10-16-07 - equipment, computer systems) 2. Component...

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Chapter 11 Product Concepts Test 3 What is a product? =everything, both tangible and intangible, that a buyer receives in an exchange -good -service -idea Classifying Products A. Consumer B. Organizational(Business Products)-resell for profit, use within the organization Categories of consumer products 1. Convenience-purchased frequently, relatively inexpensive, require minimal effort from the consumer(routines response behavior) 2. Shopping Products-purchased infrequently, relatively expensive, require considerable effort from the consumer. 3. Specialty products-one or more unique characteristics, consumers will go to great lengths to get these, Consumer will not except a substitute(souvenirs, Cuban cigars, limited editions, sports memorabilia, artwork) 4. Unsought-consumers do not actively seek these products, convinced of their need for this product(door to door sales man) Organizational Products 1. Major Equipment-large tools and machines used for production purposes(construction
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Unformatted text preview: equipment, computer systems) 2. Component Parts-finished products that become a part of the final physical product that is sold for profit.(cars, computers) 3. Consumable supplies-items that facilitate an organizations production but do not become part of the final product.(Per unit are cheap)(Office supplies) Classifying Products via organizational strategy A. Product Mix(All products offered by a firm) B. Product Line(Group of closely related product items that have similar end use) C. Product Item(A specific brand of a product line) Product life cycles and Marketing Strategies Introduction-profits are negative Growth-significant increase in profits, organizations want to extend this cycle as long as possible Maturity-weaker competition falls out, Decline-not selling much of product, need to decide when product will be cancelled....
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This note was uploaded on 04/19/2008 for the course MKT 200 taught by Professor Martin during the Fall '07 term at Western Kentucky University.

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