Product Flashcards
Product
Product is the overall experience provided by the combination of goods and services to satisfy the customer’s needs before they use it, while they use it and after they have stopped using it
Goods
Tangible, physical products
Consumer products
Items that are used daily
4 types of Consumer products:
Convenience, shopping, specialty, unsought
Convenience products
purchased immediately & frequently. E.g. Food, beverages
Shopping products
goods that require research and analysis before purchasing. E.g. automobiles
Specialty products
unique. E.g. luxury goods
Unsought products
don’t know about or want to think about. E.g. burial plots
Business to business (b2b)
used for running business or selling directly to business customers
E.g. Copiers, Point-of-sale equipment
Industrial products
used by industry or business than by individuals
E.g. Testers, Fork-lifts, Data Servers
Perishable products
non-durable, e.g. food
Durable products
e.g. electronic equipment
Finished goods
do not require further processing, e.g. bottled water
Services
Any activity or benefit that one party can offer to another which is essentially intangible and does not result in ownership of anything
4 characteristics of Services
Intangibility, Perishability, Inseperability, Variability
Professional services
assistance by one person to another, e.g. medical service (like doctor)
Business services
e.g. consulting
Technical support
often accompany a manufactured product
Financial services
e.g. insurances, investments
Service warranties
protection against repair cost etc. e.g. maintenance service contracts
Brand
A strategic asset, experience, perception and reputation of an organization’s values and beliefs, personality and behavior. It also comprises the name and visual mark by which an organization is recognized
Product Lines
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups and marketed through the same types of outlets, or fall within given price ranges
Brand extension
using an established brand to introduce new product
E.g. Celebrities using their name fragrances, clothing, jewelry etc, Coca Cola adding Diet, Cherry, Cherry Zero, Vanilla
