L4 Flashcards
defined as anything that can be offered to a market for attention, acquisition, use, or consumption to satisfy a want and need (Kotler & Armstrong, 2013).
Product
are products and services bought by final consumers for personal consumption.
Consumer Products
those purchased for further processing or for use in conducting a business.
Industrial Products
consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Convinience Products
less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
Shopping Products
consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Specialty Products
consumer products that the consumer either does not know about or knows about but does not normally consider buying.
Unsought Products
industrial products that aid in the buyer’s production or operations.
Capital Items
raw materials and manufactured materials and parts usually sold directly to industrial users.
Materials and parts
include operating supplies, repair and maintenance items, and business services.
Supplies and Services
includes quality level and consistency.
product quality
the level of quality that supports the
product’s positioning.
Quality Level
product’s freedom from defects and consistency in delivering a targeted level of performance.
Conformance quality
competitive tool for differentiating a product from competitors’ products.
product features
describes the appearance of the product.
Style
contributes to a product’s usefulness as well as to its looks
Design
involves designing and producing the container or wrapper for a product.
Packaging
identify the product or brand, describe attributes, and provide promotion.
Label
augmented actual products. Customer service is another element of product strategy.
Product support services
a group of products that are closely related because they function in a similar manner
Product line
the set of all product lines and items that a particular seller offers for sale.
Product mix
the course of a product’s sales and profits over its lifetime.
Product Life Cycle (PLC)
Five stages of PLC:
- Product development
- Introduction
- Growth
- Maturity
-Decline
