SlideShare a Scribd company logo
PRODUCT
physical goods
Services
Experience
Events
Persons
places
Properties
Organizations
Information
Ideas
Products that are marketed include
• 5 Basic levels
• Each level adds more customer value
• At this level, the core benefit is turned into a basic
product
• Basic step in designing products
• Unbranded, plainly packaged, expensive
• Expected/Formal/Tangible product
• Represents basic requirements, a customer finds essential to
buy a product
• Attributes & conditions required by the customers
• Identified build into products
• Includes brand,name,features,design,packaging and quality
level,styling,attributes,instructions manual
• As interfirm rivalry intensifies, differentiation on basis of
formal product ceases (ceiling fans)
• Marketer searches for a possible differentiation
e.g. Sony camcorder ( name, parts, styling, features,
packaging – deliver core benefit- convenient, high quality way to
capture important moments)
• Marketer prepares an augmented product that
exceeds customer expectations.
• Intangible component of the product along
with formal & core components
• Product built by adding consumer services &
benefits
• Product augmentation leads the marketer to look at the
user’s total consumption system.
• Attributes extended beyond customer expectations,
includes
1. After sales services
2. Delivery points & systems
3. Installation ( bulky products)
4. Customer education & training
5. Customer complaint management
6. Payment options (high end products)
7. Replacement/return policy
8. Guarantees/ warranties
9. Toll free number, etc.
• These are added intangibles looked for when technology
fails to differentiate
• Future competition will be in the “Augmented
Products”
• Service component is expanded that enhances the
product value
• No fixed range of services, based on customer needs
• Some may not be able to use extra services
• Augmented product is a condition of mkt maturity/of
relatively experienced/ sophisticated customers
• Potential/Future product
 Includes all possible improvements under given
technological, economical, competitive conditions
 Helps to attract & retain customers
 These offerings differ from 1 market to another
because of varying competitive conditions
 Driving force- to retain competitive advantage.
1. Consumer Products
Convenience products
Shopping Product
Specialty Product
Unsought Product
Industrial Products
2. Industrial Products
Materials & parts
Capital items
Supplies and Services
Consumer Products:
• Bought by final consumers for personal consumption
• Categorized as…
Convenience products
• Bought frequently, immediately with minimum
comparison and buying effort.
• Are low priced
• Available in many locations
e.g. Soap, candy, newspapers, fast food
Shopping Product
• Characteristically compared on the basis of suitability,
quality, price and style while selection and purchase.
• Distributed through fewer outlets
• e.g. Furniture, clothing, used cars, major appliances,
hotel and airline services.
Specialty Product
• Has unique characteristics or brand identification for
which a significant group of buyer is willing to make
a special purchase effort
• People travel even long distances to buy them
(Lamborghini)
• No comparison is involved in buying.
• e.g. Specific brands, types of cars, high priced
photographic equipment's, designer clothes, services
of medical/ legal specialists
Unsought Product
• Consumer either does not know about/ knows about but
does not normally think of buying it.
• Require a lot of advertising, personal selling and
marketing efforts.
e.g. Life insurance, pre planned funeral services and
blood donations
2. Industrial Products:
• Distinguished from consumer products on the basis of
usage
e.g. A lawn mower.
Materials & parts
i. Raw materials & parts:
Farm products, (wheat, cotton, livestock, fruits, vegetables)
Natural products (fish, lumber, crude oils, iron ore)
ii. Manufactured materials & parts:
Component materials (iron yarn, cement, wires)
Component parts ( small motors, tires, castings)
Capital items
Aid in buyer’s production or operations
i. Installations:
Major purchases (factories, offices)
fixed equipment ( generators, elevators, computer systems)
ii. Accessory equipment's:
Portable factory equipment's and tools (hand tools, lift trucks)
Office equipment's ( computers, fax machines, desks)
Supplies and Services:
Are convenience products
i. Supplies
Operating supplies (Lubricants, coal, paper, pencil)
Repair and maintenance (paint, nails, brooms)
ii. Services
Maintenance and repair services (window clearing, computer repair)
Business advisory services (legal, management, consulting, advertising)
What Is Product

More Related Content

What's hot

Levels of product Offering.
Levels of product Offering.Levels of product Offering.
Levels of product Offering.
Rizwan Khan
 
Product mix
Product mixProduct mix
Product mix
Alisha Adhikari
 
Product And Product Lines 8
Product And Product Lines 8Product And Product Lines 8
Product And Product Lines 8
rajesh panda
 
Classification of industrial products and services
Classification of industrial products and servicesClassification of industrial products and services
Classification of industrial products and services
Rishav Sarkar
 
Product line decisions & Product Life Cycle
Product line decisions & Product Life CycleProduct line decisions & Product Life Cycle
Product line decisions & Product Life Cycle
Manu Antony
 
Classification of industrial product
Classification of industrial productClassification of industrial product
Classification of industrial product
Dr. Chandra Shekhar Singh
 
Pricing decision
Pricing decisionPricing decision
Pricing decision
Vijyata Singh
 
Product And Its Classifications
Product And Its ClassificationsProduct And Its Classifications
Product And Its Classifications
anujsurana
 
Market segmentation
Market segmentationMarket segmentation
Market segmentation
ashishKPD
 
Analyzing Business Market
Analyzing Business MarketAnalyzing Business Market
Analyzing Business Market
Huê Bùi Thị
 
Product & Pricing Strategies
Product & Pricing StrategiesProduct & Pricing Strategies
Product & Pricing Strategies
guest082e19
 
Product life cycle
Product life cycleProduct life cycle
Product life cycle
Farhana Islam Chowdhury
 
Industrial buying decision process
Industrial buying decision processIndustrial buying decision process
Industrial buying decision process
Dr. Chandra Shekhar Singh
 
Product concept, level , classification, mix and product life cycle and its m...
Product concept, level , classification, mix and product life cycle and its m...Product concept, level , classification, mix and product life cycle and its m...
Product concept, level , classification, mix and product life cycle and its m...
PROF.JITENDRA PATEL
 
Pricing of services
Pricing of servicesPricing of services
Pricing of services
Dr. Sneha Sharma
 
Classification Of Product
Classification Of ProductClassification Of Product
Classification Of Product
GOEL'S WORLD
 
New Product failures
New Product failuresNew Product failures
Product descision
Product descisionProduct descision
Product descision
ankit@sahgal
 
Product classification
Product classificationProduct classification
Product classification
amaresh tyagi
 
Product and brand management ppt
Product and brand management pptProduct and brand management ppt
Product and brand management ppt
Mukku Jakkaraiah
 

What's hot (20)

Levels of product Offering.
Levels of product Offering.Levels of product Offering.
Levels of product Offering.
 
Product mix
Product mixProduct mix
Product mix
 
Product And Product Lines 8
Product And Product Lines 8Product And Product Lines 8
Product And Product Lines 8
 
Classification of industrial products and services
Classification of industrial products and servicesClassification of industrial products and services
Classification of industrial products and services
 
Product line decisions & Product Life Cycle
Product line decisions & Product Life CycleProduct line decisions & Product Life Cycle
Product line decisions & Product Life Cycle
 
Classification of industrial product
Classification of industrial productClassification of industrial product
Classification of industrial product
 
Pricing decision
Pricing decisionPricing decision
Pricing decision
 
Product And Its Classifications
Product And Its ClassificationsProduct And Its Classifications
Product And Its Classifications
 
Market segmentation
Market segmentationMarket segmentation
Market segmentation
 
Analyzing Business Market
Analyzing Business MarketAnalyzing Business Market
Analyzing Business Market
 
Product & Pricing Strategies
Product & Pricing StrategiesProduct & Pricing Strategies
Product & Pricing Strategies
 
Product life cycle
Product life cycleProduct life cycle
Product life cycle
 
Industrial buying decision process
Industrial buying decision processIndustrial buying decision process
Industrial buying decision process
 
Product concept, level , classification, mix and product life cycle and its m...
Product concept, level , classification, mix and product life cycle and its m...Product concept, level , classification, mix and product life cycle and its m...
Product concept, level , classification, mix and product life cycle and its m...
 
Pricing of services
Pricing of servicesPricing of services
Pricing of services
 
Classification Of Product
Classification Of ProductClassification Of Product
Classification Of Product
 
New Product failures
New Product failuresNew Product failures
New Product failures
 
Product descision
Product descisionProduct descision
Product descision
 
Product classification
Product classificationProduct classification
Product classification
 
Product and brand management ppt
Product and brand management pptProduct and brand management ppt
Product and brand management ppt
 

Similar to What Is Product

Product
ProductProduct
Setting Product Strategy / Marketing Management By kotler Keller
Setting Product Strategy / Marketing Management By kotler KellerSetting Product Strategy / Marketing Management By kotler Keller
Setting Product Strategy / Marketing Management By kotler Keller
Choudhry Asad
 
Setting Product Strategy
Setting Product StrategySetting Product Strategy
Setting Product Strategy
Nishant Agrawal
 
principlesofmarketing-180911092936.pptxt
principlesofmarketing-180911092936.pptxtprinciplesofmarketing-180911092936.pptxt
principlesofmarketing-180911092936.pptxt
cjoypingaron
 
principlesofmarketing-180s911092936.pptx
principlesofmarketing-180s911092936.pptxprinciplesofmarketing-180s911092936.pptx
principlesofmarketing-180s911092936.pptx
cjoypingaron
 
Concepts of pdts intrdn
Concepts of pdts intrdnConcepts of pdts intrdn
Product management
Product managementProduct management
Product management
Sagar Gadekar
 
Unit - 1 - PRODUCT.pdf
Unit - 1 - PRODUCT.pdfUnit - 1 - PRODUCT.pdf
Unit - 1 - PRODUCT.pdf
MukindaChavhan
 
Marketing Management Series 08
Marketing Management Series 08Marketing Management Series 08
Marketing Management Series 08
Jared Offei
 
principlesofmarketing lesson 2.powerpointx
principlesofmarketing lesson 2.powerpointxprinciplesofmarketing lesson 2.powerpointx
principlesofmarketing lesson 2.powerpointx
cjoypingaron
 
Setting product-strategy
Setting product-strategySetting product-strategy
Setting product-strategy
sherif elkady
 
Chapter7 Marketing Management
Chapter7 Marketing ManagementChapter7 Marketing Management
Chapter7 Marketing Management
PeleZain
 
Setting product strategy
Setting product strategySetting product strategy
Setting product strategy
eyad-gh
 
business marketing module 1.pdf
business marketing module 1.pdfbusiness marketing module 1.pdf
business marketing module 1.pdf
Shaik724049
 
products levels & classification
products levels & classificationproducts levels & classification
products levels & classification
DevendraSingh515
 
Marketing
Marketing Marketing
Marketing
salihaasad
 
Product
ProductProduct
Product
Sujan Oli
 
Product Classification: Convenience, Shopping, Specialty.pptx
Product Classification: Convenience, Shopping, Specialty.pptxProduct Classification: Convenience, Shopping, Specialty.pptx
Product Classification: Convenience, Shopping, Specialty.pptx
delphinvizcarra1
 
Business marketing bims-1 & 2 module
Business marketing bims-1 & 2 moduleBusiness marketing bims-1 & 2 module
Business marketing bims-1 & 2 module
Ashish Sahu
 
Branding Management
Branding  ManagementBranding  Management
Branding Management
Nivedh Eustace
 

Similar to What Is Product (20)

Product
ProductProduct
Product
 
Setting Product Strategy / Marketing Management By kotler Keller
Setting Product Strategy / Marketing Management By kotler KellerSetting Product Strategy / Marketing Management By kotler Keller
Setting Product Strategy / Marketing Management By kotler Keller
 
Setting Product Strategy
Setting Product StrategySetting Product Strategy
Setting Product Strategy
 
principlesofmarketing-180911092936.pptxt
principlesofmarketing-180911092936.pptxtprinciplesofmarketing-180911092936.pptxt
principlesofmarketing-180911092936.pptxt
 
principlesofmarketing-180s911092936.pptx
principlesofmarketing-180s911092936.pptxprinciplesofmarketing-180s911092936.pptx
principlesofmarketing-180s911092936.pptx
 
Concepts of pdts intrdn
Concepts of pdts intrdnConcepts of pdts intrdn
Concepts of pdts intrdn
 
Product management
Product managementProduct management
Product management
 
Unit - 1 - PRODUCT.pdf
Unit - 1 - PRODUCT.pdfUnit - 1 - PRODUCT.pdf
Unit - 1 - PRODUCT.pdf
 
Marketing Management Series 08
Marketing Management Series 08Marketing Management Series 08
Marketing Management Series 08
 
principlesofmarketing lesson 2.powerpointx
principlesofmarketing lesson 2.powerpointxprinciplesofmarketing lesson 2.powerpointx
principlesofmarketing lesson 2.powerpointx
 
Setting product-strategy
Setting product-strategySetting product-strategy
Setting product-strategy
 
Chapter7 Marketing Management
Chapter7 Marketing ManagementChapter7 Marketing Management
Chapter7 Marketing Management
 
Setting product strategy
Setting product strategySetting product strategy
Setting product strategy
 
business marketing module 1.pdf
business marketing module 1.pdfbusiness marketing module 1.pdf
business marketing module 1.pdf
 
products levels & classification
products levels & classificationproducts levels & classification
products levels & classification
 
Marketing
Marketing Marketing
Marketing
 
Product
ProductProduct
Product
 
Product Classification: Convenience, Shopping, Specialty.pptx
Product Classification: Convenience, Shopping, Specialty.pptxProduct Classification: Convenience, Shopping, Specialty.pptx
Product Classification: Convenience, Shopping, Specialty.pptx
 
Business marketing bims-1 & 2 module
Business marketing bims-1 & 2 moduleBusiness marketing bims-1 & 2 module
Business marketing bims-1 & 2 module
 
Branding Management
Branding  ManagementBranding  Management
Branding Management
 

Recently uploaded

Pillar-Based Marketing Master Class - Ryan Brock
Pillar-Based Marketing Master Class - Ryan BrockPillar-Based Marketing Master Class - Ryan Brock
From Subreddits To Search: Maximizing Your Brand's Impact On Reddit
From Subreddits To Search: Maximizing Your Brand's Impact On RedditFrom Subreddits To Search: Maximizing Your Brand's Impact On Reddit
From Subreddits To Search: Maximizing Your Brand's Impact On Reddit
Search Engine Journal
 
Pillar-Based Marketing - Ryan Brock, DemandJump
Pillar-Based Marketing - Ryan Brock, DemandJumpPillar-Based Marketing - Ryan Brock, DemandJump
Efficient Website Management for Digital Marketing Pros
Efficient Website Management for Digital Marketing ProsEfficient Website Management for Digital Marketing Pros
Efficient Website Management for Digital Marketing Pros
Lauren Polinsky
 
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptx
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptxMindfulness Techniques Cultivating Calm in a Chaotic World.pptx
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptx
elizabethella096
 
Breaking Silos To Break Bank: Shattering The Divide Between Search And Social
Breaking Silos To Break Bank: Shattering The Divide Between Search And SocialBreaking Silos To Break Bank: Shattering The Divide Between Search And Social
Breaking Silos To Break Bank: Shattering The Divide Between Search And Social
Navah Hopkins
 
Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...
Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...
Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 
Growth Marketing in 2024 - Randy Rayess, Outgrow
Growth Marketing in 2024 - Randy Rayess,  OutgrowGrowth Marketing in 2024 - Randy Rayess,  Outgrow
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 
Mastering SEO for Google in the AI Era - Dennis Yu
Mastering SEO for Google in the AI Era - Dennis YuMastering SEO for Google in the AI Era - Dennis Yu
How American Bath Group Leveraged Kontent
How American Bath Group Leveraged KontentHow American Bath Group Leveraged Kontent
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptxFrom Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
Boston SEO Services
 
Practical Progress from a Theory by Steven Kingpdf
Practical Progress from a Theory by Steven KingpdfPractical Progress from a Theory by Steven Kingpdf
Practical Progress from a Theory by Steven Kingpdf
william charnock
 
How To Navigate AI - The Future is Yours to Define - Tim Hayden
How To Navigate AI - The Future is Yours to Define - Tim HaydenHow To Navigate AI - The Future is Yours to Define - Tim Hayden
How To Navigate AI - The Future is Yours to Define - Tim Hayden
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 
Etsy Marketing Guide - Tips For Selling Digital Products
Etsy Marketing Guide - Tips For Selling Digital ProductsEtsy Marketing Guide - Tips For Selling Digital Products
Etsy Marketing Guide - Tips For Selling Digital Products
kcblog21
 
WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...
WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...
WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...
Veronika Höller
 
Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...
Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...
Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 
Global Growth Starts With Translation - How To Unlock Global Markets - Tim Kirby
Global Growth Starts With Translation - How To Unlock Global Markets - Tim KirbyGlobal Growth Starts With Translation - How To Unlock Global Markets - Tim Kirby
Global Growth Starts With Translation - How To Unlock Global Markets - Tim Kirby
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 
Influencer Marketing Master Class - Alexis Andreasik
Influencer Marketing Master Class - Alexis AndreasikInfluencer Marketing Master Class - Alexis Andreasik
Influencer Marketing Master Class - Alexis Andreasik
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 
Podcast, The New Marketing Currency - Ozeal Debastos
Podcast, The New Marketing Currency - Ozeal DebastosPodcast, The New Marketing Currency - Ozeal Debastos
Podcast, The New Marketing Currency - Ozeal Debastos
DigiMarCon - Digital Marketing, Media and Advertising Conferences & Exhibitions
 

Recently uploaded (20)

Pillar-Based Marketing Master Class - Ryan Brock
Pillar-Based Marketing Master Class - Ryan BrockPillar-Based Marketing Master Class - Ryan Brock
Pillar-Based Marketing Master Class - Ryan Brock
 
From Subreddits To Search: Maximizing Your Brand's Impact On Reddit
From Subreddits To Search: Maximizing Your Brand's Impact On RedditFrom Subreddits To Search: Maximizing Your Brand's Impact On Reddit
From Subreddits To Search: Maximizing Your Brand's Impact On Reddit
 
Pillar-Based Marketing - Ryan Brock, DemandJump
Pillar-Based Marketing - Ryan Brock, DemandJumpPillar-Based Marketing - Ryan Brock, DemandJump
Pillar-Based Marketing - Ryan Brock, DemandJump
 
Efficient Website Management for Digital Marketing Pros
Efficient Website Management for Digital Marketing ProsEfficient Website Management for Digital Marketing Pros
Efficient Website Management for Digital Marketing Pros
 
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptx
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptxMindfulness Techniques Cultivating Calm in a Chaotic World.pptx
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptx
 
Breaking Silos To Break Bank: Shattering The Divide Between Search And Social
Breaking Silos To Break Bank: Shattering The Divide Between Search And SocialBreaking Silos To Break Bank: Shattering The Divide Between Search And Social
Breaking Silos To Break Bank: Shattering The Divide Between Search And Social
 
Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...
Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...
Digital Marketing Trends - Experts Insights on How to Gain a Competitive Edge...
 
Growth Marketing in 2024 - Randy Rayess, Outgrow
Growth Marketing in 2024 - Randy Rayess,  OutgrowGrowth Marketing in 2024 - Randy Rayess,  Outgrow
Growth Marketing in 2024 - Randy Rayess, Outgrow
 
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott...
 
Mastering SEO for Google in the AI Era - Dennis Yu
Mastering SEO for Google in the AI Era - Dennis YuMastering SEO for Google in the AI Era - Dennis Yu
Mastering SEO for Google in the AI Era - Dennis Yu
 
How American Bath Group Leveraged Kontent
How American Bath Group Leveraged KontentHow American Bath Group Leveraged Kontent
How American Bath Group Leveraged Kontent
 
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptxFrom Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptx
 
Practical Progress from a Theory by Steven Kingpdf
Practical Progress from a Theory by Steven KingpdfPractical Progress from a Theory by Steven Kingpdf
Practical Progress from a Theory by Steven Kingpdf
 
How To Navigate AI - The Future is Yours to Define - Tim Hayden
How To Navigate AI - The Future is Yours to Define - Tim HaydenHow To Navigate AI - The Future is Yours to Define - Tim Hayden
How To Navigate AI - The Future is Yours to Define - Tim Hayden
 
Etsy Marketing Guide - Tips For Selling Digital Products
Etsy Marketing Guide - Tips For Selling Digital ProductsEtsy Marketing Guide - Tips For Selling Digital Products
Etsy Marketing Guide - Tips For Selling Digital Products
 
WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...
WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...
WTS-Berlin-2024-Veronika-Höller-Innovate-NextGEN-SEO-Merging-AI-Multimedia-an...
 
Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...
Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...
Data-Driven Personalization - Build a Competitive Advantage by Knowing Your C...
 
Global Growth Starts With Translation - How To Unlock Global Markets - Tim Kirby
Global Growth Starts With Translation - How To Unlock Global Markets - Tim KirbyGlobal Growth Starts With Translation - How To Unlock Global Markets - Tim Kirby
Global Growth Starts With Translation - How To Unlock Global Markets - Tim Kirby
 
Influencer Marketing Master Class - Alexis Andreasik
Influencer Marketing Master Class - Alexis AndreasikInfluencer Marketing Master Class - Alexis Andreasik
Influencer Marketing Master Class - Alexis Andreasik
 
Podcast, The New Marketing Currency - Ozeal Debastos
Podcast, The New Marketing Currency - Ozeal DebastosPodcast, The New Marketing Currency - Ozeal Debastos
Podcast, The New Marketing Currency - Ozeal Debastos
 

What Is Product

  • 1.
  • 4. • 5 Basic levels • Each level adds more customer value
  • 5.
  • 6. • At this level, the core benefit is turned into a basic product • Basic step in designing products • Unbranded, plainly packaged, expensive
  • 7. • Expected/Formal/Tangible product • Represents basic requirements, a customer finds essential to buy a product • Attributes & conditions required by the customers • Identified build into products • Includes brand,name,features,design,packaging and quality level,styling,attributes,instructions manual • As interfirm rivalry intensifies, differentiation on basis of formal product ceases (ceiling fans) • Marketer searches for a possible differentiation e.g. Sony camcorder ( name, parts, styling, features, packaging – deliver core benefit- convenient, high quality way to capture important moments)
  • 8. • Marketer prepares an augmented product that exceeds customer expectations. • Intangible component of the product along with formal & core components • Product built by adding consumer services & benefits
  • 9. • Product augmentation leads the marketer to look at the user’s total consumption system. • Attributes extended beyond customer expectations, includes 1. After sales services 2. Delivery points & systems 3. Installation ( bulky products) 4. Customer education & training 5. Customer complaint management 6. Payment options (high end products) 7. Replacement/return policy 8. Guarantees/ warranties 9. Toll free number, etc.
  • 10. • These are added intangibles looked for when technology fails to differentiate • Future competition will be in the “Augmented Products” • Service component is expanded that enhances the product value • No fixed range of services, based on customer needs • Some may not be able to use extra services • Augmented product is a condition of mkt maturity/of relatively experienced/ sophisticated customers
  • 11. • Potential/Future product  Includes all possible improvements under given technological, economical, competitive conditions  Helps to attract & retain customers  These offerings differ from 1 market to another because of varying competitive conditions  Driving force- to retain competitive advantage.
  • 12. 1. Consumer Products Convenience products Shopping Product Specialty Product Unsought Product Industrial Products 2. Industrial Products Materials & parts Capital items Supplies and Services
  • 13. Consumer Products: • Bought by final consumers for personal consumption • Categorized as…
  • 14. Convenience products • Bought frequently, immediately with minimum comparison and buying effort. • Are low priced • Available in many locations e.g. Soap, candy, newspapers, fast food
  • 15. Shopping Product • Characteristically compared on the basis of suitability, quality, price and style while selection and purchase. • Distributed through fewer outlets • e.g. Furniture, clothing, used cars, major appliances, hotel and airline services.
  • 16. Specialty Product • Has unique characteristics or brand identification for which a significant group of buyer is willing to make a special purchase effort • People travel even long distances to buy them (Lamborghini) • No comparison is involved in buying. • e.g. Specific brands, types of cars, high priced photographic equipment's, designer clothes, services of medical/ legal specialists
  • 17. Unsought Product • Consumer either does not know about/ knows about but does not normally think of buying it. • Require a lot of advertising, personal selling and marketing efforts. e.g. Life insurance, pre planned funeral services and blood donations
  • 18. 2. Industrial Products: • Distinguished from consumer products on the basis of usage e.g. A lawn mower.
  • 19. Materials & parts i. Raw materials & parts: Farm products, (wheat, cotton, livestock, fruits, vegetables) Natural products (fish, lumber, crude oils, iron ore) ii. Manufactured materials & parts: Component materials (iron yarn, cement, wires) Component parts ( small motors, tires, castings)
  • 20. Capital items Aid in buyer’s production or operations i. Installations: Major purchases (factories, offices) fixed equipment ( generators, elevators, computer systems) ii. Accessory equipment's: Portable factory equipment's and tools (hand tools, lift trucks) Office equipment's ( computers, fax machines, desks)
  • 21. Supplies and Services: Are convenience products i. Supplies Operating supplies (Lubricants, coal, paper, pencil) Repair and maintenance (paint, nails, brooms) ii. Services Maintenance and repair services (window clearing, computer repair) Business advisory services (legal, management, consulting, advertising)