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Lamb N10

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Lamb N10

  1. 1. i o Rroduct Concepts t k >KEEY TERM! KEY rzoiicE=R-rsL01 product everything, both favorable and Define the term product. A product is anything, desired or not, that a person or organization receives in an exchange. The basic goal of purchasing unfavorable, that a person decisions is to receive the tangible and intangible benefits associated with areceives in an exchange product. Tangible aspects include packaging, style, color, size, and features. Intangible qualities include service, the retailers image, the manufacturers reputation, and the socialL0 2 business product status associated with a product. An organizations product offering is the crucial element (industrial product) in any marketing mix. a product used tomanufacture other goods or services, tofacilitate an organizations operations, or L0 2 Classify consumer products. Consumer products are classified into fourto resell to other customers categories: convenience products, shopping products, specialty products,consumer product a product and unsought products. Convenience products are relatively inexpensive andbought to satisfy an individuals require limited shopping effort. Shopping products are of two types: homogeneous andpersonal wants heterogeneous. Because of the similarity of homogeneous products, they are differentiatedconvenience product a relatively mainly by price and features. In contrast, heterogeneous products appeal to consumersinexpensive item that merits little because of their distinct characteristics. Specialty products possess unique benefitsshopping effort that are highly desirable to certain customers. Finally, unsought products are either new products or products that require aggressive selling because they are generally avoided orshopping product a productthat requires comparison shopping overlooked by consumers.because it is usually more expensivethan a convenience product and is Consumer Product Classificationfound in fewer storesspecialty product a particular itemthat consumers search extensively / for and are very reluctant to acceptsubstitutes convenience products unsought productsunsought product a productunknown to the potential buyer or aknown product that the buyer doesnot actively seek shopping products specialty productsL0 3 product item a specific version of a product ©CENGAGE LEARNING 2011 that can be designatedas a distinct offering among an Define the terms product item, product line, and product mix. Aorganizations products product item is a specific version of a product that can be designated as a distinctproduct line a group of closely offering among an organizations products. A product line is a group of closelyrelated product items related products offered by an organization. An organizations product mix includes all the products it sells. Product mix width refers to the number of product lines an organizationproduct mix all products that an offers. Product line depth is the number of product items in a product line. Firms modifyorganization sells existing products by changing their quality, functional characteristics, or style. Product lineproduct mix width the number of extension occurs when a firm adds new products to existing product lines.product lines an organization offersproduct line depth the number ofproduct items in a product line L0 4 Describe marketing uses of branding. A brand is a name, term, or symbol that identifies and differentiates a firms products. Established brands encourageproduct modification changing customer loyalty and help new products succeed. Branding strategies requireone or more of a products decisions about individual, family, manufacturers, and private brands. The table on the nextcharacteristics page compares manufacturers and private brands. served. May not be scanned. c< i publicly accessible website, in whole or in part.

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