Podcast
Questions and Answers
Which of the following best describes a core product?
Which of the following best describes a core product?
Which category does NOT classify as a type of product?
Which category does NOT classify as a type of product?
What is the role of augmented products?
What is the role of augmented products?
Which of the following is considered an actual product?
Which of the following is considered an actual product?
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What distinguishes a service from a good?
What distinguishes a service from a good?
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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.
