2 consumer dimension to the consumer a product

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2. Consumer Dimension: To the consumer, a product actually represents a bundle of expectations. Once a product is bought by a consumer and his evaluation, i.e. post-purchase experience is favourable, marketers can have repeat orders. Buyers are not interested in the composition of a product. They are concerned only with what the product does, and to what extent it satisfies their social and psychological 3. Societal Dimensions : To the society salutary products (having good effect in the body & mind) e.g. Tonic and desirable product (TV. Cycle etc.) are always welcome, as they fulfil the expectations of social welfare social interests. Salutary products yield long run advantages, but may not have immediate appeal. Desirable products offer both immediate satisfaction and long run consumer welfare. Marketers have to fulfil the following social responsibilities while offering the products to consumer. (a) Safety to users (b) Long-run satisfaction to consumers (c) Quality of life, concern for better environment Annamalai University
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76 (d) Fulfillment of government regulations relating to composition, packaging and pricing of many products. PRODUCT POLICY The modern marketing concept is that it is not sufficient merely to produce a better product: it is also necessary to bring it to the attention of the prospective customers. In other words: (1) Even if there is a better product, it is not be bought unless its existence is brought to the notice of the consumers. 2. A bad or useless product may be bought when its uses are highlighted to the consumers. This makes it necessary on the part of the producers to adopt certain “policies” to bring the product to the notice of the prospective buyers. The term ‘policy’ connotes a principle of opera tion adopted by the management to guide those who carry out action. A policy sets the objectives to be achieved and also the limits within which the management has to operate. For the proper carrying out of business function, each function must have a policy. As far as a product is concerned, such a policy is essential to make the product live up to the expectations of the consumers. Such policies taken in regard to the development of a new product or for retaining an existing product in the market is known as product policy. The main function of product policy is to guide the activities of the firm towards common goals. Today the success of the company is measured not only by its current profits buy also by its long-term growth. In other words, a company must strike a delicate balance between optimizing current operations and making necessary provisions for the future. These aims could be achieved only by adopting a proper product policy. The important aspects analysed under product policy are: Consideration of the product mix; The rate, nature and direction of changes in demand for existing products; Product elimination and new product development decisions, and Product policy of the competitions
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