Product (Marketing Mix) Flashcards
What is the definition of product? Cite the source.
A product is something that is offered by a market to meet a want or need of consumers, which can be goods or services (Kotler et al., 2008).
Identify the layers of the product and offer an example to illustrate each layer.
Core proposition: the benefit/purpose that the good/service provides. This can be either functional, physical benefits, or mental, emotional benefits provided.
An example of this would be de-stressing qualities of a stress ball.
Embodied proposition: the physical good or service which comes with an expected benefit. Such as. the design of a product, or the features it offers.
An example of this would be a car and its self-heating chairs, etc.
Augmented proposition: expanded on embodied proposition and more. Offers support and post purchase activities.
An example would be training, installation, a year of guarantee.
identify and describe the 6 stages of the product development. State a pro and con about each stage.
ideas generation: ideas which are generated through customers, competitors, market research, etc. This allows organisations to develop an idea for the market they are aiming to provide for and how to make their product/service meet these needs.
PRO: insightful, provides guide on how/what to develop.
CON: there is always a risk, thought results of research might support an idea, when put into market and practice, it does not always work out.
Screening: assessing ideas if they meet the criteria that the product/service aims for.
PRO: provides a clear goal.
CON: hinder creativity/further development.
Business plans and market analysis: information is learned about the possible market size, the details of the product/service, and dynamics of the market.
PRO: creating a visual and greater understanding of the target market the organisation aims to provide for.
CON: could be costly to tailor the product/service to fit the target market’s desires.
Product development and selection: selection of products are chosen for commercials.
PRO: Prepares product for launch, provides what customers would see, further insight; did they provide enough information? should anything be added?
CON: costly.
Test marketing: when the product is tested and given responses for.
PRO: allows product to be tested by a real market and given responses.
CON: real-life consumers may not react in the same way.
Commercialisation: when the products are planned and ready to be launched. i.e., launching events, commercials.
PRO: attracts customers to product/service.
CON: poor reception may result in product/service to be forgotten.
What is product adoption?
Becoming aware of a product, understanding its value, and using it. It is broken down into stages.
What stages are in the product adoption?
Knowledge: consumers are informed of the existence of the product/service.
e.g., i learned what an air fryer was by watching a video on tiktok.
Persuasion: consumers begin to learn how the product/service can be implemented to fulfil a possible need/desire
e.g., air fryers are a quick, mess -free way of cooking.
Decision: individuals begin to form an opinion towards the product/service and will decide whether it is useful or not to provide for their needs/desires.
e.g., air fryers are a healthier alternative to deep frying
Implementation: the product is tried.
e.g., i try a free trial sample of using an air fryer in the stores.
confirmation: when consumers buy the product without further need for persuasion.
What is the PLC?
Product Life Cycle.
List the stages of the PLC and how this links to the 4 P’s.
Introduction: This is when the product is first introduced, meaning sales are the lowest. Allows for organisations to figure out what strategy to adopt to make their sales boost and how to better meet customer needs.
PLACE: allows better distribution/access to product.
Growth: when there is growing demand of the product.
PRICE: organisations can decide whether to increase or decrease prices during this time.
Maturity: product is known in the market. Competition is known, as well as what consumers like or dislike about the product.
PROMOTION: remind customers of product to stand out from competitors.
Decline: when competitions begin to overtake and assert their position, or when demands for the product decreases.
PRODUCT: organisations should focus on how to improve their product or add to it to revive their market.
What are the types of products?
Durable goods: products that are used repeatedly and provide benefits each time they are used, such as washing machines or laptops.
Non-durable goods: products that do not last very long, such as groceries or clothes.
