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) 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

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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 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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