W10 Products Flashcards
Product layers
Core product, Actual product, Augmented product
Core product
Actual product
Augmented product
All of the basic benefits of a product, NOT attributes
The physical good or the delivered service that supplies the core product, e.g. features, qualities, appearance, packaging, brand
The actual product + other supporting features, warranty, delivery, credit, installation, service etc.
Feature vs. benefits
Features – attributes
Benefits – the value the customer gains from the attributes
Customer value equation
perceived benefits - perceived sacrifices
Types of goods
Non-durable, consumed over short time
Durable, provide benefits over a period of time
Types of products
Convenience, shopping, specialty, unsought
Convenience products
- Impulse
- Staple
- Consumer-packaged goods
- Emergency products
Features of Convenience products
- Easily obtainable brand
- Low-priced, widely available
- Low brand loyalty, willing to accept alternative brands if necessary
- Marketers make sure the product is easily obtainable in places consumers look
- Focus on promoting awareness and brand recognition
Features of Shopping products
Mid-level involvement
Gather information beforehand
Evaluate alternatives
Marketers: differentiate benefits
Features of Specialty products
Loyal customers
Unique characteristics
Luxury items
Extended problem-solving, high involvement due to high risk
Features of unsought products
Little interest until a need arises
Requires personal selling and awareness advertising
