LESSON 7 :PRODUCT : ITS NATURE AND SUSTAINABILITY Flashcards
-Refers to the tangible good or
intangible service offered by
the business to the target
consumers.
It must satisfy the
needs of the consumers better
than the other competing
products.
PRODUCT
ENUMERATE THE PRODUCT DESCRIPTION NECESSITIES:
- Cite the uniqueness of product over other existing products
in terms of characteristics, variations and the like. - Use layman’s term in describing the firm’s product or service. Present a product mix if the firm will be selling more than one product.
- Illustrate the usefulness of the product/service. Provide substantial information on effectiveness of marketing which includes positioning strategies.
- Present the nature including the content of raw materials that will be used in the proposed product, and what is the source and where to find it.
What are the level of Product
1.Tangible products
2.Augmented product
3.Generic product
*Are the basic physical appearance which can
be a service or idea having precise specifications and is offered under a given/specified description
or model number.
TANGIBLE PRODUCTS
*Includes the image and service features of a
certain entity. It gives emphasis on the
intangible benefits that the customer will be
getting from buying the product.
- AUGMENTED PRODUCT
Emphasizes the impact of the product to the
consumer, not the seller. This will signify the purpose
of its existence and the primary objective in
creating the product.
- GENERIC PRODUCT
What is Types of Product
1.Goods
2.Services
*Are sale of physical products from the
manufacturer to the consumer or final and
ultimate user.
- GOODS
WHAT ARE THE TYPES OF GOODS
a. Durable goods
b. Non-durable goods
the physical products that are used over a long period of time.
Durable goods
the physical products that are quickly and easily
be consumed or worn out, become obsolete, unfashionable or no longer popular.
Non-durable goods
Are intangible products that satisfaction can be measured in future preferences.
- SERVICES
WHAT ARE THE TYPES OF SERVICES
a. Rented-goods services
b. Owned-goods services
c. Non-goods service
the consumer rented facility of the sellers in a certain period of time.
Rented-goods services
are the repair and maintenance services rendered by the seller to the products of the customer.
Owned-goods services
personal service on the part of the seller; most common are the expertise and profession of the seller.
Non-goods service
- Intangibility is the service that cannot be displayed,
transported, stored, packaged or inspected before
buying. - The credibility of the service provided most of the time counts.
- Inseparability is the service provider and services that cannot be separated. It cannot accomplish the
purpose if one is missing. - Variability is when the service is difficult to standardize because it varies upon the performance of the provider.
CHARACTERISTICS OF SERVICES:
These are goods and services destined/produced for the final consumer for personal, family, or household use.
CONSUMER PRODUCTS
purchased with the minimum or less effort because the buyer has knowledge of product characteristics prior in shopping.*
Convenience products
low priced items that are routinely
purchased on a regular basis and are products that
are used everyday. Examples : rice, soap,
toothpaste
Staples
products are the items that the consumer does not plan to buy.
Impulse
products that the consumers acquire through further knowledge and information in order to make final purchase decision.*
Shopping products
products provide customers with information and evaluated product features, performance, options, warranties and other factors.
Attribute-based shopping
products enables customers to judge product attributes to be the same and look around for the least expensive item.
Price-based shopping
