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Essentials of Marketing 7th Edition

Essentials of Marketing (7th Edition)

Book Edition7th Edition
Author(s)Hair, Lamb
ISBN9780538478342
PublisherCengage Learning
SubjectBusiness
Chapter 10, End Of Chapter, REVIEW AND APPLICATIONS, Exercise 1.1
Page 353

Define the term product.

 

A product is anything, desired or not, that a person or organization receives in an exchange. The basic goal of purchasing decisions is to receive the tangible and intangible benefits associated with a product. Tangible aspects include packaging, style, color, size, and features. Intangible qualities include service, the retailer's image, the manufacturer's reputation, and the social status associated with a product. An organization's product offering is the crucial element in any marketing mix.

 

Form a team of four or five members. Have the team determine what the tangible and intangible benefits are for a computer, a tube of toothpaste, a beauty salon, and a dentist.

Sample Response

Tangible and intangible benefits are for:

  • A computer: Tangible benefits can be, screen, keyboard, mouse, UPS and speakers. Intangible benefits can be, software, processor, windows etc.
  • A tube of toothpaste: Tangible benefits can be, ease of pressing toothpaste put, shape of the tube, color of the toothpaste. Intangible benefits can be, taste and flavour of the toothpaste, the protection it gives from germs, and the reputation of the brand. 
  • A beauty salon: Tangible benefits can be, employees, furniture, infrastructure. Intangible benefits can be the kind of service it provides. 
  • A dentist: Tangible benefits can be the chair, the doctor and the equipment used. Intangible benefits can be the cleaning of the tooth, replacement of the tooth, root canal treatment etc. 
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