Podcast
Questions and Answers
What is the primary goal of the four elements of the marketing mix?
What is the primary goal of the four elements of the marketing mix?
- To create value by aligning the elements
- To focus on the target market
- To satisfy the customers' needs and wants (correct)
- To increase the product's price
What type of product can be observed with our senses?
What type of product can be observed with our senses?
- Intangible offering
- Good (correct)
- Service
- Abstract product
What is the key characteristic of services?
What is the key characteristic of services?
- They are tangible
- The act of delivery itself is the product (correct)
- They are abstract
- They are physical
What must be considered when making changes to a product's features or attributes?
What must be considered when making changes to a product's features or attributes?
What is the first element in the marketing mix?
What is the first element in the marketing mix?
What do customers frequently ask before buying a product?
What do customers frequently ask before buying a product?
What refers to tangible products that consumers can observe with their senses?
What refers to tangible products that consumers can observe with their senses?
What is the term for the unique benefits that a product offers to its customers?
What is the term for the unique benefits that a product offers to its customers?
What is the primary purpose of packaging for a product?
What is the primary purpose of packaging for a product?
What is one of the factors to consider when deciding on product packaging?
What is one of the factors to consider when deciding on product packaging?
What is the term for the display of information about a product on its container, packaging, or the product itself?
What is the term for the display of information about a product on its container, packaging, or the product itself?
What is the term for the visual elements of a product that facilitate customer use?
What is the term for the visual elements of a product that facilitate customer use?
What must be considered when deciding on the labelling of a product?
What must be considered when deciding on the labelling of a product?
What is one of the legal requirements for labelling food and beverage products?
What is one of the legal requirements for labelling food and beverage products?
What is the term for a product's silent salesman?
What is the term for a product's silent salesman?
What must be considered when deciding where to place a product in relation to other products?
What must be considered when deciding where to place a product in relation to other products?
Which attribute on package labels can enhance consumer trust?
Which attribute on package labels can enhance consumer trust?
What is the first step in the new product development process?
What is the first step in the new product development process?
Which certification indicates a product conforms to Muslim practices?
Which certification indicates a product conforms to Muslim practices?
What can marketers include on their package label to enhance marketability?
What can marketers include on their package label to enhance marketability?
What step comes right after Idea Screening in the new product development process?
What step comes right after Idea Screening in the new product development process?
Which of the following is NOT typically included in package labelling regulations?
Which of the following is NOT typically included in package labelling regulations?
Study Notes
Product in Marketing Mix
- The product is the first element of the marketing mix (4P's) and must be aligned with the target market to create value for customers.
- The product can be a tangible goods, intangible service, place, or even a person.
Goods and Services
- Goods refer to tangible products that can be observed with our senses, having physical manifestations and attributes.
- Services refer to intangible offerings that are abstract in nature and cannot be observed with our senses.
Key Questions for Product Development
- What need does the product satisfy?
- What value does it offer to its customers?
- What makes it unique?
- What is its Unique Selling Proposition (USP)?
Packaging and Labeling
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Packaging serves to contain, protect, and sometimes identify and promote the product.
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The purpose of packaging is to:
- Protect the product during transportation
- Make product storage and display more practical and effective
- Preserve the product for further customer use
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Factors to consider when deciding on product packaging:
- Quantity of the product to be contained
- Physical attributes of the packaging for customer use
- Legal requirements
- Appropriate shape of the package
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Labeling is a display of information about a product on its container, packaging, or the product itself.
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Labels are a product's "silent salesman" and must be designed to attract customer attention.
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Factors to consider when deciding on labeling:
- Establish the image or personality of the product based on target market tastes and preferences
- Determine the most important feature of the product to the target market
- Determine where the product will be sold and applicable regulatory requirements
- Determine the placement of the product in relation to other products, particularly competitors
New Product Development
- New product development is an effective way to get ahead of the competition and provide customers with products that meet their needs.
- The new product development process involves:
- 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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Description
Learn about the first element of the marketing mix, which is the Product. Understand how organizations align it with the target market to satisfy customers' needs and wants.
