Basic principles on product management
Product Concepts
Basic principles on product management
What is a product?
Everything, favorable or unfavorable, that a person receives in an exchange, from money.
Price
Product is
the "heart" of Marketing Mix
Promotion
Place (Distribution)
Classification of Products
Product Classifications
Business Product
A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other consumers.
Consumer Product
Product bought to satisfy an individual's personal wants
What kind of products are these?
Chapter 9 Version 6e
5
Types of consumer products
PRODUCTS
Consumer Products
Business Products
Convenience Products
Shopping Products
Specialty Products
Unsought Products
Types of consumer products
Convenience Product
Shopping Product
Specialty Product
Unsought Product
A relatively inexpensive item that merits little shopping effort.
A product that requires comparison shopping, because it is usually more expensive and found in fewer stores.
A particular item that consumers search extensively for, generally it has no substitutes, and it?s available only in specific stores.
A product unknown to the potential buyer or a known product that the buyer does not actively seek.
Types of consumer products
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