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Chapter 9 Product Concept

Chapter 9 Product Concept - Chapter 9 Product Concepts...

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Chapter 9 Product Concepts 1 © Emmelhainz and Grantham, MARK 3000 Product Strategies What Is a Product? Everything, both favorable and unfavorable, that a person receives in an exchange. Tangible Good Service Idea Product What Is a Product? Product is the starting point of Marketing Mix Promotion Promotion Place (Distribution) Price Price Product Product
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Chapter 9 Product Concepts 2 © Emmelhainz and Grantham, MARK 3000 Product issues Types of products Number of products Branding of products How is the product packaged How are new products developed and managed Types of product Classified by type of buyer Business Consumer Classified by consumer search process Convenience Shopping Specialty Unsought Types of Consumer Products Development Convenience Product Shopping Product Specialty Product Unsought Product A relatively inexpensive item that merits little shopping effort A product that requires comparison shopping, because it is usually more expensive and found in fewer stores A particular item for which consumers search extensively and are reluctant to accept substitutes A product unknown to the potential buyer or a known product that the buyer does not actively seek
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Chapter 9 Product Concepts 3 © Emmelhainz and Grantham, MARK 3000 Number of products Firms usually sell a large number of different items. Why? Appeal to different markets To meet different price points Total number is a function of product line depth and product mix width Product Items, Lines, and Mixes Product Line Product Mix A group of closely-related product items. All products that an organization sells. Each specific version of a product is referred to as a product item Product Line Depth The number of product Items in a product line. Attracts buyers with different preferences Increases sales/profits by further market segmentation Capitalizes on economies of scale Evens out seasonal sales patterns Product Line Depth
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Chapter 9 Product Concepts 4 © Emmelhainz and Grantham, MARK 3000 Product Mix Width The number of product lines an organization offers.
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