brand
name, the exceptional features and designs to be included, the quality and packaging style. This gives the
real outlook of the product and helps in differentiating a particular product from others3.
Augmented product
2 Traverso, Marzia, Lynn Bell, Peter Saling, and João Fontes. "Towards social life cycle assessment: a
quantitative product social impact assessment." The International Journal of Life Cycle Assessment 23,
no. 3 (2018): 597-606
3 Luchs, Michael G., K. Scott Swan, and Mariëlle EH Creusen. "Perspective: A review of marketing
research on product design with directions for future research." Journal of Product Innovation
Management 33, no. 3 (2016): 320-341.