What Is A Product

Question 1

What is a product

Answer 1

the sum of all tangible and intangible characteristics of a product
anything you can launch on a market for consumption and or usage
answering a specific need
material objects persons places organizations and ideas

Question 2

Service

Answer 2

immaterial products (no transfer or ownership)

Question 3

Difference of a product

Answer 3

• property
• visible
• tangible intangible

Question 4

Difference of a service

Answer 4

• not your property
• inseparable
• invisible
• intangible
• variability, much more easy to change.
• transcience, comes and it goes away, something you experience, and within time it - may disappear.
• as its not visible or tangible, it may vanish

Question 5

what are the components of a product example

Answer 5

the essence of coca cola is the liquid
aftersales service is part of the product
part of the purchase

Question 6

Core benefit example

Answer 6

Liquid in the bottle

Question 7

Aspects of actual product

Answer 7

is packaging, brand name, features, styling and quality which is the actual product

Question 8

Augmented product

Answer 8

the installation, delivery and credit, warranty and after sales service which is the augmented product

Question 9

developing a new product: specific task for marketing

Answer 9

1. determining core needs (expectations of the target consumer)
2. new product solutions - development NPD
3. finding ways to expand the product (line extensions etc)
   OBJECTIVE + VALUE CREATION TO SATISFY THE CONSUMER/ CUSTOMER