Ch 10 - Chapter 10 Product Concepts 12/24/10 What Is a...

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12/24/10 Chapter 10 Product Concepts
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12/24/10 What Is a Product? Everything, both favorable and unfavorable, that a person receives in an exchange. § Tangible Good § Service § Idea
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12/24/10 What Is a Product? Product is the starting point of Marketing Mix. Promotion Place (Distribution) Price Product
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12/24/10 Types of Products Business Product Consumer Product A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other consumers. A product bought to satisfy an individual’s personal needs or wants
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12/24/10 Types of Consumer Products Convenience Product A relatively inexpensive item that merits little shopping effort Shopping Product A product that requires comparison shopping, because it is usually more expensive and found in fewer stores Specialty Product A particular item for which consumers search extensively and are reluctant to accept substitutes Unsought Product A product unknown to the potential buyer or a known product that the buyer does not actively seek
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12/24/10 Group activity Classify each of the following products into the category: convenience, shopping, specialty, unsought - Coca cola (brand) - Car stereo - Winter coat - Pair of shoes - Life insurance, - Blue jeans - Shampoo
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Product Items, Lines, and Mixes Product Item Product Line Product Mix A specific version of a product that can be designated as a distinct offering among an organization’s products. A group of closely-related
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Ch 10 - Chapter 10 Product Concepts 12/24/10 What Is a...

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