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What distinguishes a core product from an actual product?
What distinguishes a core product from an actual product?
A core product refers to the fundamental benefit or solution it provides, while an actual product encompasses the physical attributes, packaging, and brand.
Describe what characterizes specialty products and provide an example.
Describe what characterizes specialty products and provide an example.
Specialty products are unique, high-end items that customers specifically seek, displaying strong brand loyalty. An example is a Rolex watch.
What are unsought products and how do they differ from convenience products?
What are unsought products and how do they differ from convenience products?
Unsought products are those that consumers may not be aware of until a specific need arises, while convenience products are purchased frequently with little effort.
Explain the role of augmented products in enhancing customer experience.
Explain the role of augmented products in enhancing customer experience.
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What is the significance of product classifications in marketing?
What is the significance of product classifications in marketing?
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Study Notes
Product Levels
- A product is anything offered to a market for attention, use, or consumption to satisfy a want or need.
- There are three product levels:
- Core product: The fundamental benefit or solution the product provides to satisfy customer needs (e.g., communication for a smartphone).
- Actual product: Physical characteristics (materials, packaging, brand, quality level) of a product (e.g., materials, design, and brand of a smartphone).
- Augmented product: Additional services and benefits beyond the core and actual product that enhance the customer experience (e.g., warranty, delivery, support for a smartphone).
Product Classifications
- Convenience products: Frequently purchased, little shopping effort, low customer involvement, low price (e.g., groceries).
- Shopping products: Compared on attributes like price and quality, more shopping effort, higher price, selective distribution (e.g., furniture).
- Specialty products: Unique, high-end products, strong brand loyalty, high price, exclusive distribution (e.g., luxury cars).
- Unsought products: Consumers don't know about until a need arises, little product awareness (e.g., insurance).
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Description
Test your understanding of product levels and classifications in marketing. This quiz covers core, actual, and augmented products, as well as the different types of products based on purchasing behavior. Perfect for students and marketing enthusiasts alike!
