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Product
It is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers, and is received in exchange for money or some other unit of value.
The life of a company often depends on how it conceives, produces, and markets new products.
Products can be:physical goods,services,ideas,people, or places
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product line
A product line is a group of products that are closely related because they:– satisfy a class of needs; – are used together;– are sold to the same customer group; – are distributed through the same type of outlets; – or fall within a given price range.
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product mix
The product mix is the number of product lines offered by a company
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Durable vs Non-Durable
Durable - high Involvment, long term benefit
Non-durable - Wide distribution and heavy consumers advertising are essential
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Core product
Core Product — actual benefits received by consumer. Theodore Levitt said, “buyers do not buy quarter-inch drills; they buy quarter-inch holes.” - An automobile that transports people from point A to point B. - A watch that tells time very accurately.
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actual product
Actual Product — the quality level, features, design, packaging, and brand name of the product.
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Augmented Product
— delivery and credit, warranty, and after-sale service associated with the product
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Desired Product —
the product consumers really want
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convenience products
products that are purchased frequently, immediately, and with a minimum of effort.
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