Chapter 6 Creating and Managing Products Flashcards Preview

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Flashcards in Chapter 6 Creating and Managing Products Deck (16):
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Consumer products

Durable

Non-durable

Durable : products that provide a benefit over a long period - fridge, cars, furniture, appliances

Non-durable: products that provide a benefit over a short time - toothpaste, food, newspapers

1

Convenience products

Products that are frequently purchased with little effort
Eg staples - milk
Impulse products- chocolate
Emergency products - band aids

2

Shopping products

Products that are selected with considerable time and effort

Attribute based: shoes and laptop
Price based: water heater

Limited problem solving

3

Specialty products

Products that have unique characteristics to the buyer

Favourite restaurant, Rolex watch , Apple Mac laptop

4

Unsought products

Products that consumers have little interest in until need arises

Insurance , superannuation plans

5

Business to business products

Equipment : capital equipment (buildings)
Accessory equipment (computer terminals)

6

Business to business products

Maintenance repair and operating products

Maintenance products: light bulbs, mops

Repair products: nuts, bolts
Operating products: paper, oil

7

Business to business products

Raw materials : iron, ore

8

Business to business products

Processed materials: sheets of steel

9

Business to business products

Specialised services: legal services

10

Business to business products

Component parts: car water pump

11

Good

A tangible product that we can see , touch, smell, hear, taste

12

Core product

Consists of all the benefits the product will provide for consumers

Eg the core product of a car is transportation , image enhancement etc

13

The actual product

The physical good or the delivered service that supplies the desired benefit(core product)

Actual product of a car is the engine size, colour, body size, body style , model name, workmanship, interior design

14

The augmented product

The supporting features such as warranties, credit purchase facilities, delivery , installation, product use instruction

15

Product life cycle

A concept that explains how products go through four distinct stages of introduction, growth, maturity, decline