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core customer value
the basic problem-solving benefits that customers are seeking
parts of an actual product
brand name
packaging
features / design
quality level
associated services (augmented product)
non-physical aspects of the product , such as product warranties, financing, product support, and after-sale service
consumer products
products and services used by people for their personal use
four types of consumer products
specialty, shopping, convenience, unsought
consumer products - speciality
those for which customers express such a strong preference (give lots of efforts to search)
typically high priced, and buyers do not use much time to compare against other products
purchased less frequently
i.e sports car, designer clothing, exotic perfumes, luxury watches
consumer products - shopping
products or services for which consumers will spend a fair amount of time comparing alternatives
require personal selling and advertising and are in fewer outlets
i.e furniture, apparel, fragrances, appliances, cell phones and travel
consumers usually compare attributes of shopping products such as quality, price, and style
consumer products - convenience
products or services for which the consumer is not willing to expend any effort to evaluate prior to purchase
bought the most frequently
bought immediately and without great comparison
typically low-prices, not-differentiated; widely distributed
i.e sugar, laundry detergent, pencils, paper
consumer products - unsought
products or services that consumer either do not normally think about buying, do not know about, or would not buy under normal circumstances
products and companies are not top of mind until needed
i.e diamond rings, funeral services, life insurance, and fire extinguishers
product mix
complete set of all products and services offered by a firmp
product lines
groups of associated items that consumers tend to use together or think of as a part of a group of similar products
product mix breadth
count of the number of product lines offered by the firm
product line depth
equals the number of products within a product line
why would you increase product mix breadth
firms often add new product lines to capture new or evolving markets (i.e a firm adds a whole new line of yogurt)
why would you decrease product mix breadth
may be too cotly
