what is a product? semester 2

Question 1

what is a product?

Answer 1

A product is anything that can be offered to the market for attention, acquisition, use or consumption that might satisfy a want or a need.

Question 2

4 classifcications of product?

Answer 2

convinience products
shopping products
speciality products
onsought products

Question 3

what is a service?

Answer 3

A service is an act or performance offered by one
party to another. Although the process may be
tied to a physical product, the performance is
essentially intangible and does not normally result
in ownership of any factors of production

Question 4

what is a non-durable product?

Answer 4

Used once/ few times
Frequently purchased
Relatively inexpensive
Intensive distribution

Question 5

what is a durable product?

Answer 5

Last for many uses
Infrequently purchased
Relatively Expensive
Selective distribution

Question 6

5 examples of services?

Answer 6

Used once/ few times
Frequently purchased
Relatively inexpensive
Intensive distribution

Question 7

4 service characteristics?

Answer 7

intangiability
inseperability
variability
perishability

Question 8

4 p’s of marketing

Answer 8

product
place
promotion
price

Question 9

extended marketing mix (7p’s)

Answer 9

product
place
promotion
price
people
processes 
physical evidence

Question 10

what do the 3 extra p’s stand mean?

Answer 10

people - recruitment/training/motivating/managaing
processes- automating/structuring/monitoring
physical evidence - premises/uniform/adverts

Question 11

what are the 3 levels of a product

Answer 11

core customer value
actual product
augmented product

Question 12

what is core customer value?

Answer 12

What are you buying? Need to understand what consumers want in the product
Family holiday with family memories? Relaxing holiday? Freedom? Adventure holiday?
Kodak camers sells memoires and moments, emotional advertising
Function- why do you want it? What can you do with it?

Question 13

what is an augmented product?

Answer 13

Tangible product – design – quality levels – packaging
Enables product to deliver core customer values
Augmented product
Additional non-tangible services and benefits around the product
Eg after care (apple +) warranty, free installation- user training ( all added value)

Question 14

what is an actual product?

Answer 14

specific, tangible product & service features
design
quality level
packaging

Question 15

what is a product line?

Answer 15

Where a company produces a group of closely related

products, this is called a product line

Question 16

what is width?

Answer 16

width (no. of product lines)

Question 17

what is lengh?

Answer 17

length (no. of product types within product lines)

Question 18

what is consistency?

Answer 18

consistency (relatedness of product lines)

Question 19

what is depth?

Answer 19

depth (no. of variations of each product type)

Question 20

what is an intangible service?

Answer 20

Services cannot be
seen, tasted, felt,
heard or smelled
before purchase

Question 21

what are the 4 dimensions of a company’s product mix

Answer 21

width
length
consistency
depth

Question 22

what is a perishable service?

Answer 22

Services cannot be
stored for later use (an
issue when demand
fluctuates)

Question 23

what is an inseperability service?

Answer 23

Services cannot be
separated from their
providers

Question 24

what is an variability service?

Answer 24

Quality of the service
depends on who
provides them, and
when, where and
how