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?
- To make the product different from competitors' products and services (correct)
- To make the product more fragile
- To make the product more expensive
- To make the product more difficult to use
What is a brand?
What is a brand?
- A unique name, symbol, or design that identifies a competitor's product
- A type of packaging for low-cost items
- A maintenance contract for major appliances
- A unique name, symbol, or design that identifies a product or service (correct)
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?
- Because they want to compare with competitors' products
- Because they want to impress their friends
- Because they want to receive a good quality product or service (correct)
- Because they want to get their money back
What is the purpose of a maintenance contract?
What is the purpose of a maintenance contract?
What is the purpose of packaging?
What is the purpose of packaging?
What types of products are often impulse goods?
What types of products are often impulse goods?
What is the main reason businesses add features to a basic product?
What is the main reason businesses add features to a basic product?
What does a brand typically consist of?
What does a brand typically consist of?
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?
What type of products are often associated with emergency goods?
What type of products are often associated with emergency goods?
What is the primary purpose of packaging?
What is the primary purpose of packaging?
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.
