Podcast
Questions and Answers
Which of the following best describes a core product?
Which of the following best describes a core product?
- The brand and marketing strategy surrounding the product
- The additional benefits provided with the product
- The satisfaction of needs fulfilled by the product (correct)
- The physical item that is purchased
Which category does NOT classify as a type of product?
Which category does NOT classify as a type of product?
- Impressions (correct)
- Experiences
- Information
- Services
What is the role of augmented products?
What is the role of augmented products?
- They are the costs associated with the production
- They are solely marketing gimmicks
- They add value and extra benefits to the core product (correct)
- They represent the product's basic function
Which of the following is considered an actual product?
Which of the following is considered an actual product?
What distinguishes a service from a good?
What distinguishes a service from a good?
Flashcards
Product
Product
A tangible or intangible item offered for sale to fulfill a need or want.
Generative Product
Generative Product
A product produced and consumed simultaneously. For example, a concert or a haircut.
Core Product
Core Product
The main function or benefit a product provides. For example, a car's core product is transportation.
Actual Product
Actual Product
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Augmented Product
Augmented Product
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Study Notes
Products
- Products are the most important consumer goods.
- A product is something offered or sold on a market because it satisfies a need.
- Many people think products are tangible items like groceries, clothes, cars, flowers, etc.
- In marketing, products also include services, experiences, ideas, and information.
- A good example of a product is a service like a haircut.
- Also, ideas and information can be sold as products.
Product Categories
- Goods
- Services
- Events
- Experiences
- People
- Places
- Property
- Organizations
- Information
Understanding Products
- Products can be complex.
- Sellers need a deep understanding of the product they are selling and how it makes money.
- A product can be understood in various ways.
- A product satisfies needs.
- Examples of needs are getting from one place to another, staying warm, removing insecurity.
- Products can include tangible products like clothes or a car.
- Products also include intangible products such as added value with a purchase, such as a warranty for example.
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Description
This quiz explores the concept of products, covering both tangible goods and intangible services. Learn about the different categories of products and how they satisfy consumer needs. Test your understanding of what constitutes a product in the market today.
