Marketing IV

Question 1

Define “Product”

Answer 1

Anything that can be offered to a customer for attention, acquisition use or consumption that might satisfy wants or needs.

Question 2

What types of Product Classification do you know of?

Answer 2

1. Degree of Individualization

2. Procurement effort

Question 3

What Degrees of Individualization are there?

Answer 3

1. Mass product (production is often standardized)
2. Individual Goods (exhibit specific features with regard to ex. design or color)
3. Mass Customization (seems contradictory, but it isn’t)

Question 4

What Procurement Effort Classification do you know?

Answer 4

1. Unsought goods,
   buyers don’t normally think of buying, you have to trigger the sales. ex. smoke detectors, insurance
2. Convenience Goods,
   buyers consume frequently, with minimal effort. They satisfy practical needs and are easy to acquire. ex. soft drinks, newspaper
3. Shopping goods,
   buyers will compare these by quality, price, sustainability and style. People are more selective here. ex. clothing, furniture
4. Specialty goods,
   have unique characteristics or brand identification for which enough buyers will make a special purchasing effort. Oftentimes luxury items, not needed to life.

Customers do very much research on them, such as ex. cars, high end tech.

Question 5

What is a product assortment?

Answer 5

A company (or product mix) consists of all the product lines and items that a particular company markets.
It consists of four dimensions:
1. width
refers to number of different product lines in the company

2. length
   refers to total number of items within the product lines
3. depth
   refers to number of versions offered for each product in a line
4. consistency
   refers to how closely related the products are to each other in end use, production, distribution

Question 6

What does the temporal structure of product policy look like?

Answer 6

The Product life cycle:

1. Introduction
2. Modification
3. Differentation
4. Elimination

Question 7

What does the objective structure in product policy look like?

Answer 7

Product core
Desgin
Packaging
Labeling
Value-added services

Question 8

What does the product core represent?

Answer 8

Fundamental need that satisfies the customer when they buy the product.
It is central but people don’t buy just for the core you have to have benefits.

Question 9

What is important in product design?

Answer 9

There is the side of technical design engineering which focuses on physics, performance etc.

The other aspect are the attributes such as :

• material
• form
• color
• scent

Question 10

What is important in product packaging?

Answer 10

• Buyers first encounter with the product which can draw them in a trigger purchase

Purposes:

1. Identify brand
2. Convey information
3. Facilitate transportation and protection
4. Assist home storage
5. Aid product consumption

Question 11

Why is packaging becoming more relevant in marketing=

Answer 11

1. Self-service
2. Consumer affluence (they are willing to pay more for good packaging)
3. Contributes to brand image
4. Innovation opportunity