Entrep (2)

• Product - Anything tangible or intangible which in most

  cases a consumer is willing to pay money for, and

  satisfies a consumer’s need and/or want.
• Levels of product;

  Core product

  Actual product

  Augmented product
• Core product - Not tangible

  physical product

  because this is the

  benefit of the

  product that is

  valuable to you.
• Actual product - The tangible, physical

  product. You can get

  some use of it.
• Augmented product - The non

  -physical part

  of the product.
• Consumer goods - That are purchased for personal

  consumption and/or for household use.
• Industrial goods - Purchased in order to make other goods,

  to serve as a raw material or input in the

  production of other goods.
• Undifferentiated goods - Products whose physical

  characteristics are so

  identical, that it would be

  difficult to distinguish

  one purchased from one

  vendor or another.
• Differentiated goods - Are varied in their

  characteristics and

  features that make them

  distinguishable from one

  another.
• Convenience goods - Are product that are

  purchased frequently, are

  usually inexpensive, and do

  not require much purchase

  effort and evaluation.
• Shopping goods - Are purchased less frequently

  than convenience goods, are

  relatively more

  expensive, require some amount

  of information search and

  evaluation prior to purchase.
• Specialty goods - Are goods that require an

  unusually large effort on the

  part of consumers to acquire.
• Unsought goods - Are goods that consumers

  seldom actively look for, and

  are usually purchased for

  extraordinary reasons.
• Consumable - is a product whose benefit

  can only be used by a consumer for a short

  period of time, sometimes only a few

  minutes or may last a few days.
• Semi consumable - provide benefits to the

  consumer for a longer period of time, usually

  spanning several months. Examples are

  clothes, shoes, belts, jackets, etc
• Durables - are products that are

  manufactured to last a long time.
• Service product - an

  intangible item, which arises

  from the output of one or more

  individuals.
• Four major attributes of service product:

  Intangibility

  Variability

  Inseparability

  Perishability
• Intangibility - e x a m p l e s s e r v i c e s o f a

  l a w y e r s , d o c t o r s , a c c o u n t a n t s , e t c .
• Variability - b e c a u s e s e r v i c e s a r e

  p e r f o r m e d b y h u m a n b e i n g a n d i t c o u l d b e

  d o n e i n e v e r y s i n g l e t i m e .
• Inseparability - s e r v i c e s a r e r e n d e r e d

  a n d c o n s u m e d s i m u l t a n e o u s l y .
• Perishability - u n c o n s u m e d s e r v i c e s

  c a n n o t b e s t o r e d o r w a r e h o u s e d .
• Levels of product;

  Core Product

  Actual Product

  Augmented Product