DEFINITION OF PRODUCT Its a bundle of physical, chemical or intangible attributes that have the potential that satisfy present and potential customers wants. It means goods and services which combination of company offers to the target market .
DIFFERENT CATEGORIES OF PRODUCT
PRODUCT CLASS - such as washing powder or soft drinks or instant coffee
PRODUCT FORMS – such as biological or fizzy or granulated
PRODUCT BRAND OR MAKE – such as Persil or Coca- Cola or Nescafe.
TYPES OF PRODUCT
CONSUMER PRODUCT – are “used by ultimate consumers or households and can be used without commercials processing”.
The most common basis for classifying consumers products is based on buyer behavior . The four classes of consumers products are Convenience products Shopping products Specialty products Unsought products
Convenience Products Convenience Products Staples Impulse Emergency Most frequently and most Routinely Purchased Purchase totally unplanned Exposure vital Least interest in price & quality comparisons . Purchased due to urgent needs.
SHOPPING PRODUCTS Shopping Products Homogeneous Heterogeneous Shopping Focuses mainly on quality comparisons Shopping Focuses mainly on price comparisons.
SPECIALITY PRODUCTS Specialty products Strongest brand conviction exposure not too important shopping focuses on locating product strongest loyalty
UNSOUGHT PRODUCTS Unsought Products Regularly New Existing products unwanted now Totally new & unfamiliar products unwanted now