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Chapter 3: Product and services - Coggle Diagram
Chapter 3:
Product and services
Product
-Anything that is capable of satisfying customer needs
Tangible product
eg: Ice cream
Intangible product
eg: service
Types of consumer goods
Shopping goods
-The purchases are made less frequently
-The consumer is less knowledgeable about the
products that are available
Specialty goods
Often characterised by extensive search and an extreme reluctance to
accept substitutes for the chosen product.
Convenience goods
The purchase of these goods requires very little effort and are often relatively
inexpensive
Unsought goods
Product that the consumer does not actively seek out and may not even be
aware of them.
Service
-Intangible products that are exchanged directly from the producer to the customer.
Characteristics of service
Perishability
Variability
Intangible
Inseparability
Product Mix
-A total set of brands marketed in a company. It is the total of the product lines offered.
Product Line
-A group of brands that are closely related in terms of their functions and benefits they provide.
Branding
-Can be described as the personality of the product, it is its name, term, sign, symbol or design or a combination of these items to indicate the identity
Brand Equity
-Refers to the value of the brand or how much it is worth
Various Branding Methods
-Individual Brands
-Family Brands
-Store Brands
-Corporate Branding
Generic Brands
-Licensing
-Co-branding
-Ingredient branding