Topic 6 Products, Services and Brands
What is a product?
Product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want
What is a service?
Service is a product that consists of activities, benefits, or satisfactions and that is essentially intangible.
Consumer Products
Convenience
Shopping
Speciality
Unsought
Industrial Products
Materials and parts
Capital items
Supplies and services
Individual Product and Service Decisions
Nature and Characteristics of a Service
Intangibility
Variability
Inseparability
Perishability
New Product Development Refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development
Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product.
Product Life Cycle
Product Development
Introduction
Growth
Maturity
Decline