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.

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Chapter 10

Product Concepts

Product is the starting point of

Marketing Mix

Product

Price

Promotion

Place (Distribution)

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Chapter 10

Product Concepts

Product ¨C defined

Everything, both favorable and unfavorable, that a person receives in an exchange.

Good

Service

Rolex Watch

Hair cut

Product

Idea

Don¡¯t smoke

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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

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Chapter 10

Types of Consumer Products

Product Concepts

Convenience

Product

A relatively inexpensive item that merits little

shopping effort

Shopping

Product

A product that requires comparison shopping,

because it is usually more expensive and found

in fewer stores

Specialty

Product

A particular item for which consumers search

extensively and are reluctant to accept

substitutes

Unsought

Product

A product unknown to the potential buyer or a

known product that the buyer does not actively

seek

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