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final exam study guide - Marketing 291 Study Guide: Chapter...

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Unformatted text preview: Marketing 291 Study Guide: Chapter 10: What is a product? Product: good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value. Classifying Products- by user and degree of tangibility Degree of tangibility: Good, service or idea. Good: has tangible attributes that a consumers five senses can perceive. For example, Apples latest phone can be touched and its contents can be seen and heard. A good may also have intangible benefits such as delivery or warranties. Goods can be nondurable (item consumed in one or a few uses- gas, food) and durable (lasts over many uses like a car, stereo, etc.) Service: intangible activities or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value. Ex: tax return an accountant fills out for you Idea: thought that leads to an action like a concept for a new invention, or getting people out to vote. Consumer Products: Products purchased by the ultimate consumer 4 types: Differ in terms of 1) the effort the consumer spends on the decision, 2) attributes used in making the purchase decision and 3) frequency of purchase Convenience Products: items purchased frequently, conveniently, and with a minimum shopping effort. Ex: toothpaste Shopping Products: items which consumer compares several alternatives on criteria such as price, quality or style, infrequent purchase, fairly expensive. Ex: TVs, airline tickets Specialty Products: items that the consumer makes a special effort to search out and buy. Usually expensive, wont accept substitutes, uniqueness of brand and status stressed. Ex: Rolex watches, heart surgery, Rolls-Royce cars Unsought products: items consumer doesnt know about or knows about but does not initially want. Ex: burial insurance, thesaurus Business Products: Products that assist directly or indirectly in providing products for resale-Sales are often the result of derived demand- sales of business products are derviced from the sale of consumer products. For example, a consumer demand for Ford cars increases, the company may increase demand for paint spraying equipment (a business product).-Business products may be classified as component or support products. Component: items that become part of the final product. Include raw materials like grain and lumber, as well as assemblies or parts, such as car engine or car door hinges. Support products: items used to assist in producing other goods and services. Include: Installations, such as buildings and fixed equipment Accessory equipment, such as tools and office equipment Supplies such as stationary and paper clips Industrial services such as maintenance, repair and legal services....
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final exam study guide - Marketing 291 Study Guide: Chapter...

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