Finals-C5 Flashcards
PRODUCT STRATEGY
_______________ is one of the significant elements of
marketing mix (4P’s).
Product
A _________________consists of both goods and services.
product
_____________is a package of benefits both
physical and psychological that a marketer
wants to present, or pack of expectations that
consumers desire to realize.
Product
What are the 3 levels of a product (Illustrate)
Core Customer Value
Actual Product
Augmented Product
- the fundamental benefit or value that a customer seeks when purchasing a product.
It answers the question: What is the customer really buying?
Core Customer Value
- the tangible or physical product that delivers the core benefit. This includes the product’s features, design, brand, quality, and packaging.
Actual Product
- Additional services and benefits that enhance the value of the actual product and differentiate it from competitors. These are not essential but improve customer satisfaction and loyalty.
Augmented Product
TYPESOFPRODUCTS (2)
CONSUMER PRODUCTS
INDUSTRIAL PRODUCTS
CONSUMER PRODUCTS (7)
Convenience Products
Shopping Products
Durable Products
Non-durable Products
Specialty Products
Unsought Products
Services
INDUSTRIAL PRODUCTS (4)
Material Parts
Manufactured Materials & Parts
Capital Items
Supplies & Business Services
items which are used by ultimate consumers or households, and they can be used without further commercial and engineering processes.
CONSUMER PRODUCTS
Items that do not need much effort of planning from customers.
CONVENIENCEPRODUCTS
They are used in a day-to-day life and are frequently required and can be easily purchased.
CONVENIENCEPRODUCTS
These products require special time and _________ efforts.
SHOPPING PRODUCTS
They are purchased purposefully from special shops or markets. Quality, price, brand, style, and others are essential standards to be considered.
SHOPPING PRODUCTS
Can be used for an extended time and can be repetitively made used of by one or more persons. Televisions, computer, refrigerator, and vehicles are few examples of ____________________.
Durable Products
The ______________have short span of life. They should be used within small time once they are
manufactured.
non-durable products
Unique or high-end products for which consumers are willing to make a special effort to purchase.
SPECIALTYPRODUCTS
These are items customers are not aware of or do not often think about. New products that have no brand recognition fall under this classification.
UNSOUGHTPRODUCTS
Refers to intangible offerings provided by businesses to fulfill customer needs and wants. Unlike physical products, __________ cannot be touched, stored, or owned, but they still deliver value. Services are often part of a company’s core offering or complement its tangible goods.
SERVICES
used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.
INDUSTRIALPRODUCTS
Natural resources or unprocessed materials that are used in manufacturing or production processes. It falls into two major groups which include farm products (wheat, cotton, livestock, fruits, vegetables)
and natural products (fish, lumber, crude petroleum, iron ore).
RAW MATERIALS
Products that become part of the finished product during the
manufacturing process.
Example are engine parts, screws, circuit boards, and glass for windows.
COMPONENTS & PARTS
Durable goods used in the production process but not part of the final product.
Examples are machinery, tools, buildings, and vehicles.
CAPITAL GOODS
Products used in the daily operations of a business but not part of the final product.
Examples are lubricants, cleaning supplies, office
stationery, and protective gear.
SUPPLIES & CONSUMABLES
Intangible offerings that aid in the operation or maintenance of a business.
Examples are equipment repair, IT support, logistics services, and consulting.
INDUSTRIAL SERVICES
The _______________ or product assortment refers
to the complete range of goods and services
that a company offers to its customers.
product mix
It represents the diversity of offerings within a company’s portfolio and is analyzed through its four dimensions:
Width
Length
Depth
Consistency
product mix
The product mix or _______________ refers to the complete range of goods and services that a company offers to its customers.
It represents the diversity of offerings within a company’s portfolio and is analyzed through its four dimensions:
Width
Length
Depth
Consistency
product assortment
Product Mix (4)
Width
Length
Depth
Consistency
the number
of product lines the
company has to offer
and sell to customers.
Width
the total number of products in all the product lines.
Length
- the variety of
versions or options
for each product in a
product line.
Depth
describe how closely related the product lines are in terms of use, production, and distribution channels.
Consistency
_______________ is the distinctive product a company offers.
Product line
____________ is a group of products that are closely
related to each other by function, customer group,
market or price range.
Product line
Example: Procter and Gamble (P&G) deals in
various categories of products which consists of
shampoo, soap, hair conditioner, etc.
example of what _________________
Product line
is a marketing strategy
of making product inimitable, distinctive and
uniquely valuable to be noticeable compared
with competitors.
Product differentiation
Types of Product Differentiation (7)
1.Product form
2.Product Feature
3.Performance Quality if the Product
4.Product Durability
5.Product Reliability
6.Product Style
7.Service
product can be differentiated on the basis of ____________ such as physical structure, size and shape.
Product form
specific characteristics or functionalities that a
product offers beyond its basic purpose. Enhances usability and value for
customers.
PRODUCT FEATURES
The product’s ability to perform its core
function effectively and meet customer expectations. Differentiates products based on superior functionality or efficiency.
PERFORMANCE QUALITY
the ability of a product to withstand wear and tear or last over time. Attracts customers seeking long-lasting products.
PRODUCT DURABILITY
the consistency of a product in delivering promised
performance without failure.
PRODUCT RELIABILITY
- the visual appearance, design, or aesthetic appeal of the
product. Differentiates products based on looks and sensory appeal.
PRODUCT STYLE
- the support, convenience, and additional value offered with the product.
Differentiates products based on pre-sale, during-sale, or after-sale services.
SERVICE
A ___________ is prepared by a company and can be
bought by a consumer in return for money.
product
while ________ is the identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values. It creates emotional and psychological connections with customers.
brand
