Section 6
Product Strategy
Book
Version 6
By Boundless
By Boundless
Boundless Business
Business
by Boundless
6 concepts
Developing Products
Organizations assess the current market for new product opportunities and, when potentially profitable, develop new product prototypes to test feasibility of production.
![Thumbnail](../../../../../../figures.boundless-cdn.com/30083/square/4903209928_ff87d58fd3_z.jpg)
Developing Services
Service products are offered by a wide variety of industries such as barbers, travel agencies, and consulting firms.
![Thumbnail](../../../../../../figures.boundless-cdn.com/14961/square/1347273999-dc0cc662ac.jpeg)
Classifying Consumer Products
Consumer products can be classified as convenience, shopping, or specialty goods.
![Thumbnail](../../../../../../figures.boundless-cdn.com/16024/square/quarry.jpeg)
Classifying Business Products
Business products are goods or services that are sold to other businesses rather than to end-consumers.
![Thumbnail](../../../../../../figures.boundless-cdn.com/7139/square/ff-0ca1-4aec-8779-84d362d991fa.jpg)
Marketing Classes of Products
Products can be classified based on consumer versus industrial goods and goods versus services.
![Thumbnail](../../../../../../figures.boundless-cdn.com/2110/square/b8-8d11-4e57-8d68-120ae6fc4e02.jpg)
Using a Product Life Cycle Framework
Evidence suggests that every product goes through a lifecycle with different phases of sales and profits.