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Questions and Answers
A product can be defined as anything that can be offered to a market to satisfy a need or want, including physical goods, services, individuals, places, or even an ______.
A product can be defined as anything that can be offered to a market to satisfy a need or want, including physical goods, services, individuals, places, or even an ______.
idea
The level of product that asks 'why should the buyer buy it,' focuses on the fundamental problem-solving nature of the offering is known as the ______ benefit.
The level of product that asks 'why should the buyer buy it,' focuses on the fundamental problem-solving nature of the offering is known as the ______ benefit.
core
A car with four wheels and an engine, similar to others in the market, represents the ______ product level.
A car with four wheels and an engine, similar to others in the market, represents the ______ product level.
generic
Features like GPS, heated seats, or a sunroof in a car represent the ______ feature level, which differentiates the product from competitors.
Features like GPS, heated seats, or a sunroof in a car represent the ______ feature level, which differentiates the product from competitors.
Products that do not need to be purchased frequently because they are made to last for a long time are called ______ goods.
Products that do not need to be purchased frequently because they are made to last for a long time are called ______ goods.
Goods that are immediately consumed in one use or have a lifespan of less than 3 years are categorized as ______ goods.
Goods that are immediately consumed in one use or have a lifespan of less than 3 years are categorized as ______ goods.
Basic materials that become part of the final product are known as ______ materials.
Basic materials that become part of the final product are known as ______ materials.
Products purchased frequently with minimal planning or effort are known as ______ products.
Products purchased frequently with minimal planning or effort are known as ______ products.
A company engages in line ______ when it lengthens its product line beyond its current range, often to reach new customer segments or price points.
A company engages in line ______ when it lengthens its product line beyond its current range, often to reach new customer segments or price points.
Product ______ refers to how many different product lines the company has, indicating the breadth of its offerings.
Product ______ refers to how many different product lines the company has, indicating the breadth of its offerings.
Line ______ involves adding more items within the present price range to strengthen the product line and capture additional market share.
Line ______ involves adding more items within the present price range to strengthen the product line and capture additional market share.
Product ______ demonstrates how many variants are offered for each product in the line, showing the depth of options available to consumers.
Product ______ demonstrates how many variants are offered for each product in the line, showing the depth of options available to consumers.
Line ______ is when a company upgrades its product offerings with new technology to meet evolving customer demands and maintain competitiveness.
Line ______ is when a company upgrades its product offerings with new technology to meet evolving customer demands and maintain competitiveness.
Products that consumers have little awareness or knowledge of, often requiring aggressive advertising, are known as ______ products.
Products that consumers have little awareness or knowledge of, often requiring aggressive advertising, are known as ______ products.
Products that are purchased at convenient locations, require the least effort and time, and appeal to a very large market segment are known as ______ products.
Products that are purchased at convenient locations, require the least effort and time, and appeal to a very large market segment are known as ______ products.
A customer's evaluation of ______ is determined by the benefits expected from a product minus the costs incurred.
A customer's evaluation of ______ is determined by the benefits expected from a product minus the costs incurred.
Attributes that signal quality can be divided into two types of cues: those related to the physical composition of the product, known as intrinsic cues such as flavor, and other product-related attributes which are not part of the physical product itself called ______ cues.
Attributes that signal quality can be divided into two types of cues: those related to the physical composition of the product, known as intrinsic cues such as flavor, and other product-related attributes which are not part of the physical product itself called ______ cues.
Products with unique characteristics or brand identification for which consumers are willing to seek out and for which alternatives are not considered satisfactory are known as ______ products.
Products with unique characteristics or brand identification for which consumers are willing to seek out and for which alternatives are not considered satisfactory are known as ______ products.
Detailed considerations of price, quality, suitability, and value are most applicable in the purchase of a ______ product.
Detailed considerations of price, quality, suitability, and value are most applicable in the purchase of a ______ product.
Attributes such as tangibility, associated attributes, intangible attributes, exchange value and customer ______ are all features of a product.
Attributes such as tangibility, associated attributes, intangible attributes, exchange value and customer ______ are all features of a product.
Unlike shopping or specialty goods purchases of ______ goods are characterized as involving the least effort and consumed regularly.
Unlike shopping or specialty goods purchases of ______ goods are characterized as involving the least effort and consumed regularly.
Flashcards
What is a Product?
What is a Product?
Anything offered to satisfy a need or want, including physical goods, services, people, places, or ideas.
Consumer Orientation
Consumer Orientation
Meeting consumer needs in product offerings.
Core Benefit
Core Benefit
The fundamental benefit a product provides.
Generic/Basic Product
Generic/Basic Product
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Expected Product
Expected Product
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Augmented Features
Augmented Features
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Potential Product
Potential Product
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Durable Goods
Durable Goods
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Product Mix
Product Mix
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Product Line
Product Line
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Product Width
Product Width
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Product Length
Product Length
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Line Stretching
Line Stretching
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Convenience Product
Convenience Product
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Shopping Product
Shopping Product
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Specialty Product
Specialty Product
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Unsought Product
Unsought Product
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Tangibility
Tangibility
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Associated Attributes
Associated Attributes
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Intangible Attributes
Intangible Attributes
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Exchange Value
Exchange Value
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Study Notes
- A product is anything offered to a market that satisfies a need or want, including physical goods, services, people, organizations, places, or ideas.
- Products are the means to satisfy customer needs or wants.
Consumer Orientation
- Offering products in response to consumer needs and wants.
Tangible/Intangible Offering
- Satisfying the needs or aspirations of a consumer.
- A product has different meanings to different people.
Levels of Product
- Core Benefits: The fundamental need or want that consumers satisfy when they buy a product, answering "Why should the buyer buy it?"
- Generic/Basic Product: Represents all the qualities of a product.
- Expected Product: The attributes consumers expect: a certain level of safety, reliability, and comfort.
- Augmented Features: Additional factors setting a product apart from its competition, such as GPS, heated seats, or a sunroof in a car.
- Potential Product: Augmentations and transformations a product may undergo in the future, like cars with advanced features.
Types of Products
- Durable Goods: Consumer products that do not need frequent purchasing as they are made to last long and require personal selling efforts/after-sales service.
- Non-Durable Goods: Goods consumed in one use or have a lifespan of less than 3 years, needing extensive distribution channels/heavy advertising.
Product Classifications
- Industrial Product: Purchased by an individual or a group on behalf of an organization for production of other products.
- Consumer Product: Purchased for use by households and ultimate users.
Types of Industrial Product
- Raw Materials: Basic materials becoming part of the product, including Natural, Farm, and Manufactured.
- Capital Items: Goods used in the production of finished goods, like office accessories and operating materials.
- Supplies: Facilitate production but do not become part of the finished product.
- Industrial Services: Maintenance and repair services and business advisory services.
Types of Consumer Product
- Convenience Product: Purchased frequently with little planning, widely available, and low-priced.
- Shopping Product: Buying decisions involve detailed considerations of price, quality, suitability, and value.
- Specialty Product: Unique characteristics or brand identification consumers seek out.
- Unsought Product: Products with little or no proactive customer demand.
Characteristics of Convenience Product
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Staples (FMCG): fast moving consumer goods.
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Impulse Goods: unplanned purchases.
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Emergency Goods: Purchase due to sudden need.
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Purchased at convenient locations with minimal effort.
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Appeal to a very large market segment.
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Regularly consumed and purchased frequently.
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Regular and continuous demand because they are essential.
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Low price per item because of high purchase volume.
Characteristics of Shopping Product
- Durable in nature.
- Less frequent purchases.
- More shopping effort for comparisons.
- Higher price than convenience goods.
- Selective distribution with deeper sales support.
Characteristics of Specialty Product
- High price.
- Exclusive distribution.
- Unique characteristics.
- Carefully targeted promotions.
Characteristics of Unsought Product
- Consumers have little product awareness or knowledge, needing aggressive advertising/personal selling.
- Major new innovations are unsought until consumers become aware of them.
Features of Product
- Tangibility
- Associated Attributes
- Intangible Attributes
- Exchange Value
- Customer Satisfaction
Customer Satisfaction
- Evaluated as benefits expected minus costs incurred.
Attributes that signal quality
- Intrinsic Cues: Physical composition such as flavor, color, and sweetness.
- Extrinsic Cues: Related but not part of the physical product such as brand name, price, warranty, product form and level of advertising.
- Packaging: Intrinsic if part of the physical composition, extrinsic if outside the product.
Product Mix
All products/items a seller offers for sale/ consists of product lines.
- Width: How many different product lines a company has.
- Length: Total number of products in the product mix.
- Depth: How many variants are offered for each product in the line.
- Consistency: How closely related various product lines are in end use/distribution channels.
Product Line
- Group of products closely related by function, targeted at the same customer/distributed through the same channel.
Product Line Attributes
- Line Stretching: Lengthening product line beyond its current range.
- Line Filling: Adding items within present price range to strengthen the product line.
- Line Modernization: Upgrading products with technology.
- Line Featuring: Featuring a one or two products to attract customers and expose all models.
Marketing
- Promoting products and services through segmentation
- STP: Segmentation, Targeting, Positioning
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Description
Explore product definitions, levels, and classifications. Learn about core benefits and how features differentiate products. Understand the difference between durable, non-durable goods and materials.
