A product is a good, service, or idea that has tangible and intangible attributes and
that can be classified as a consumer or industrial good.
attributes can be assessed in physical
terms such as weight, dimensions, or materials used. Consider, for example, a flat-
panel TV with an LCD screen that measures 42 inches across.
product attributes, including status associated
with product ownership, a manufacturer's service commitment, and a brand's
overall reputation or mystique, are also important.
The product “P” of the marketing mix is at the heart of the challenges and
opportunities facing global companies today: Management must develop product
and brand policies and strategies that are sensitive to market needs, competition,
and company ambitions and resources on a global scale.
Buyer orientation is a composite measure of the amount of effort a customer
expends, the level of risk associated with a purchase, and buyer involvement in
the purchase. The buyer orientation framework includes such categories as
convenience, preference, shopping, and specialty goods.
Customers integrate all their experiences of observing, using, or consuming a
product with everything they hear and read about it. The essence of a brand exists
in the mind; as such, brands are intangible. However, companies develop logos,
distinctive packaging, and other communication devices to provide visual
representations of their brands.
Bundle of images and experiences in the customer’s mind
A promise made by a particular company about a particular product
A quality certification
Differentiation between competing products
The sum of impressions about a brand is the
The added value that accrues to a product as a result of investments in the
marketing of the brand
An asset that represents the value created by the relationship between the brand