MARKETING MIX - INDUSTRIAL AND CONSUMER PRODUCTS Flashcards
What are goods
A physical object that can be sold.
What are services
An intangible (non physical product) that has value and can be sold.
What are examples of goods
Toothpaste
Cars
Shoes
Cloths
Phones
Computers
What are examples of services
Insurance policies
Bank accounts
Cleaners
MOT’s
Accounting
Hair cuts
Can goods and services be luxury
You can have luxury goods and services (luxury cars, or luxury hotels)
What are industrial products
Goods and services that are bought and sold between business (B2B)
Often build purchases
Importance of relationships
Flexibility (i.e. prices, payment terms)
What are consumer products
Goods and services that are used to satisfy that wants and needs of the final user
What are the 3 different types of consumer products
Consumer products
Shopping products
Specialty products
What are convenience products
Convenience Products - Frequently bought products, whos purchasing decisions require little thought or effort
Toothpaste
Doritos
The weekly shopping
Renting a movie
What are shopping products
Shopping Products - Items of planned consumption, whose purchase usually requires a little thought and effort. - they’re products that you wouldn’t usually buy on impulse. Examples of these products are:
Sofas
Clothing
Belts
Tables
Beds
What are speciality products
Speciality Products - Items that are purchased with less frequency and usually require consideration and planning.
Cars
Diamonds
Luxury clothing
Houses
