ABSTRACT
The product is fundamental to any marketing activity since it is through the use of product that a customer experiences enjoyment and receives value. Clearly, a product which does not offer what consumers want at a price they are prepared to pay will never succeed. Decisions about the products that an organisation offers are both strategic and tactical. The strategic issues associated with the management of the product portfolio were introduced in Chapter 4 and these were discussed further in relation to segmentation, targeting and positioning in Chapter 7. Alongside these strategic level decisions about the product, there are also important tactical issues which must be considered. These relate to the development, presentation and management of products which are offered to the marketplace. Thus, the product element of the marketing mix deals with issues such as developing an appropriate product range and product line as well as considering decisions relating to the attributes and features of individual products. In this context, the issue of branding is becoming increasingly important for individual products as well as for the organisation as a whole. The product element of the marketing mix also deals with issues relating to new product development. Extending product ranges and product lines, either by new product development or through the modifi cation of existing products, is increasingly important for organisations that wish to remain competitive in a rapidly changing market environment.
