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Products A product is any combination of goods and services offered to satisfy the needs and wants of consumers .
Three Basic Levels Augmented Factor The Core Product The Actual Product
The Core Product What the consumer actually buys in terms of benefits . The Actual Product Built around the core product, consists of the brand name, features, packaging, parts, and styling Augmented Factor Additional services and benefits that surround the first two levels of the product (customer services, warranty)
<ul><li>Agriculture Products and Raw Materials </li></ul><ul><ul><li>These are goods grown or extracted from land or sea. </li></ul></ul><ul><li>Organizational Goods </li></ul><ul><ul><li>Purchased by business firm for the purpose of producing other goods or for running the business. </li></ul></ul><ul><li>Consumer Goods </li></ul><ul><ul><li>Convince goods, shopping goods, specialty goods. </li></ul></ul>Product Classifications
Characteristic Infrequent Infrequent Usually frequent Frequency of purchase High High Usually low Price No Yes No Price and quality compared? Considerable Considerable Very little Time spending the purchase Can’t generalize; dependent Considerable Very little Time and effort devoted by consumer to shopping Specialty Shopping Convenience Characteristic
Marketing Consideration Joint responsiblity Retailer Producer Advertising responsible High High Low Gross margin High Lower High Stock turnover Important Important Relative Importance of retailer Short to very short Short Long Length of channel Specialty Shopping Convenience Mark. cons
Brand Name, term, design, symbol, word or any other feature that identified to distinguish one goods or service from others in the market.
<ul><li>Content; quality of product, benefits and advantages. </li></ul><ul><li>Context; consistent ads and marketing communication to build brand awareness </li></ul><ul><li>Distribution availability and visibility </li></ul><ul><li>Brand personality </li></ul>Factors to increase the strength of Brand
Ansoff’s Matrix (Product/Market Matrix) Diversification Market Penetration Market Development Product Development Existing Markets New Markets Existing Products New Products