entrep marketing mix

• Product


  Anything that satisfies a need or a want, can be sold to a market for acquisition, use or consumption. Includes physical products, services, persons, places, organizations and ideas. The tangible good or intangible service that a business offers to its customer in order to satisfy their needs and to produce their expected output.
• Levels of a product

  • Core product - the reason for the product's existence, the part the consumer is actually buying
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  • Actual product - the physical and touchable property of a product
  • Augmented product - additional services and benefits provided to consumers of the product
• Breakthrough products - offer completely new advantages, may create new demand

  • Differentiated products - claim new space in the mind of the customer different from existing products
  • Copycat products - designed, branded or packaged to look exactly like a well-established competitor
  • Niche products - lower reach, lower transparency and lower prices, play minor roles in specific and smaller market segments
• Four classifications of consumer products

  • Specialty products - unique characteristics or brand identification, consumers willing to exert special effort to purchase
  • Shopping products - require personal selling and advertising, located in fewer outlets
  • Convenience products - bought frequently with little effort in decision-making
  • Unsought products - consumers don't know about or normally think of buying, purchase arises due to danger or fear
• Eight elements of good product description

  • Title - promises what the description will deliver
  • Appropriate level of detail - enough to convey a clear picture without unnecessary information
  • Identify audience and their reason for using the description
  • Illustrative visuals - drawings, diagrams, photographs with captions and labels
  • Appropriate and clear sequence
  • Spatial - used to visualize a static item, part of physical description
  • Functional - used to describe a mechanism/device in action, reflects order parts function
  • Chronological - used to describe a process