1.4 - Marketing Mix: Product

Marketing Mix

- Special tool used in the implementation of any business, which is made up of seven distinct but interconnected variables

Traditional 4Ps

- used in gauging the business’s ability to exist in a competitive marketing landscape

Product

- Goods and services being offered by the business

- Features and product information

Place

- location and distribution

Promotion

- marketing channels and strategy

Price

- price strategy and profit margin

Tangibles

- Items that have actual physical presence

- The benefits of these can be evaluated based on visual comparisons

- Can be handed to a customer after purchase

- Appeal to quality

Ex. Real estate, clothing, equipment, machinery, buildings, vehicles, stock, land, cash

Intangibles

- Items that have no physical presence and can only be felt indirectly

- Appeals to experience or emotional connection

Ex. Education, trademarks, franchises, copyrights, licenses, goodwill, patents, brands

Virtual Intangibles

- can be digitally found and accessed by using a computer

Ex. Data, software

Convenience Products

- Low-cost item that should take the least amount of work on the buyer’s part to pick and acquire

Ex. Sugar, 7/11 (As a market)

•Characteristics:

• Purchased frequent

• Low cost

• Easily available

• Not commonly compared with other products

Shopping Products

- Bought less frequently by consumers

- Consumers usually compare attributes of these products such as quality, price, and style, between other products

Ex. Plane tickets, furniture

•Characteristics:

• Purchased less frequently

• Medium price point

• Commonly compared among other products

Specialty Products

- Products with unique characteristics or brand identification

- Consumers of these are willing to exert special effort to purchase specialty products

Ex. Cars, Designer perfume, Luxury Brands

•Characteristics:

• With unique characteristics or brand perception

• Purchased less frequently

• High price point

• Seldom compared between other products

• Only available at select/special places

Unsought Products

- Products that consumers do not normally buy or would not consider buying under normal circumstances

Ex. Funeral plan, wedding rings, fire extinguishers

•Characteristics:

• Not top-of-mind of consumers

• Requires extensive advertising and marketing efforts

Nutribun

- Created by Marcos Sr

- Created used in elementary school feeding programs in the Philippines to combat child malnutrition

Mask Co.

- Founded and owned by Sir Axl during the pandemic