Chapter 7 Flashcards
(21 cards)
definition (Product)
A physical good or service which is obtained by the consumer and which has the aim of satisfying the needs of the consumer
Four distinct layers to a product
-The core product
-The tangible (actual) product,
-The augmented product
-The potential product
Core product
-The core benefit that a customer expects when purchasing a product or service
Tangible product
-The physical product or service offered to the consumers
-It is the manner in which the core product is converted into something ‘real’ for the customer,.
Augmented product
-A product that has both the primary physical attributes and the non-physical attributes that add to the product’s value
Potential product
-It includes all potentially viable components to be added to the product in terms of development and adjustments
-The potential product reflects high levels of added value and is so different that it is better protected against competitors and substitutes.
Product image:
-It encompasses all the product layers and relates to how the product is perceived by consumers.
Classifying products
By classifying products, marketers take decisions that are more closely attuned to specific customer needs and wants or even changing the preconceived ideas that customers have
Tangible physical characteristics:
Consumer products can be classified as durable or non-durable, depending on how long the product will normally last
Durable products
-They are the most tangible product offerings
-They are products that are used over a long period of time
Non-durable products
They are used over a short period of time, or after one or a few uses.
Services
They are intangible and thus do not have a tangible nature
Consumer products
They are products bought by individual consumers for their personal or family use.
Three categories of the consumer products
C-S-S
Convenience products
Shopping products
Specialty products
Convenience products
-Items that consumers purchase on a regular basis
-They are inexpensive and do not require much thought and effort for the buying process
Classification of convenience products
S-I-E
-Staple products
-Impulse products
-Emergency products
Staple products
Bought on a regular basis
Impulse products
bought without much preplanning and effort.
Emergency products
Purchased when there is an urgent need for a product that will help in the current, possibly desperate, situation
Shopping products:
Products the customer is prepared to go through more effort to purchase and will compare prices and brands before making a final decision.
Specialty products
-Products that consumers want for their personal satisfaction.
-They have unique characteristics so the consumer is willing to go the extra mile to obtain the product.
