Chapter 10
Chapter 10
Product Concepts Learning Outcomes:
LO1: Define the term "product".
LO2: Classify the different types of consumer products.
LO3: Define the terms "product item", "product line" , and "product mix".
LO4: Discuss the benefits of branding in marketing. LO5: Discuss the different branding strategies. LO6: Describe marketing uses of packaging, labeling, and warranties.
1
Chapter 10
Product Concepts
Product is the starting point of Marketing Mix
Product
Price
Promotion
Place (Distribution) 2
Chapter 10 Product Concepts Product ? defined
Everything, both favorable and unfavorable, that a person receives in an exchange.
Good
Rolex Watch
Product
Service
Hair cut
Idea
Don't smoke
3
Chapter 10
Product Concepts Types of Products
? Business Product - A product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other consumers (Chapter 7). ? Consumer Product - A product bought to satisfy an individual's personal needs/ wants.
Consumer Products
Convenience Products
Shopping Products
Specialty Products
Unsought Products
4
Chapter 10 Product Concepts
Types of Consumer Products
Convenience Product
A relatively inexpensive item that merits little shopping effort
Shopping Product
Specialty Product
Unsought Product
A product that requires comparison shopping, because it is usually more expensive and found in fewer stores
A particular item for which consumers search extensively and are reluctant to accept substitutes
A product unknown to the potential buyer or a known product that the buyer does not actively seek
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