MARKETING STUDY GUIDE - Chapter 9 Product Concepts Product...

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Chapter 9: Product Concepts Product - usually the starting point of the marketing mix (can't determine price, promotions without a product) - may be defined as anything, both favorable and unfavorable, that a person receives in an exchange • Tangible good - jeans • Service - haircut • Idea - don't litter • Packaging, color options, style, and size are typical product features while service, seller's image, and the way consumers believe others will view the product are equally important Classification of Consumer Products - bought to satisfy an individual's personal wants I Convenience Products - a product one wishes to buy quickly and with little effort, it is bought often, is typically inexpensive, maybe perhaps by habit, do not seek information to get, and it requires little repair or servicing. Can be: • A Staples - satisfy an ongoing or regular need • B Impulse - satisfy an current or passing need • C Emergency - satisfy an urgent or immediate need II Shopping Products - Will shop around comparing quality and price, before shopping will compare information • A Homogeneous Shopping Products - shop and compare - washers, refrigerators • B Heterogeneous Shopping Products - shop and compare quality and style first - furniture, clothing III Specialty Products - No acceptable substitutes, customer willing to search for product, conducted an information search, strong brand insistence is often a factor - Apple IV Unsought Products - Customer doesn't realize he wants or needs the unsought product, when need is recognized the product is sought • A New Products that are unsought • B Products that are regularly unsought Product Item - Specific version of an product that can be designated as a distinct offering among an organization's products - Campbell's Cream of Chicken Product Line - A group of closely related product items - Campbell's Soups - each container size represents another separate product item - this is measured in depth which show how many items are in a product line - assortment - increase depth to attract buyers with different preferences, increase sales and profits by further segmenting the market, capitalize on economies of scale in
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production and marketing, and to even out seasonal sales patterns. Product Mix - all the products that that an organization sells - Campbell's for example has soups, sauces, entrees, frozen beverages, biscuits - it is measured in width which represent variety - to generate sales spread out risk so expand each product line - also to capitalize on already reputable products Product Mix Consistency - refers to the extent to which product lines are similar in terms of end use, distribution outlets used, target markets, and price range. In same cases entire product lines and even mixes share the same marketing strategy - Nike uses the "Just Do it" catch-phrase on all of their products Branding - a name, term, symbol, design, or combination thereof
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MARKETING STUDY GUIDE - Chapter 9 Product Concepts Product...

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