Lecture 6: Product

Question 1

What is a product and what are the types of products?

Answer 1

A product is anything that can be offered to satisfy a need or want. tangible: like cereal, intangible like car wash

Question 1

What is a service?

Answer 1

an intagible aciutivty/ benfit that doesn’t result in ownership like haircut or car wash

Question 2

What is market offering? Also give an example and how three factors are demonstrated.

Answer 2

usually a combinaiton of goods and services with three being product, service and experience.
Example: Cherios
Product: Breakfast Cereal
Service: recipe ideas and fami;y content on website
Experince: emotional connection via ad campaign like dad raising his daughter and staying connected from cherrios.

Question 3

What are three levels of a product and give example for each?

Answer 3

1. Core Product: What is customer really buying like Cheerios – hunger satisfaction
2. Actual Product: brand, features, design like cheerios – yellow box and round shape
3. Augemented Product: additional services/beenifts like cheerios —- recipes, contests and community

Question 4

What is the purpose of augemented products?

Answer 4

• helps brand stand out in crowded markets
• helps build emotional connections with consumers
• builds lyalty with consumers

Question 5

WHat are four types of consumer products?

Answer 5

1. Conveneicne: bought frequently reuqires little attention like toothpaste and gum
2. Shopping: compared carefully thought price, quality, style (appliances, clothes)
3. Specialty: unique with strong brand loyalty (Rolex and Lamborghini)
4. Unsought: products not avilrty sought out (life insurance, blood donation)

Question 6

What are product lines and some of it’s characteristics?

Answer 6

product lines are gorup of related products sold by same brand like apple iphones: SE, pro max, mini and some characteristics are:
- marketed the same way
- fall in simalr price range
- sold to same customer groups

Question 7

How to grow a product line?

Answer 7

Line stetching: adding new products to lenghtne product line like crayola crayons 8 pack to 32 to 64 pack
Line filling adding new version same product like glitter crayons or glow in the dark crayons

Question 8

What is product portfolio/ product mix and how is it measured?

Answer 8

porduct poirtfokio is number of product lines a company sells and is measured by:
- length: number of products within product line like touatio sedan has: corrlla, camry
- width: number of product lines like toyoto has sedan, SUV, trucys\
- Depth: variations of a product like totuto sedan has SE, hybrid, sport variations for sedans

Question 9

What are some complications with product lines?

Answer 9

• Ambuigiuty in dividng products
• not clear when to draw lines
  -overlap in product lines

Question 10

Give an example where the product can be boyond tangible and intangible.

Answer 10

• Book by Tom Braniak (what)
• On Hazel Mcmillion (sho)
• Where (city of missuaga)