Marketing; Product Concept

Marketing; Product Concept - Marketing 1E Product Concept...

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Marketing ; 1E Product Concept What is a product? o A sum-total of tangible and intangible attributes that satisfies consumers’ needs o Tangible Goods; ideas – service - place Product Classification: o Agricultural Products and Raw Materials o Organizational Goods o Consumer Goods Three Views of Product – Products can be considered: o Tangible; Physical entity or service o Extended; Tangible product (plus) a whole cluster of services that accompany it o Generic; Essential benefits the buyer expects to receive from the product Classification of Consumer Product: based on amount of effort expended in shopping process o Convenience Goods – can fit in any classification of consumer goods o Shopping Goods; We buy only after making price comparisons o Specialty Goods; We are willing to express extra effort to buy Supply is not enough ex) Wii o Unsought Goods; Products we don’t intentionally seek out ex) Carbon Monoxide Detector Important Concepts The Product Mix: o Entire offering of product items
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This note was uploaded on 04/21/2008 for the course MKT 1020 taught by Professor Mikes during the Spring '06 term at Western Michigan.

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Marketing; Product Concept - Marketing 1E Product Concept...

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