Block 2.2 Flashcards
What is a product?
‘A combination of tangible and intangible characteristics that enable an object or a service to satisfy a customer need.’
What is the “bundle of benefits”?
Buying a product really exists out of the actual product and the way it is bought. When you buy an i-phone at mediamarkt, you probably get less service than when you buy it at an Apple store.
In a marketing perspective, someone who buys a phone at an Apple store gets a different product then someone who buys it at Mediamarkt.
What are the three different product levels?
- The core product
- The actual product
- The augmented product
What is a core product?
What it is meant for/ how it fulfils the needs of the customer. For a car, it is transportation.
What is the “actual product”?
Everything that is physically attached to it. You can’t separate it.
What is an augmented product?
Everything you get when buying a product that can be separated: service, installation.
What are the two types of consumer products?
- Consumer goods
- Business products
What are consumer goods?
They are sold to individuals and families for their personal use or consumption.
What are business products?
Products, services or industrial goods that are sold to organisations that either resell them or use them to make products or to provide a service.
What are 4 categories of consumer goods?
- Convenience products
- Shopping products
- Speciality products
- Unsought products
What are convenience products?
Things that we buy without thinking, with minimum effort. Preferred brand, but accepts substitutes.
What are shopping products?
Items for which the consumer normally comperes quality, price and style of a few alternatives.
Shopping products can be homogeneous or heterogeneous.
What is a homogeneous shopping product?
When someone thinks all televisions are the same. All the same. Consumer looks for cheapest.
What is a heterogeneous shopping product?
Difference between products, at least in the eyes of the consumer. Consumer has a favourite brand.
What are speciality products?
Things we really care about. Consumers are willing to make a special effort to buy this product. High involvement with purchasing. (Like special beer, you have to go to a special store)
What are unsought products?
Products and services of which consumers are unaware, haven’t necessarily thought of buying or discover they need it on order to solve an unexpected problem.
You can also classify products in durable and non-durable. What is the difference?
Durable products are, for example, cars, E-readers and dishwashers. These products are used repeatedly over an extended period.
Non-durable products have a relatively short life cycle, like clothing and footwear.
What is the product mix?
The total assortment of products and services that the company sells, including the various product lines, products, product types and brands.
What is the product mix width?
The number of product lines the company sells.
What is the product mix length?
The total number of articles a company offers within all of its product lines.
What is the product mix depth?
The number or product items (brands, types and sizes) in a product line.
What is the assortment height?
Products that fall within the same price range.
What are the 5 stages of the product life cycle?
- Introduction
- Rapid growth
- Turbulence
- Maturity
- Decline
In which stage are the sales the highest?
Maturity