module 1 (principles of marketing)

• Product


  Anything that can be offered to a market that can satisfy a need. May be tangible or intangible
• Tangible products


  • Have visible or measurable characteristics, referred to as goods
• Intangible products


  • Do not have physical presence, take the form of services or experiences
• Because of its intangibility, services cannot be touched and cannot be separated from the service provider
• When customers patronize a service or experience, they do not know what they are getting until they get the service or go through that experience
• To address intangibility, it is necessary to add tangible components
• Core product


  Represents the fundamental benefit or value that customers seek when purchasing a particular product
• Actual product


  Addresses the underlying problem or need that the product aims to
• Augmented product


  The additional value added features and services that go beyond the expected product
• Maslow's Hierarchy of Needs

  • Physiological Needs
  • Safety
  • Love & Belonging
  • Esteem
  • Self-Actualization