Product, Services, and Brands - PDF
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Summary
This document details different types of products, including convenience products, shopping products, specialty products, and unsought products. It also analyzes the core product, actual product, and augmented product. The document discusses characteristics of each type of product, such as price, distribution, and promotion methods.
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# Chapter 8 Product, services and Brands * A product is anything that can be offered to a market for attention, use or consumption that might satisfy a want or a need. ## Three levels of Product: - Actual Product - Core Product - Augmented Product ## 4 Product Classifications ### 1. Convenience...
# Chapter 8 Product, services and Brands * A product is anything that can be offered to a market for attention, use or consumption that might satisfy a want or a need. ## Three levels of Product: - Actual Product - Core Product - Augmented Product ## 4 Product Classifications ### 1. Convenience Products - Frequent purchase, little shopping effort, low customer involvement, low price, widespread distribution, convenient locations, mass promotion. - Example: Groceries, toothpaste, Snacks ### 2. Shopping Products - Products that compare attributes like price, quality brand before making a purchase. - Less frequent, more shopping effort, higher price, selective distributions, advertising. - Example: Furniture, clothing ### 3. Speciality Products - Unique, high-end products customers seek out specifically often with strong brand loyalty. - Strong brand preference, special purchase effort, high price, exclusive distributions, carefully targeted promotion. - Example: Rolex watch, designer handbags, luxury cars ### 4. Unsought Products - Products that consumers may not even know about until a specific need rises. - Little product awareness and knowledge. - Price varies, distribution varies. - Aggressive advertising, personal selling. - Example: Insurance, funeral services ## 1. Core Product - The fundamental benefit or solution the product provides to satisfy customer needs. - It is what the customer is really buying. - Example: For a smartphone, the core product is communication and connectivity, maybe even entertainment. ## 2. Actual Product - The physical properties or characteristics the product takes on. - This includes material, packaging, brand, quality level. ## 3. Augmented Product - The extra / additional services and benefits that are not part of the actual product but may be offered to enhance customer experience. - Example: delivery, installation. For a smartphone, this might include warranty, customer support, delivery.
