Product & Its Analysis
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1. The document discusses different levels of products from core benefits to potential products and classifications of products into consumer and industrial goods. 2. It then covers consumer buyer behavior and factors influencing consumer behavior like needs, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. 3. The presentation provides an overview of key concepts related to products, consumer markets, and the consumer buying decision process.
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What are the characteristics of products and how do marketers classify products?
This document discusses different ways to classify products that marketers use. It defines a product as anything that can satisfy a need and explains that products can be physical goods, services, or ideas. The document then outlines two main ways that marketers classify products: by durability and tangibility as durable goods, nondurable goods, or services, and by use as shopping goods, convenience goods, unsought goods, specialty goods, or industrial goods which are further broken down. It concludes by attributing the source and including a disclaimer.
Industrial buyer behaviour
The document discusses industrial buying behavior and the purchasing process. It describes the objectives, phases, and situations involved in organizational purchasing. The phases include recognizing needs, determining specifications, searching for suppliers, evaluating proposals, selecting suppliers, and providing feedback. Key roles in the buying center/decision-making unit are initiators, buyers, users, influencers, deciders, and gatekeepers. The purchasing objectives center around delivery, quality, price, services, relationships, and personal career goals.
Nature of industrial buying
The document discusses the nature of industrial buying and organizational purchasing processes. It describes the typical stages in an organizational buying process including problem recognition, specifications, supplier search, proposal analysis, selection, and performance review. It also outlines three common buying situations: new tasks, modified rebuys, and straight rebuys. New tasks involve the most information gathering and problem solving while straight rebuys require little new information. The document also discusses forces that influence organizational buying behavior like the economy, technology, and goals/strategies of the purchasing organization.
Consumer& Industrial Buying Decisions.
Consumer and industrial buying behavior involves systematic processes. Consumer buying behavior refers to purchases for personal or household use and is influenced by numerous factors. The consumer buying process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Industrial buying behavior refers to purchases by manufacturing companies and involves need recognition, product specifications, supplier search, proposal solicitation and evaluation, and supplier selection.
B2B buying behaviour
The document discusses organizational buying behavior and consumer buying behavior. Organizational buying behavior is the process by which organizations identify, evaluate and select products and services to purchase. It is a complex group process that involves problem recognition, need description, product specification, supplier search, proposal solicitation, supplier selection and order specification. Consumer buying behavior refers to the purchase decisions and actions of ultimate consumers. It involves information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. There are different types of consumer buying including routine response, limited decision making, extensive decision making, and impulse buying.
INDUSTRIAL MKTG 2
1. Industrial buying involves purchasing items that are right for an organization in terms of quantity, price, time of delivery, etc. Organizations consider both economic objectives like cost and quality as well as non-economic objectives.
2. The buying process involves multiple individuals and departments within an organization. It typically progresses through stages of need recognition, specification of requirements, supplier selection, ordering, and performance evaluation.
3. Government purchasing follows specific processes like registering suppliers, issuing tenders, selecting the lowest bidder (L1), and releasing payments according to rules. It aims to obtain best value for money through competitive bidding.
Industrial buying
The document discusses industrial buying behavior and processes. It begins by explaining how industrial buying differs from consumer buying in that it involves the purchase of machinery, materials, and services for organizational use rather than direct consumption. Industrial buying is a complex process that typically involves multiple participants in the buying center, including initiators, users, influencers, and gatekeepers. There are three main types of industrial buying situations: straight rebuy, modified rebuy, and new tasks. The buying process generally involves recognizing needs, specifying requirements, searching for suppliers, analyzing proposals, selecting suppliers, and post-purchase evaluation. Decision making power is shared among a decision-making unit (DMU) comprising various roles within the organization. Key factors that influence
Industrial marketing
Small changes in consumer demand can impact industrial supply needs. Demand for industrial goods is often derived from demand for other related goods. For example, demand for wood pulp is derived from demand for paper.
Industrial buying involves multiple people in the decision making process compared to consumer buying. Many factors influence industrial purchases, including price, quality, delivery, and services. The purchasing process typically involves understanding needs, specifying requirements, evaluating suppliers, selecting a supplier, and providing feedback.
Effective industrial marketing relies on ongoing market research to understand customers, competitors, and the business environment. Marketing research involves defining objectives, designing the research, collecting and analyzing data, and reporting findings to support decision making. New product development must satisfy customer
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Industrial buyer behaviour
The document discusses industrial buying behavior and the purchasing process. It describes the objectives, phases, and situations involved in organizational purchasing. The phases include recognizing needs, determining specifications, searching for suppliers, evaluating proposals, selecting suppliers, and providing feedback. Key roles in the buying center/decision-making unit are initiators, buyers, users, influencers, deciders, and gatekeepers. The purchasing objectives center around delivery, quality, price, services, relationships, and personal career goals.
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Consumer& Industrial Buying Decisions.
Consumer and industrial buying behavior involves systematic processes. Consumer buying behavior refers to purchases for personal or household use and is influenced by numerous factors. The consumer buying process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Industrial buying behavior refers to purchases by manufacturing companies and involves need recognition, product specifications, supplier search, proposal solicitation and evaluation, and supplier selection.
B2B buying behaviour
The document discusses organizational buying behavior and consumer buying behavior. Organizational buying behavior is the process by which organizations identify, evaluate and select products and services to purchase. It is a complex group process that involves problem recognition, need description, product specification, supplier search, proposal solicitation, supplier selection and order specification. Consumer buying behavior refers to the purchase decisions and actions of ultimate consumers. It involves information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. There are different types of consumer buying including routine response, limited decision making, extensive decision making, and impulse buying.
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1. Industrial buying involves purchasing items that are right for an organization in terms of quantity, price, time of delivery, etc. Organizations consider both economic objectives like cost and quality as well as non-economic objectives.
2. The buying process involves multiple individuals and departments within an organization. It typically progresses through stages of need recognition, specification of requirements, supplier selection, ordering, and performance evaluation.
3. Government purchasing follows specific processes like registering suppliers, issuing tenders, selecting the lowest bidder (L1), and releasing payments according to rules. It aims to obtain best value for money through competitive bidding.
Industrial buying
The document discusses industrial buying behavior and processes. It begins by explaining how industrial buying differs from consumer buying in that it involves the purchase of machinery, materials, and services for organizational use rather than direct consumption. Industrial buying is a complex process that typically involves multiple participants in the buying center, including initiators, users, influencers, and gatekeepers. There are three main types of industrial buying situations: straight rebuy, modified rebuy, and new tasks. The buying process generally involves recognizing needs, specifying requirements, searching for suppliers, analyzing proposals, selecting suppliers, and post-purchase evaluation. Decision making power is shared among a decision-making unit (DMU) comprising various roles within the organization. Key factors that influence
Industrial marketing
Small changes in consumer demand can impact industrial supply needs. Demand for industrial goods is often derived from demand for other related goods. For example, demand for wood pulp is derived from demand for paper.
Industrial buying involves multiple people in the decision making process compared to consumer buying. Many factors influence industrial purchases, including price, quality, delivery, and services. The purchasing process typically involves understanding needs, specifying requirements, evaluating suppliers, selecting a supplier, and providing feedback.
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The document summarizes Sheth Model of Industrial Buyer Behaviour. It discusses that the model specifies five processes that create different expectations among purchasing agents, engineers, and users involved in buying: background, information sources, search, perception, and satisfaction. It also outlines factors that determine if a buying decision will be joint or autonomous, including product characteristics and company attributes. The model aims to broaden research on organizational buyer behavior and generate new hypotheses.
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The document discusses organizational buying processes and situations. It describes the typical steps in an organizational buying process as problem recognition, need description, specifications, supplier search, proposal analysis, selection, order routine, and performance review. There are three common buying situations: new tasks which require extensive research; modified rebuys where alternatives are reevaluated; and straight rebuys which are recurring needs. The document also discusses factors that influence organizational buying behavior like environmental forces, organizational forces, group forces, and individual forces.
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This document summarizes key concepts about organizational buying and the business buying process. It discusses how organizational buying differs from consumer buying, including that business markets have fewer and larger buyers that are geographically concentrated. It also outlines the different buying situations organizations face, including straight rebuys, modified rebuys, and new tasks. Additionally, it identifies the various roles in organizational buying centers and the environmental, organizational, interpersonal, and individual influences that impact business buying decisions. Finally, it provides an overview of the typical steps in the business purchasing/procurement process.
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Industrial products marketing involves activities related to marketing products and services to organizations that use them for production or business operations. Industrial buyers purchase items on behalf of businesses to satisfy needs and wants through an exchange process. There are different types of consumer purchase decisions like minor new purchases, major new purchases, and major re-purchases based on importance, money, experience. Organizational buying involves a decision process where organizations identify, evaluate and select suppliers and brands to fulfill needs. The buying process within organizations has initiators, users, influencers, deciders, approvers, buyers and gatekeepers. It typically involves problem recognition, need description, supplier search, proposal review, selection, ordering and performance review.
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This document discusses organizational buying behavior in business-to-business contexts. It describes the differences between consumer and organizational buying processes. Organizational buying involves multiple people and stages, including problem recognition, specification, supplier search, selection, and review. Key roles in organizational procurement include buyers, users, initiators, gatekeepers, influencers, and deciders. The document outlines factors that influence organizational buying behavior such as product type, risks, and complex buying centers. It also discusses considerations for B2B marketing including long decision times, high risks, flexibility, and technical knowledge.
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The document summarizes business buying behavior and the business buying decision-making process. There are four main categories of business buyers: producers, resellers, government, and institutions. Business buying involves many people and is a more professional and complex process compared to individual consumer buying. The three main stages of business buying decisions are need recognition, supplier identification, and order placement/performance review. Several factors influence business buyer behavior, including environmental factors, organizational factors, and interpersonal factors within the buying organization.
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This document outlines different levels of products and classifications of products. It discusses 5 levels of a customer-value hierarchy for a product from the core benefit to augmentations that exceed expectations. Products are also classified based on durability, tangibility and use as consumer or industrial goods. Consumer goods include staples, impulse goods, emergency goods, shopping goods that are homogeneous or heterogeneous, and specialty goods. Industrial goods include materials and parts, capital items, and supplies and business services.
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There are 5 levels of a product:
1. Core product - the basic benefit or service sought by consumers
2. Basic product - the core benefit turned into an unbranded, basic product
3. Expected product - includes brand, features, packaging, and attributes expected by consumers
4. Augmented product - exceeds consumer expectations by adding extra services and benefits
5. Potential product - possible future improvements and innovations under technological and market conditions.
Organisational Buying
1. The document discusses key features of business markets, including that they have fewer, larger buyers who seek close relationships with suppliers and engage in professional buying influenced by several factors.
2. It describes business buying behavior as how organizations determine what products and services they need to purchase for use in production, resale, or renting for profit.
3. The business buying process is outlined as how business buyers identify needs, evaluate alternatives, and select among suppliers and brands. Various stages and considerations in the process are defined.
Consumer decision making process
This document discusses the consumer decision making process. It outlines five factors that influence consumer decisions, as well as three levels of consumer decision making ranging from extensive problem solving to routine response behavior. The stages of the consumer decision making process are described, including need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior. An example consumer decision process for purchasing a new car is provided to illustrate these stages.
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The document summarizes Sheth Model of Industrial Buyer Behaviour. It discusses that the model specifies five processes that create different expectations among purchasing agents, engineers, and users involved in buying: background, information sources, search, perception, and satisfaction. It also outlines factors that determine if a buying decision will be joint or autonomous, including product characteristics and company attributes. The model aims to broaden research on organizational buyer behavior and generate new hypotheses.
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This document summarizes key concepts about organizational buying and the business buying process. It discusses how organizational buying differs from consumer buying, including that business markets have fewer and larger buyers that are geographically concentrated. It also outlines the different buying situations organizations face, including straight rebuys, modified rebuys, and new tasks. Additionally, it identifies the various roles in organizational buying centers and the environmental, organizational, interpersonal, and individual influences that impact business buying decisions. Finally, it provides an overview of the typical steps in the business purchasing/procurement process.
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Industrial products marketing involves activities related to marketing products and services to organizations that use them for production or business operations. Industrial buyers purchase items on behalf of businesses to satisfy needs and wants through an exchange process. There are different types of consumer purchase decisions like minor new purchases, major new purchases, and major re-purchases based on importance, money, experience. Organizational buying involves a decision process where organizations identify, evaluate and select suppliers and brands to fulfill needs. The buying process within organizations has initiators, users, influencers, deciders, approvers, buyers and gatekeepers. It typically involves problem recognition, need description, supplier search, proposal review, selection, ordering and performance review.
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The document discusses business buying behavior and the decision making process for purchasing products and services. It notes that business markets have fewer and larger buyers than consumer markets, leading to close supplier-customer relationships. The business buying process involves multiple people in initiator, user, influencer, decider, approver, buyer, and gatekeeper roles. Business purchasing decisions are influenced by environmental, organizational, interpersonal, and individual factors. There are different orientations companies can take toward purchasing, such as buying, procurement, or supply chain management.
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The document discusses business markets and buying behavior. It defines business markets as consisting of individuals, organizations, or groups that purchase products for resale, direct use in production, or operations. Marketing to businesses employs the same concepts as consumer marketing but there are important structural and behavioral differences in business markets like smaller customer populations and different buying methods and quantities purchased. The key categories of business markets are producer markets, reseller markets, government markets, and institutional markets. It also outlines the characteristics of transactions, attributes of customers, primary customer concerns, methods of business buying, types of purchases, factors influencing demand, the business buying decision process, and influences on those decisions.
Nature and scope of industrial marketing
Industrial markets present different challenges than consumer markets. Industrial markets consist of organizations that purchase goods and services to create their own offerings. Industrial marketing involves matching a supplier's capabilities with a customer's desired outcomes to create value for both organizations and their downstream customers. Industrial customers include commercial enterprises like original equipment manufacturers, government organizations, and institutions. These customers often have complex purchase processes involving multiple decision makers. Suppliers must understand the unique characteristics and needs of industrial customers in order to succeed in business-to-business marketing and sales.
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This document discusses organizational buying behavior in business-to-business contexts. It describes the differences between consumer and organizational buying processes. Organizational buying involves multiple people and stages, including problem recognition, specification, supplier search, selection, and review. Key roles in organizational procurement include buyers, users, initiators, gatekeepers, influencers, and deciders. The document outlines factors that influence organizational buying behavior such as product type, risks, and complex buying centers. It also discusses considerations for B2B marketing including long decision times, high risks, flexibility, and technical knowledge.
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The document summarizes business buying behavior and the business buying decision-making process. There are four main categories of business buyers: producers, resellers, government, and institutions. Business buying involves many people and is a more professional and complex process compared to individual consumer buying. The three main stages of business buying decisions are need recognition, supplier identification, and order placement/performance review. Several factors influence business buyer behavior, including environmental factors, organizational factors, and interpersonal factors within the buying organization.
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Introduction to Sales Management – The Sales Organization
– Determining Sales Related Marketing Policies – Sales
Functions and Policies – International Sales Management
– Personal Selling.
Sales Planning – Sales Budgets – Estimating Market
Potential and Forecasting Sales – Sales Quotes – Sales &
Cost Analysis, Sales Force Management: Hiring and Training Sales
Personnel – Time and Territory Management –Compensating Sales Personnel – Motivating the Sales Force
– Leading the Sales Force – Evaluating Sales Force
Performance.
Marketing Logistics - Distribution as Marketing Mix
Element – Distribution Resource Planning – Marketing
Channel Integration – Channel Management – Nature of
Marketing Channels – Evaluating Channel Performance-
Specialized Techniques in selling – Tele Marketing – Web
Marketing
Distribution Cost Analysis: Managing Channel Conflicts –
Channel Information Systems – Wholesaling – Retailing –
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What are the characteristics of products, and how do marketers,classify produ...
This document outlines different levels of products and classifications of products. It discusses 5 levels of a customer-value hierarchy for a product from the core benefit to augmentations that exceed expectations. Products are also classified based on durability, tangibility and use as consumer or industrial goods. Consumer goods include staples, impulse goods, emergency goods, shopping goods that are homogeneous or heterogeneous, and specialty goods. Industrial goods include materials and parts, capital items, and supplies and business services.
robinson faris wind b2b by ansh
This document summarizes the Robinson, Faris and Wind (1967) framework for understanding organizational buying processes. It describes a buying center as the group within an organization that is responsible for major purchasing decisions. It also outlines the buyclass categories of new tasks, modified rebuys, and straight rebuys. Additionally, it details the eight buyphases that comprise the purchasing process according to Robinson, Faris and Wind's model.
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cb Industrial buying behavior
Organizational buying is the process by which a company establishes a need to purchase products to use in production or rent to others. It differs from consumer buying behavior in that organizational buyers have more technical expertise, stable relationships with suppliers, and observable decision-making processes. The key roles in organizational buying are deciders who make decisions, influencers who provide information, consultants who advise, users who initiate purchases, buyers who select suppliers, and gatekeepers who control information flow. Important aspects of organizational buying include differences between individuals involved, joint decision making, product and organizational factors affecting purchases, and situational factors.
Product
There are 5 levels of a product:
1. Core product - the basic benefit or service sought by consumers
2. Basic product - the core benefit turned into an unbranded, basic product
3. Expected product - includes brand, features, packaging, and attributes expected by consumers
4. Augmented product - exceeds consumer expectations by adding extra services and benefits
5. Potential product - possible future improvements and innovations under technological and market conditions.
Organisational Buying
1. The document discusses key features of business markets, including that they have fewer, larger buyers who seek close relationships with suppliers and engage in professional buying influenced by several factors.
2. It describes business buying behavior as how organizations determine what products and services they need to purchase for use in production, resale, or renting for profit.
3. The business buying process is outlined as how business buyers identify needs, evaluate alternatives, and select among suppliers and brands. Various stages and considerations in the process are defined.
Consumer decision making process
This document discusses the consumer decision making process. It outlines five factors that influence consumer decisions, as well as three levels of consumer decision making ranging from extensive problem solving to routine response behavior. The stages of the consumer decision making process are described, including need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior. An example consumer decision process for purchasing a new car is provided to illustrate these stages.
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This document discusses different types of products and services. It defines a product as anything offered for attention, acquisition, use or consumption that might satisfy a want or need, and a service as an intangible activity or benefit offered for sale. Products and services exist at three levels - the core benefit, the actual product, and augmented services. Consumer products are classified as convenience products, shopping products, specialty products, and unsought products based on how and when consumers purchase them. Industrial products include materials and parts, capital items, and supplies and services.
Chapter 3 Defining and Delivering the Product(Tourism and Hospitality Marketing)
This document discusses defining and delivering products. It begins by defining what a product is in marketing terms, noting that products can be physical goods, services, or ideas. It then discusses different ways products can be classified, such as whether they are tangible or intangible, the type of customer they target (consumer vs. business), purchasing behaviors, and industry served. The document also discusses branding strategies and building strong brands. Finally, it provides an overview of the new product development process, outlining key steps such as idea generation, concept development and testing, and commercialization.
Product
This document discusses different concepts related to products. It defines products broadly as anything that can satisfy a need and more narrowly as physical goods. It outlines different concepts of products including tangible, intangible, augmented, and total concepts. It also discusses different levels of products from the core product to the potential product. The document classifies products as consumer products and industrial products and provides examples of each. It further categorizes consumer products as convenience goods, shopping goods, and specialty goods. Finally, it defines industrial products and specifically raw materials as unprocessed items that will be converted into finished goods.
Product levels classification product mix & pricing stratagies
Product Levels & Classification – Product Hierarchy – Product Systems & Mixes – Product Line Analysis – Product Line Length – Concept of Brand Equity & Branding Decisions. Pricing Views – Pricing Objectives – Pricing Methods – Adopting the Price – Initiating & Responding to Price Changes.
Consumers buying behaviour for marketing
The document discusses consumer buying behavior and the consumer decision-making process. It defines consumer behavior as the study of buying units and exchange processes involved in acquiring, consuming, and disposing of goods, services, experiences and ideas. The consumer decision-making process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Cultural, social, individual and psychological factors influence all stages of this process.
principlesofmarketing-180911092936.pptxt
The document defines and discusses various concepts related to products. It begins by defining a product as anything that can satisfy a want or need and is offered in the market for acquisition or consumption. It then discusses different classifications of products such as consumer vs industrial products, convenience vs shopping vs unsought vs specialty products, differentiated vs undifferentiated goods, durable vs non-durable goods, and more. The document also covers key product decisions including branding, packaging, labeling, and product mix. It discusses the product life cycle and levels of a product from the core benefit to the augmented product.
principlesofmarketing-180s911092936.pptx
The document discusses different types and classifications of products. It defines a product and provides definitions from various experts. It then discusses different levels of products from the core product to augmented levels. Products are classified based on whether they are consumer or industrial, and consumer products are further divided into convenience products, shopping products, unsought products and specialty products. Industrial products include materials and parts, capital items and suppliers/services. The document also discusses product differentiation, durability and the stages of the product life cycle.
Product management
The document discusses the concept of products. It defines a product as anything that can be offered to satisfy a want or need, including physical goods, services, ideas, and experiences. It then discusses the meaning, features, levels, and classification of products. It also defines services and discusses the nature and characteristics of services. Finally, it discusses concepts like product mix decisions, product line appraisal, and the product-service continuum.
Module 2 buyer's behavior
1) Consumer and organizational buying behavior differ in who is involved in the decision making, the motives behind purchases, and how rational/technical the process is. Organizational buying involves functional teams while consumer buying is usually an individual.
2) Consumer buying decisions involve need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. Personal factors like demographics, attitudes, and social influences impact consumer decisions.
3) Organizational buying involves determining needs, searching for suppliers, analyzing proposals, selecting suppliers, and providing feedback. Economic and emotional criteria are used at different stages by various decision makers in the organization.
Product
The document discusses the concept of products. It defines a product as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It then discusses the meaning, features, levels, and classification of products. Products can be classified based on tangibility, durability, user type as consumer or industrial goods, and social benefit. The document also discusses product mix decisions, product line appraisal, and product hierarchy.
products levels & classification
Consumers often think that a product is simply the physical item that he or she buys. In order to actively explore the nature of a product further , let’s consider it as three different products – the CORE product, the ACTUAL product, and finally the AUGMENTED product. This concept is known as the Three Levels of a Product.
Unit 3.pptx
The document discusses product development and management. It defines a product as anything that can satisfy a want or need in the market, including both tangible goods and intangible services. It then outlines the different levels of a product from the core benefit to augmentations. It also classifies products based on durability, tangibility, and whether they are consumer or industrial goods. The document concludes by describing the seven stages of new product development: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing.
Product
This document discusses product levels and classification. It outlines 5 levels that add increasing customer value: 1) core benefit, 2) basic product, 3) expected product, 4) augmented product, and 5) potential product. Products can also be classified based on durability, tangibility, and use into nondurable goods, durable goods, and services. Consumer goods are classified as convenience goods, shopping goods, specialty goods, and unsought goods based on shopping habits. Differentiation of products can occur through form, features, performance, quality, durability, reliability, and style.
P R O D U C T C O N C E P T & P R O D U C T M I X
This document discusses product concepts and product mix. It defines what constitutes a product and identifies key product categories like goods, services, and ideas. It also explains the importance of products in marketing. The document outlines five levels in a customer value hierarchy for planning market offerings - core benefit, basic product, expected product, augmented product, and potential product. It classifies products based on durability and tangibility as non-durable goods, durable goods, and services. The document concludes by discussing strategies for managing an optimal product mix, including positioning, expansion, alteration, and contraction.
Consumer Behavior.pptx
Consumer behavior is the study of how individuals select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Understanding consumer behavior is important for businesses to determine how to best market and sell their products. There are many factors that influence consumer decisions, including environmental and marketing stimuli as well as individual characteristics. Businesses use insights from consumer behavior research in activities like market analysis, target market selection, and developing their marketing strategy. A thorough understanding of consumer behavior allows companies to better satisfy consumers and ensure marketing success.
Products, services, and brands
This document discusses key concepts related to products, services, and brands. It defines a product as anything that can satisfy a want or need, including both tangible goods and intangible services. Products have tangible attributes like packaging as well as intangible attributes like perceptions. The document also discusses classifying products based on durability and tangibility, the significance of product planning, differentiating products, and the importance of building strong brands to create customer value and competitive advantages.
Setting product strategy 12
This chapter discusses product strategy and classification. It covers 5 levels of a product from core benefit to potential product. Products are classified based on durability, tangibility, and consumer shopping habits. The chapter also discusses differentiation through various product attributes. It outlines the product hierarchy from need to item and covers product mix, line, pricing and strategies like stretching, filling and modernization. The chapter concludes with topics like co-branding, packaging, labeling, warranties and guarantees.
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Product & Its Analysis
- 3. Marketing Essentials - A Presentation On Product & Consumer Buying Decisions By Pranay Chandra Reddy & Abhilash Manikanta Yadav
- 4. C I. Different Levels Of Product O N T II. Classification Of Products E N III. Consumer Buying Decisions T S
- 5. Definition Of A Product A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase.
- 6. I. Different Levels Of Product
- 7. Different Levels Of Product Three levels of product Core benefit Actual product Augmented product
- 8. Different Levels Of Product Five levels of product Core benefit Generic product Expected product Augmented product Potential product
- 9. PLC
- 10. Classifications/Types Of Products
- 11. Classifications Of Product Products are classified into two types Consumer products Industrial products
- 12. Consumer Products Def. of Consumer products : Those are the products and services bought by final consumers for personal consumption. ζ They are sub-classified as ζ Convenience products ζ Shopping products ζ Specialty products ζ Unsought products
- 13. Industrial Products Def. of Industrial products : Those are products purchased for further processing or for use in conducting a business. ζ They are sub-classified on basis of purpose 4r which de product is purchased ζ Materials and parts ζ Capital items ζ Supplies and services
- 14. Mark Envi
- 15. Consumer Buyer Behavior & Consumer Markets
- 16. Consumer Buyer Behavior Def. of Consumer buyer behavior : It refers to the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption
- 17. Buyer Behavior Model
- 19. Consumer Buying Decision Process Need recognition • Can be triggered by internal or external stimuli. Needs become wants, which lead to behavior •Sources of information: Internal Sources, Personal Sources, External Sources •Time, effort and expense dedicated to information search depends on: Degree of risk involved in Information search the purchase, Amount of expertise with the product category, Actual cost of the search. • Customers evaluate products as bundles of attributes, Customers place different levels Evaluation of of importance on attributes. alternatives • Purchase intention and the act of buying are distinct concepts, Potential intervening Purchase factors between intention and buying, Key issues in the purchase decision stage. decision Post- • Four possible outcomes in the post-purchase stage purchase behavior