What is Product?
Product is some thing produced by Humans, Machines or by a natural process. In market different types of industries developing different kind of products.
Lifecycle of a Product
Now we have to know how their products become popular. This is because of their brand name, quality, features, user interface, performance and rate. Every product has the life cycle. When a company introduces a product it goes to four stages
1. Introduction Stage
2. Growth Stage
3. Mature Stage
4. Decline Stage
At the beginning stage the sales are small because it is new product. In second stage the sales grow rapidly this will happen when the quality and performance is high with low cost. In this stage only the pricing strategies are revised to take advantage of the growing industry. In this stage the market becomes saturated. In this stage the company should upgrade the product or else the buyers move on to other products. The product life cycle for most products are shown in figure
Different Types of Product
Estimating the cost and effort of software development is much more complex than the product development. Now the customer attitudes are changing, new business models are emerging and the speed of business is increasing. They are releasing products in various verticals like telecom, finance, healthcare, energy & utilities, retail, distribution, insurance, hardware and manufacturing etc.
The companies like Sun Microsystems, Microsoft, IBM, Apple and HP are the major companies that are releasing the products in all major verticals. Mainly they released the software products like Operating System, Application Servers, Tools, Programming Languages and APIs. All the above companies manufacture the hardware products also. Apple mainly concentrating on Hardware products like personal computers and operating system. Recently they have released the operating system Leopard. What is advantage in this? It includes the futures like file sharing, Mail, iCal, iChat, Address Book and VPN. It also includes a new setup interface with a built-in Network Health Check, a new Server Preferences application and a server status Dashboard widget.
Software companies in IT field releases many products. Mostly they are releasing same Kind of products that is features (functions), Look and Feel (user interface), quality and reliability (performance) are rarely or 100 percent identical. For example when we compare mobile phones like Nokia and Sony, Laptops like IBM and HP or software products like Oracle and Microsoft SQLserver these products are same in function but having difference in quality and performance. The cost of the products is mostly same or having some difference but the functions are same. How they are marketing their products? How they are achieving their goals? This is simple because of their brand name, quality, features, style and the cost of their products. Most of these companies providing their products to their customers with high quality with low price. By advertisement they make their product popular.