Podcast
Questions and Answers
What type of products are convenience products?
What type of products are convenience products?
- Products acquired through further knowledge and information
- Products purchased with minimum effort (correct)
- Low priced items that are used every day
- Items that the consumer does not plan to buy
Which category do attribute-based shopping products fall under?
Which category do attribute-based shopping products fall under?
- Shopping products (correct)
- Impulse products
- Convenience products
- Specialty products
What characterizes impulse products?
What characterizes impulse products?
- Products with particular brands and stores
- Items used every day
- Products that the consumer does not plan to buy (correct)
- Products with high prices
What distinguishes price-based shopping products?
What distinguishes price-based shopping products?
Which category of products do rice, soap, and toothpaste belong to?
Which category of products do rice, soap, and toothpaste belong to?
What is the defining characteristic of specialty products?
What is the defining characteristic of specialty products?
Which characteristic of services refers to the fact that they cannot be displayed, transported, stored, packaged, or inspected before buying?
Which characteristic of services refers to the fact that they cannot be displayed, transported, stored, packaged, or inspected before buying?
In the context of services, what does the term 'Inseparability' refer to?
In the context of services, what does the term 'Inseparability' refer to?
Which type of services involve facilities rented to consumers for a specific period of time?
Which type of services involve facilities rented to consumers for a specific period of time?
What is the main characteristic that makes services difficult to standardize?
What is the main characteristic that makes services difficult to standardize?
Which category of product involves repair and maintenance services provided by sellers to customer products?
Which category of product involves repair and maintenance services provided by sellers to customer products?
In the context of services, what do Non-good services primarily involve?
In the context of services, what do Non-good services primarily involve?
What are specialty products?
What are specialty products?
Which step comes after 'Business Analysis' in the New Product Development Process?
Which step comes after 'Business Analysis' in the New Product Development Process?
What is the main characteristic of a new product that has gone through 'Concept Development and Testing'?
What is the main characteristic of a new product that has gone through 'Concept Development and Testing'?
What is the main emphasis of an augmented product?
What is the main emphasis of an augmented product?
Which type of product signifies the impact on the consumer rather than the seller?
Which type of product signifies the impact on the consumer rather than the seller?
What is the distinguishing feature of durable goods among other types of products?
What is the distinguishing feature of durable goods among other types of products?
Which characteristic defines non-durable goods?
Which characteristic defines non-durable goods?
What distinguishes generic products from other types of products?
What distinguishes generic products from other types of products?
What is the key focus of tangible (assets) products?
What is the key focus of tangible (assets) products?
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Study Notes
Product and Sustainability
- A product can be tangible (physical object) or intangible (service) offered to satisfy a customer's need or want.
Levels of Products
- Tangible product: a physical object that can be perceived by touch.
- Augmented product: includes the image and service features, emphasizing intangible benefits.
- Generic product: emphasizes the impact on the consumer, signifying the purpose of its existence.
Types of Products
- Goods: physical products sold to the consumer or final user.
- Durable goods: long-lasting, expensive, and high-quality (e.g., steel, stainless, appliances).
- Non-durable goods: quickly consumed, inexpensive, and easily damaged (e.g., plastic, cartons, paper).
- Services: intangible products measured by future preferences (e.g., salon and spa, education).
- Characteristics:
- Intangibility: cannot be displayed, transported, stored, packaged, or inspected before buying.
- Inseparability: service provider and service cannot be separated.
- Variability: difficult to standardize due to varying performance.
- Characteristics:
Rented Goods and Non-Good Services
- Rented goods: consumer rents facility or product from the seller for a period (e.g., car rental, office space).
- Owned goods services: repair and maintenance services for customer products (e.g., laundry, car wash).
- Non-good services: personal service expertise (e.g., tutoring, accounting, legal consulting, receptionist, guest relations).
Main Categories of a Product
- Consumer products: goods and services for personal, family, or household use.
- Convenience products: routine purchases with minimal effort (e.g., staples, impulse products).
- Shopping products: require consumer effort to gather information (e.g., attribute-based, price-based, specialty products).
New Product Development Process
- Step 1: Idea Generation
- Step 2: Idea Screening
- Step 3: Concept Development and Testing
- Step 4: Business Analysis
- Step 5: Product Development
- Step 6: Marketing Testing
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