Finals-C5 Flashcards
PRODUCT STRATEGY (120 cards)
_______________ is one of the significant elements of
marketing mix (4P’s).
Product
A _________________consists of both goods and services.
product
_____________is a package of benefits both
physical and psychological that a marketer
wants to present, or pack of expectations that
consumers desire to realize.
Product
What are the 3 levels of a product (Illustrate)
Core Customer Value
Actual Product
Augmented Product
- the fundamental benefit or value that a customer seeks when purchasing a product.
It answers the question: What is the customer really buying?
Core Customer Value
- the tangible or physical product that delivers the core benefit. This includes the product’s features, design, brand, quality, and packaging.
Actual Product
- Additional services and benefits that enhance the value of the actual product and differentiate it from competitors. These are not essential but improve customer satisfaction and loyalty.
Augmented Product
TYPESOFPRODUCTS (2)
CONSUMER PRODUCTS
INDUSTRIAL PRODUCTS
CONSUMER PRODUCTS (7)
Convenience Products
Shopping Products
Durable Products
Non-durable Products
Specialty Products
Unsought Products
Services
INDUSTRIAL PRODUCTS (4)
Material Parts
Manufactured Materials & Parts
Capital Items
Supplies & Business Services
items which are used by ultimate consumers or households, and they can be used without further commercial and engineering processes.
CONSUMER PRODUCTS
Items that do not need much effort of planning from customers.
CONVENIENCEPRODUCTS
They are used in a day-to-day life and are frequently required and can be easily purchased.
CONVENIENCEPRODUCTS
These products require special time and _________ efforts.
SHOPPING PRODUCTS
They are purchased purposefully from special shops or markets. Quality, price, brand, style, and others are essential standards to be considered.
SHOPPING PRODUCTS
Can be used for an extended time and can be repetitively made used of by one or more persons. Televisions, computer, refrigerator, and vehicles are few examples of ____________________.
Durable Products
The ______________have short span of life. They should be used within small time once they are
manufactured.
non-durable products
Unique or high-end products for which consumers are willing to make a special effort to purchase.
SPECIALTYPRODUCTS
These are items customers are not aware of or do not often think about. New products that have no brand recognition fall under this classification.
UNSOUGHTPRODUCTS
Refers to intangible offerings provided by businesses to fulfill customer needs and wants. Unlike physical products, __________ cannot be touched, stored, or owned, but they still deliver value. Services are often part of a company’s core offering or complement its tangible goods.
SERVICES
used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.
INDUSTRIALPRODUCTS
Natural resources or unprocessed materials that are used in manufacturing or production processes. It falls into two major groups which include farm products (wheat, cotton, livestock, fruits, vegetables)
and natural products (fish, lumber, crude petroleum, iron ore).
RAW MATERIALS
Products that become part of the finished product during the
manufacturing process.
Example are engine parts, screws, circuit boards, and glass for windows.
COMPONENTS & PARTS
Durable goods used in the production process but not part of the final product.
Examples are machinery, tools, buildings, and vehicles.
CAPITAL GOODS
