19.2 Product: why is this a key part of the marketing mix? Flashcards
Goods
Products which have a physical existence.
Services
Products that have no physical existence, but satisfy consumer needs in other ways.
Brand
An identifying symbol, name, image or trademark that distinguishes a product from its competitors.
Intangible attributes
The subjective opinions of customers about a product, which can not be measured or compared easily.
Tangible attributes
The measurable features of a product, which can be easily compared with other products.
New product development (NPD)
The design, creation and marketing of new goods and services.
Unique selling point (UPS)
The special features of a product that makes it different from competitors’ products.
Product differentiation
The unique qualities of a product which lead to a difference between the product and competitors’ products.
Product positioning
Consumers’ views of a product or service as compared to its competitors.
