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Questions and Answers
Intangible products are the only form of products offered to consumers.
False
Experiences are the total benefit, satisfaction, and value associated with consuming a product or service.
True
The core benefit is the underlying need or want that the consumer meets when they purchase the goods.
True
Convenience products should require the most amount of work on the buyer's part to pick and acquire.
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Unsought products are customer products that the customer always intends or aspires to purchase.
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Growth is the declining demand that decreased manufacturing and availability of the product.
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In the decline stage, other companies may offer additional product features or lower pricing, which may be triggered by new technologies.
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Study Notes
Product and Service
- A product is anything a company supplies to provide client happiness, which can be either material or intangible.
- A service is a form of intangible product offered to consumers.
Types of Products
- Convenience products: low-cost items that require minimal effort from the buyer to purchase and acquire.
- Unsought products: products that customers do not intend to purchase or aspire to own.
Product Concept
- Generic product: a basic version of the product with only the necessary functionality.
- Width: the number of product lines supplied by a corporation.
Product Life Cycle
- Growth stage: increasing demand leads to increased manufacturing and availability of the product.
- Decline stage: triggered by new technologies, other companies offer additional product features or lower pricing, threatening market position.
Branding and Marketing
- Branding becomes increasingly important to maintain market position.
- Marketing approach: widespread distribution is crucial for convenience products.
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Description
Explore the concepts of products, services, and consumer experiences in the market. Learn about the core benefits, generic products, and the difference between a product and a service.
