Podcast
Questions and Answers
What is the purpose of adding features to a basic product?
What is the purpose of adding features to a basic product?
What is a brand?
What is a brand?
Why do customers want a good value when they purchase a product or service?
Why do customers want a good value when they purchase a product or service?
What is the purpose of a maintenance contract?
What is the purpose of a maintenance contract?
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What is the purpose of packaging?
What is the purpose of packaging?
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What types of products are often impulse goods?
What types of products are often impulse goods?
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What is the main reason businesses add features to a basic product?
What is the main reason businesses add features to a basic product?
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What does a brand typically consist of?
What does a brand typically consist of?
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What is the primary goal of customers when purchasing a product or service?
What is the primary goal of customers when purchasing a product or service?
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What type of products are often associated with emergency goods?
What type of products are often associated with emergency goods?
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What is the primary purpose of packaging?
What is the primary purpose of packaging?
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Study Notes
Product Features
- Businesses can add features to a basic product to differentiate it from competitors' products and services
- Features improve the basic product, and businesses decide which ones to offer to customers
Associated Services
- Examples of associated services include maintenance contracts for major appliances like washers and refrigerators
- These services often cover repair work and provide additional value to customers
Brand/Image
- A brand is a unique name, symbol, or design that identifies a product or service
- Brand name is often a key factor in customers' purchasing decisions
Guarantee/Warranty
- A guarantee or warranty ensures customers receive a good value for their purchase
- If the product or service does not meet standards, customers can get a refund
Packaging
- Packaging provides protection and security for products during transportation and storage
- It also provides information about the product
- Examples of impulse goods that often have attention-grabbing packaging include candy, toys, and low-cost items
- Other examples of products that may require special packaging include emergency goods, towing services, umbrellas, and ambulances
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Description
Learn about how businesses add features to basic products to differentiate them from competitors. Understand how features are added to improve products and services.
