13 SELF ASSESSMENT QUESTIONS 1 Define marketing 2 What are elements of the

13 self assessment questions 1 define marketing 2

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1.3 SELF ASSESSMENT QUESTIONS 1. Define 'marketing'. 2. What are 'elements of the marketing mix'? 3. What are four 'O's and how do they differ from the four 'C's? 4. What are the positive and negative sides of 'marketing'? 11
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INTRODUCTION REFERENCE MATERIAL Click on the links below to view additional reference material for this chapter Summary PPT MCQ Video Lecture 12
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EVALUATING PRODUCTS Chapter 2 EVALUATING PRODUCTS Learning Objectives After going through this chapter you should be able to understand: The basic concept of a product. What are the different types of products? Appreciate the terms 'revenue' 'net realisation' 'markups and margins', 'net profitability’ 'investments' and 'profit center'. Structure: 2.1 Product 2.2 Setting up an Evaluation Format 2.3 Summary 2.4 Self Assessment Questions A Product can be 'anything' that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want. Products can be physical objects, services, events, persons, places, organizations, ideas or a mix of any of these entities. A Service which also is a product, unlike a physical object would be any activity or benefit that one party offers to another that is essentially and/ or substantially intangible and does not result in the ownership of anything. 13
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EVALUATING PRODUCTS 2.1 PRODUCT Fig.: 2.1 Core benefit – what the consumer/customer/buyer is really buying? Examples – Cosmetics - may actually sell 'beauty' hope Lux - 'filmy sitaron ka saundarya saboon' Functional product – is the product per se example, the cake of soap. Augmented product – service/other back ups, examples, Lux soap of good fresh quality available in the market place. Consumer products – products that are purchased for personal consumption, and non business use. Consumer products can be: Convenience items Shopping items Specialty items Unsought items 14
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EVALUATING PRODUCTS Convenience items are generally bought by consumers without much of a comparison, immediately as the need arises, or the problem is noticed. e.g. items of daily needs such as bread, milk, cereals etc. Shopping items are normally purchased after some amount of search, evaluation, comparison. e.g. clothing, household small appliances, holidays, etc. Specialty items are generally purchased after a lot of evaluation, comparison, search, e.g. costly appliances, silk sarees, a foreign tour etc. Unsought items are purchased once in a while, More so, when the item is actively sold by the seller, e.g., insurance policy. Industrial Products – Purchased for further processing or for use in conducting business. Product Attributes 1. Product quality – ability of a product to perform its functions - it includes the product’s overall durability, reliability, precision, ease of operation and other valued attributes.
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