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Week 7: Product (A product is anything that can be offered to a market for…
Week 7: Product
A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or a want
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Services
Intangibility: cannot be seen, tasted, felt, heard, smelled before being bought
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Variability: services are more variable than products as they involve interactions between different staff and customers
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Total Product Concept
Core (or generic) product - the problem-solving services or core benefits that consumers are really buying when they obtain a product. Primary element of the consumer's motivation to consume the product
Expected (or actual) product - the product's parts, styling, features, brand name, packaging and other attributes that combine to deliver core product benefits
Augmented product - additional consumer services and benefits built around core and actual products. Warranties, advice, delivery
Product Classification
Consumer products
Convenience: frequently bought, with minimum buying effort
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Product Decisions
Packaging and labeling
Packaging decisions: designing and producing the container or wrapper for the product. Includes primary package, secondary package, shipping package
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Branding
A name, term, sign, symbol or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
A brand is a perception formed from experiences and communication messages. It is a promise of value to the customer, a cognitive short-cute, and an asset of value to the firm
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New Products
New product development: the development of original products, product improvements, product modifications and new brands through the company's own efforts
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