21 Questions
What type of products are convenience products?
Products purchased with minimum effort
Which category do attribute-based shopping products fall under?
Shopping products
What characterizes impulse products?
Products that the consumer does not plan to buy
What distinguishes price-based shopping products?
They enable customers to judge product attributes as the same
Which category of products do rice, soap, and toothpaste belong to?
Convenience products
What is the defining characteristic of specialty products?
Consumers are loyal to specific brands and stores
Which characteristic of services refers to the fact that they cannot be displayed, transported, stored, packaged, or inspected before buying?
Intangibility
In the context of services, what does the term 'Inseparability' refer to?
The inability to separate the service from the provider
Which type of services involve facilities rented to consumers for a specific period of time?
Rented goods services
What is the main characteristic that makes services difficult to standardize?
Variability
Which category of product involves repair and maintenance services provided by sellers to customer products?
Owned goods services
In the context of services, what do Non-good services primarily involve?
Personal service provided by sellers
What are specialty products?
Products available at limited retail locations with limited supply.
Which step comes after 'Business Analysis' in the New Product Development Process?
Product Development
What is the main characteristic of a new product that has gone through 'Concept Development and Testing'?
It is ready for Business Analysis.
What is the main emphasis of an augmented product?
Intangible benefits
Which type of product signifies the impact on the consumer rather than the seller?
Generic product
What is the distinguishing feature of durable goods among other types of products?
Long-term use
Which characteristic defines non-durable goods?
Easily worn out
What distinguishes generic products from other types of products?
Individual brand naming
What is the key focus of tangible (assets) products?
Physical development
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
Test your knowledge on categorizing convenience products based on consumer behavior and characteristics. Learn about staples that are low-priced and commonly purchased items in everyday life.
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