Marketing lessons

• PRODUCT


  Anything offered for sale by a firm to buyers to satisfy their wants and needs. Product may take any of the following forms: a physical object, a service, a place, an organization, a personality
• Physical product


  • Quality
  • Reputation of the manufacturer
  • Packaging
  • Credit
  • Information about the product
  • Warranty
  • After sales service
  • Delivery
• Consumer Goods


  Intended for final consumption by consumers
• Industrial Goods


  Used in the production of other goods. Categorized as: installations, accessory equipment, raw materials, component parts, supplies
• Classification of consumer goods

  • Durable goods
  • Nondurable goods
  • Services
• Durable Goods


  Tangible goods which normally survive many uses
• Nondurable Goods


  Tangible products which are consumed in one or a few uses
• Services


  Intangible goods like activities, benefits or satisfaction which are offered for sale
• Classification of consumer goods by shopping habits

  • Convenience goods
  • Shopping goods
  • Specialty goods
  • Unsought goods
• Shopping Goods


  Goods that are bought only after an effort to compare with other goods
• Specialty Goods


  Goods that consumers seek to buy and are not willing or able to accept substitutes
• Unsought Goods


  Goods that are not yet wanted by or are still unknown to the customer
• Levels of Products


  • Core product
  • Actual product
  • Augmented product
• Core Product


  The essential motivational benefit the customer is purchasing
• Actual Product


  The physical and intangible properties or characteristics the product takes on
• Augmented Product


  Extra attributes and features not part of the actual product but offered to make the offering more attractive
• Branding


  The marketing action which identifies and helps differentiate the goods or service of one seller from those of another
• Components of a Brand

  • Brand name
  • Brand mark
• Brand Name


  The part of a brand consisting of words, letters, and/or numbers that can be vocalized
• Packaging


  All activities involved in designing and producing the container or wrapper for a product
• Levels of Packaging


  • Primary package
  • Secondary package
  • Shipping package
• Reasons for Packaging


  • Provides protection to the product
  • Provides convenience to users
  • Provides safety
  • Provides economy to seller and users
  • Allows seller to effectively promote the product
• Labelling


  The part of the product which provides information about the product and manufacturer
• Types of Labels


  • Brand label
  • Descriptive label
  • Grade level label
  • Promotional label
• Product Life Cycle


  The wide array of advertising channels we see daily, including print media, billboard and TV advertising, flyer and poster campaigns, and radio broadcasts