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
