Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.
Description: A product needs to be relevant: the users must have an immediate use for it. A product needs to be functionally able to do what it is supposed to, and do it with a good quality. A product needs to be communicated: Users and potential users must know why they need to use it, what benefits they can derive from it, and what it does difference it does to their lives. Advertising and 'brand building' best do this.
A product needs a name: a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names.
A product should be adaptable: with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream.
Supreme Industries Q1 profit up 26.8 pc to Rs 273.37 crPlastic products maker Supreme Industries Ltd on Monday reported an increase of 26.83 per cent in consolidated profit to Rs 273.37 crore in the June 2024 quarter. The company had posted a net profit of Rs 215.54 crore during the April-June quarter of the previous fiscal, according to a regulatory filing from Supreme Industries.
ASML shares fall 7% as China risks cloud solid Q2 earningsThe investor concerns overshadowed second-quarter earnings at Europe's largest technology company that beat forecasts and showed a rise in AI-linked bookings, as well as continued strong sales in China.
India-based crypto exchange Coin DCX acquires Dubai's BitOasisThe firms did not disclose the transaction value, but BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.
TVS Mobility arm acquires Italy-based automotive components supplierTVS Mobility's subsidiary, SI Air Springs, has acquired Roberto Nuti Group to enhance its global market position and product range. The acquisition will enable them to leverage their distinctive skills and expertise in suspension systems, fostering significant international growth potential.
Nike sinks over 18% as gloomy sales forecast fans growth concernsNike shares slumped 18.6% in early trade on Friday as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant's efforts to stem market share losses to upstart brands such as On and Hoka.
Rise in value-seeking customers, key FMCG sectors face tampering of growth: ReportThe report highlighted a significant shift in consumer spending patterns with a rise in value-seeking buyers, which is evident across consumer businesses. While the consumer may increase their spending on leisure activities, suggesting a good performance for the aviation and hotel industries in FY2024-25, it added.
Oil drops over $1 as OPEC+ decision spotlights shaky demandOil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.