Mktg 301 Ch7 Outline - I What is a Product a Products...

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I. What is a Product? a. Products, Services, and Experiences i. Product: 1. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need ii. Service: 1. An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything b. Levels of Products and Services i. Core customer value: 1. Most basic level 2. What is the buyer really buying? ii. Actual product: 1. Second level 2. Develop product/services features, design, quality level, brand name and packaging iii. Augmented product: 1. Third level 2. Delivery and credit, product support, after-sale service, warranty c. Product and Service Classifications i. Consumer Products: a. A product bought by final consumers for personal consumption 2. Convenience product: a. A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort b. Ex.: toothpaste, laundry detergent 3. Shopping product: a. A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style b. Ex.: large appliances, TV’s 4. Specialty product: a. A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort b. Ex.: luxury goods, Rolex watches, fine crystal 5. Unsought product:
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a. A consumer product that the consumer either does not know about or knows about but does not normally consider buying b. Ex.: life insurance, red cross blood donations ii. Industrial products: a. A product bought by individuals and organizations for further processing or for use in conducting a business 2. Materials and parts a. Raw materials and manufactured materials and parts 3. Capitol items a. Installations (buildings, fixed equipment like generators and elevators) b. Accessory equipment (portable equipment and office equipment like computers and desks) 4. Supplies and services a. Supplies: i. Operating supplies (coal, paper, pencils) ii.
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