Marketing Product Concepts

  • What is a Product?

    • Anything bought or sold: goods, services, and ideas.
    • Meets needs and wants.
    • Attributes: useful, desirable, convenient.

  • Types of Products

    1. Goods: Tangible products (e.g., cell phone).
    2. Services: Intangible actions (e.g., haircut).

  • Consumer vs. Business Products

    • Consumer Products: personal use.
    • Business Products: used for production or resale.

  • Characteristics of Services

    1. Intangible.
    2. Inseparable: production tied to use.
    3. Variable: unique each time.
    4. Perishable: cannot be stored.

  • Good-Service Continuum

    • Mix of goods and services (e.g., restaurant meal).

  • Product Elements

    • Organized into four categories: basic product, usage, protection, name.

  • Protection in Products

    • Includes packaging, warranties, maintenance.

  • Branding

    • Affects customer perception and loyalty.
    • Elements: name, image, personality.

  • Pricing Strategies

    • Factors influencing pricing: costs, competition, customer response.
    • Strategies: price skimming, penetration, discount.

  • Distribution Channels

    • Path from producer to consumer.
    • Types: direct, indirect, integrated, specialty.

  • Channel Influencing Factors

    • Target market, product characteristics, delivery speed, competitiveness.