There is a close relationship between a product, its family and classification, the unit and the price list. Classification and family are associated to products so you can later analyze them to see how they affect your bottom line. Unit and price list contribute to the calculations for pricing.
Product classifications can help businesses analyze and determine product demand, pricing and primary target markets. Classifications can be used to separate types of products. For example, you could classify your products as Hardware, Software and Services and then see which product classifications are best sellers in a specific market.
A product family is the collection of attributes that will be the same for all products related to that family. For example, Cyber Risk, Security, Endpoint Management, are all types of software. A family could be a group of similar items You could sell tiered products that are part of the same family but have different prices based on features, size, etc.
In TekStack, you can customize your product classifications and families when you set them up in the Configure area.
The unit is an essential part of the product. A unit can be a simple as a license, or a service. Or, it can be time-based, such as a subscription. In this case, you must determine the time interval, such as a month, and the quantity for that time interval, such as three. In this case, your time based unit is a three-month subscription!
Price Lists are closely associated with both products, currency and transactions (opportunities). You can add start and end dates and choose which list is the default for new opportunities. Setting dates allows you to schedule price changes that automatically update opportunities. This ensures that your sales team is always using the correct pricing.
Products
To set up products and their associated categories, see Set up a New Product and Add a Product to a Price List.
Classifications
Go to the Configure area, under the Sales section in the left navigation, click Product Classification.
Click the + sign. The New Product Classification form appears.
Name: This is the name of your classification and a mandatory field
Description: Enter a description if you want. This is optional.
Opportunity Display: This determines where the product is displayed in the Opportunity. You can choose Product or Service.
This means a product with this classification will appear under either the Products tab or the Services tab in an opportunity.
Families
Go to the Configure area, under the Sales section in the left navigation, click Product Families
Click the + sign. The New Product Family form appears.
Name: Enter the name of your product family and a mandatory field
Description: Enter a description if you want. This is optional.
Owner: This defaults to the user.
Units
Go to the Configure area, under the TekStack General section in the left navigation, click Units.
Click the + sign. The New Unit form appears.
Name: Enter the name of the unit. This might include a description, for example, a 3 Month Subscription.
Time based: This toggle defaults to Yes and, if toggled to No, changes the form. See below.
Quantity: Enter how many are in this unit. In our example, it would be 3.
Time interval: Select the time interval from the list. In our example, it would be Month.
All of these elements are essential to the unit unless it is not time based.
Price Lists
Go to the Configure area, under the Sales section in the left navigation, click Price Lists.
Click the + sign. The New Price List form appears.
Name: Enter the name of your new price list. Often the currency is included.
Start Date: Enter the start date of the new price list. It might be today’s date.
End Date: Enter the end date only if you know exactly when this list will expire and another will takes its place. It is not a required field. Note: This functionality is not active at the time of writing.
Currency: Enter the currency for the price list. This is an essential field.
Is Default?: If this list is one of several for a specific currency, toggle to Yes if it is the default price list.