Lesson 4 Flashcards
(29 cards)
are the essential things to fulfill the states of deprivation for
our survival.
Needs
is a desire for offerings or benefits that are not necessary.
Wants
If a customer is willing and able to buy a need or a want, it means that
they have a _____for that need or want.
Demands
is a state of felt deprivation
about something that is deemed
to be necessary.
Needs
are the specific manifestation
of needs.
Wants
are wants that are backed
by purchasing power.
Demands
is a bundle of attributes (features,
functions, benefits, and uses) that a person
receives in an exchange.
A product
Type of consumer products
Convenience
Shopping
Specialty
Unsought products
products that consumers
purchase repeatedly and without much thought.
Convenience products
Example of convenience products
Ex. toilet paper, soap, toothpaste, shampoo, milk, etc.
are commodities
consumers typically
spend more time
researching and
comparing
before
purchase.
Shopping Products
is the only product of its kind on the
market, which means consumers typically don’t feel the
need to compare and deliberate as much as they
would with shopping products.
Specialty Products
are
goods
that
people aren’t typically
excited to buy.
Unsought Products
is the core of the
marketing mix.
Product
defines what will be
priced, promoted, and
distributed.
Price
5 qualities that make a good
product “Great”
- Exceptional value
- Exceptional value
proposition - Superior customer
service - Intuitive and user-friendly
- Continually evolving
Every successful product in the market, whether it’s digital
products like Apple’s iPhone or a simple grocery service,
starts with a single mission — to solve a user’s problem.
But in the crowd of multiple solutions, your product or
service needs to stand out. Offering a unique solution
that significantly improves a user’s life is what distinguishes
a great product from a good one.
Exceptional Value
is the key
reason why a customer would choose your
product over others. It’s all about the significant
value that your product brings into the
customers’ lives, something they wouldn’t get
elsewhere.
Exceptional Value Proposition
Great
products are backed by exceptional
__________, which ensures that the
user needs and queries are addressed
promptly and efficiently.
Superior Customer Service
No matter how sophisticated the information technology behind a
product is, if it isn’t easy to use, it won’t have mass appeal. Great
products are intuitive and make the user’s life simpler, not more
complex.
Intuitive and user friendly
The needs and preferences of users change with time. A great
product never stops evolving to meet these changing demands and
trends. It continually adapts, improves, and innovates to offer more
product value.
Continually Evolving
analysis is a great way to consider
how you compare to the
competitors in your market. It is
one of the primary methods you can
use to prompt the major issues
which face your business now and into
the future. It is one of the key
components of any marketing plan.
SWOT ANALYSIS
What does the company/product do better
than (or at least
equivalent to) the competition.
STRENGTHS
Strengths could be
Specific product attribute
Advantage Brand perceived value
Customer service of company
