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What is a product0 - Whatisaproduct Andwhydosomesucceed...

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What is a product? And why do some succeed?
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Music in your pocket Diamond Rio MP3 Player   Dec. 1998 Apple iPod  Oct. 2001
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Both played songs in compressed MP3  format. One went on to sell 119 Million units One is now virtually forgotten.
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Why did the iPod win?
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The answer? Something outside the product itself. Something free. iTunes PC compatibility
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What’s included in a product? In-use benefits – What it does for the  customer Product features Packaging Credit Warranty Installation
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Delivery Service and maintenance
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Psychological benefits Self image, hope, status Quality Styling Brand name
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9 LO What Is a Product? Product Everything, both favorable and  unfavorable, that a person  receives in an exchange.   Tangible Good   Service   Idea
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Types of products
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Convenience Impulse Staples – coffee, flour, gasoline Emergency
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Shopping Homogeneous Heterogeneous
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Homogeneous -- Price is most  important consideration
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Heterogeneous – Many factors  matter
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Specialty
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Unsought
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How is our marketing strategy  affected by the product type? Convenience Shopping Homogeneous Heterogeneous Specialty Unsought
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Products are divided into: Single items – SKUs Items that meet the same need – lines Groups of lines – Product mixes
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What is the point of having a  product line?
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