Principles of Marketing - Product Concepts (4P)

A vocabulary-style set of flashcards covering product concepts, classifications, life cycle stages, and the marketing mix from the lecture notes.

Product

The first element of the marketing mix; anything offered to a market to satisfy wants or needs, including goods and services.

Service

An intangible form of product consisting of activities, benefits, or satisfactions provided to customers.

Pure tangible goods

Physical items that can be touched and seen (e.g., television, radio, mobile phone).

Tangible goods with accompanying services

Goods that include repair/maintenance or related services (e.g., home appliances).

Hybrid

A blend of goods and services offered together to deliver a complete solution (e.g., fast food).

Product + Service (integrated offering)

A combined product and service pairing, such as iPod and iTunes, where device and service complement each other.

Services with accompanying minor goods

Services that come with minor tangible goods, sometimes with extras (e.g., hotels with complimentary drinks).

Pure services

Intangible services provided by professionals (e.g., teachers, lawyers, doctors).

Product classification

Classification of products into consumer and industrial categories.

Consumer products

Products bought by final consumers for personal use.

Convenience products

Goods bought frequently with minimal effort (e.g., toothpaste).

Shopping products

Goods bought less frequently and typically more expensive (e.g., furniture, electronics, clothes).

Specialty products

Products distributed exclusively by an authorized distributor (e.g., Rolex watches).

Unsought products

Goods consumers may not actively seek; needed only when a situation arises (e.g., life insurance, burial plots, fire extinguishers).

Industrial products

Products bought by individuals/organizations for further processing or for use in conducting business.

Raw materials

Basic unprocessed materials used to create a new product (e.g., steel, cotton).

Finished products

The final products that a firm produces.

Equipment

Machines and tools used in creating products or providing services.

Supplies

Items consumed during production or daily operations (lubricants, cleaning supplies, pencils, paper).

Product life cycle

The course of a product's sales and profits over its lifetime; four stages: Introduction, Growth, Maturity, Decline.

Introduction stage

Initial market entry; slow sales as awareness builds.

Growth stage

Rapid sales growth and increasing profits as market acceptance improves.

Maturity stage

Peak sales and market saturation; profits may plateau or decline.

Decline stage

Sales fall; product may be withdrawn or repositioned.

Marketing mix

The set of controllable marketing tools (4Ps) used to influence target markets.

4P's of Marketing

Product, Price, Place, Promotion—the core components of the marketing mix.

Product as first element of the marketing mix

The concept that decisions about the product are the starting point of marketing strategy.