Marketing Mix: Product

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Questions and Answers

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?

Intangible offering

Good (correct)

Service

Abstract product

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?

One or all of the other elements of the marketing mix Signup and view all the answers

What is the first element in the marketing mix?

Product Signup and view all the answers

What do customers frequently ask before buying a product?

What need does it satisfy? Signup and view all the answers

What refers to tangible products that consumers can observe with their senses?

Good Signup and view all the answers

What is the term for the unique benefits that a product offers to its customers?

Unique Selling Proposition (USP) Signup and view all the answers

What is the primary purpose of packaging for a product?

To contain and protect the product during transportation and storage Signup and view all the answers

What is one of the factors to consider when deciding on product packaging?

The quantity of the product to be contained Signup and view all the answers

What is the term for the display of information about a product on its container, packaging, or the product itself?

Labelling Signup and view all the answers

What is the term for the visual elements of a product that facilitate customer use?

Physical attributes Signup and view all the answers

What must be considered when deciding on the labelling of a product?

The target market's tastes and preferences Signup and view all the answers

What is one of the legal requirements for labelling food and beverage products?

All of the above Signup and view all the answers

What is the term for a product's silent salesman?

Label Signup and view all the answers

What must be considered when deciding where to place a product in relation to other products?

The competition from other brands and products Signup and view all the answers

Which attribute on package labels can enhance consumer trust?

Sangkap Pinoy seal Signup and view all the answers

What is the first step in the new product development process?

Idea Generation Signup and view all the answers

Which certification indicates a product conforms to Muslim practices?

Halal seal Signup and view all the answers

What can marketers include on their package label to enhance marketability?

Organizational endorsement Signup and view all the answers

What step comes right after Idea Screening in the new product development process?

Concept Development and Testing Signup and view all the answers

Which of the following is NOT typically included in package labelling regulations?

Packaging material type Signup and view all the answers

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

Packaging serves to contain, protect, and sometimes identify and promote the product.
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
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
Labeling is a display of information about a product on its container, packaging, or the product itself.
Labels are a product's "silent salesman" and must be designed to attract customer attention.
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.