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product
aims to meet customer needs + wants
object of the exchange process (exchange for something greater than or equal in value)
types of products
pure tangible goods
pure services
goods-and-services combination
services
intangible products
4 characteristics of services
intangibility
perishability
variability
inseparability
who came up with the 3 drivers + 5 levels
Phillip Kotler
3 drivers
Need - lack of basic requirement
Want - specific requirement of a product
Demand - wants + desire + ability to pay
5 levels of a product
core benefit
generic product
expected product
augmented product
potential product
core benefit
the reason customers buy the product
generic product
basic version
features necessary for function only
expected product
set of features customers expect when they buy
augmented product
product variations + extra features
differentiates product from competitors
potential product
all possible improvements that the product may undergo in the future
3 levels of product decision
individual product decision
product line decisions
product mix decision
individual product decision
marketers need to decide on:
product attributes
branding
packaging
labelling
product support services
product line decisions
group of products closely related (similar functions, customer-base, price range)
product mix decisions
several product lines in the company’s portfolio
product development process
idea
define
test
make it perfect
launch
product life cycle
introduction
growth
maturity
decline
introduction
thru marketing campaigns
little to no competition, low sales
growth
growing demand
increased production
expansion in availability
maturity
most profitable stage
competition is highest
decline
other companies emulate you
loss of market share
