Product portfolio strategy

Question 1

What is a tangible product?

Answer 1

Something we can see, touch smell, hear, taste or possess

Question 2

What is an intangible product?

Answer 2

Services, ideas, people or places

Question 3

What is the core product?

Answer 3

Consists of all the benefit the product itself will provide for consumers

Question 4

What is the actual product?

Answer 4

The physical good or service that supplies the desired benefit. Also includes the unique features of the product such as appearance, packaging etc.

Question 5

What is the augmented product?

Answer 5

Additional features the customer receives with the product or service e.g. warranty, delivery, installation etc.

Question 6

What it the whole product?

Answer 6

Includes all these features and helps a company stand out

Question 7

What are durable goods?

Answer 7

Products that provide benefits over a period of time, usually have high product involvement

Question 8

What are non-durable goods?

Answer 8

Products consumed in the short term (e.g. food), with low product involvement

Question 9

Convenience products

Answer 9

Non durable goods or services that consumers purchase frequently with minimum comparison and effort e.g. food shopping

Question 10

shopping products

Answer 10

Good or service for which consumers will spend time and effort gathering information on price, product attributes and product quality e.g. clothes

Question 11

Speciality products

Answer 11

Unique characteristics that are important to buyers at any price. Consumers usually know a good deal about products and are loyal to specific brands e.g. cars

Question 12

Unsought products

Answer 12

Goods or services for which a consumer has little need for until the situation arrives e.g. fire hydrant

Question 13

a) Continuous innovation is a…
b) Knock off is a…
c) Dynamically continuous innovation is a…
d) Convergence innovation is a…
e) Discontinuous innovation…

1. New product that copies with slight mods
2. Modification to an existing product
3. Creates major changes in the way we live
4. A pronounced modification to an existing product that requires a modest amount of learning or change in behaviour to use it
5. Coming together of 2 or more technologies to create new systems that provide greater benefit than the original technologies alone

Answer 13

a) -> 2
b) -> 1
c) -> 4
d) -> 5
e) -> 3