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Product
- Definition
- Physical Good Service Capable of Offering Attributes
that Customers regard as so Necessary or Satisfying
that they are Prepared to Exchange Money or other
units of Value in order to Acquire it.
- Physical Good Service Capable of Offering Attributes
that Customers regard as so Necessary or Satisfying
that they are Prepared to Exchange Money or other
units of Value in order to Acquire it.
- Anatomy of a Product
- Core Product/Benefit
- Main Purpose or Functionality it Provides
e.g, Car - Transports
- Main Purpose or Functionality it Provides
e.g, Car - Transports
- Tangible Product/Benefit
- Represents the Offer of the Product
e.g, Quality or Comfortable Design
- Represents the Offer of the Product
e.g, Quality or Comfortable Design
- Augmented Product
- Differentiating Features that Competitors might Imitate
e.g, Low-Polluting
- Differentiating Features that Competitors might Imitate
e.g, Low-Polluting
- Potential Product
- Possible Evolution of Product through DT
e.g, Extended Battery life
- Possible Evolution of Product through DT
e.g, Extended Battery life
- Core Product/Benefit
- Classification of a Product
- Durable Products
- Lasts Many Uses, Often Years e.g, Cars
- Lasts Many Uses, Often Years e.g, Cars
- Non-Durable
- Usually Consumed Quickly on Few Occasions
e.g, Food
- Usually Consumed Quickly on Few Occasions
e.g, Food
- Service
- Intangible Offering, Inseparable & Perishable
e.g, Flights or Concert
- Intangible Offering, Inseparable & Perishable
e.g, Flights or Concert
- Durable Products
- Consumer Classification of a Product
- Convenience Products
- Little Involvement, Frequent &
Low Cost Standardizsd Product
e.g, Milk
- Little Involvement, Frequent &
Low Cost Standardizsd Product
e.g, Milk
- Shopping Products
- More Involvement/Differentiation,
Higher Price & Less Frequent Purchase
e.g, Designer Clothes
- More Involvement/Differentiation,
Higher Price & Less Frequent Purchase
e.g, Designer Clothes
- Unsought Products
- Irregular Purchase, 'Hard Sell',
Little Awareness/Interest e.g,
Funeral Services
- Irregular Purchase, 'Hard Sell',
Little Awareness/Interest e.g,
Funeral Services
- Specialty Products
- HIgh Price, Extensive Involvement,
Unique Characteristics, Brand Loyalty
e.g, Cars/Phones
- HIgh Price, Extensive Involvement,
Unique Characteristics, Brand Loyalty
e.g, Cars/Phones
- Convenience Products
- The Product Mix
- Product Line
- Group of Related Products Considered a
Unit for Marketing, Technical Use Purposes
e.g, Dyson Vacuums
- Group of Related Products Considered a
Unit for Marketing, Technical Use Purposes
e.g, Dyson Vacuums
- Product Line Length
- Number of Product Items in a Line
e.g, Dyson's Selection of Vacuums
- Number of Product Items in a Line
e.g, Dyson's Selection of Vacuums
- Product Mix Width
- Number of Product Lines Offered by a Company
e.g, Dyson - Vacuums, Hairdryers, Fans, etc
- Number of Product Lines Offered by a Company
e.g, Dyson - Vacuums, Hairdryers, Fans, etc
- Product Item
- Specific Version of a Product that is Designated as a Distinct Offering
e.g, Dyson V6
- Specific Version of a Product that is Designated as a Distinct Offering
e.g, Dyson V6
- Product Line
- Product Life Cycle
- Boston 'Consulting Group' Matrix
- Five Stages of the PLC
- Product Development - Start to Develop new Product Ideas,
initial costs Related to Designs & Testing.
- Introduction - High Production Costs, Sales Growth is Marginal & Initially Slow
- Growth - Market acceptance Leads to Rapid Sales Growth
- Maturity - Acceptance Gained from Target Buyers = Sales Growth Slows
- Decline - Drop in Sales as Consumers Switch to Newer, Innovative Alternatives
- Decline - Drop in Sales as Consumers Switch to Newer, Innovative Alternatives
- Maturity - Acceptance Gained from Target Buyers = Sales Growth Slows
- Growth - Market acceptance Leads to Rapid Sales Growth
- Introduction - High Production Costs, Sales Growth is Marginal & Initially Slow
- Product Development - Start to Develop new Product Ideas,
initial costs Related to Designs & Testing.
- Innovation Diffusion Graph
- Innovators - Small group of People Exploring New
Ideas & Technologies
- Early Adopters - Opinion Leaders who are Receptive
to Change & Share Reviews
- Early Majority - Followers who are Engaged by Reviews
from Earlier Adopters
- Late Majority - Generally, Sceptics that Reluctantly
Follow the Crowd, Can be Engaged by Marketing
- Laggards - Will only Adopt New Products when
Alternatives become Scarce & Product is Established
- Laggards - Will only Adopt New Products when
Alternatives become Scarce & Product is Established
- Late Majority - Generally, Sceptics that Reluctantly
Follow the Crowd, Can be Engaged by Marketing
- Early Majority - Followers who are Engaged by Reviews
from Earlier Adopters
- Early Adopters - Opinion Leaders who are Receptive
to Change & Share Reviews
- Innovators - Small group of People Exploring New
Ideas & Technologies
- Boston 'Consulting Group' Matrix
- Elements of the Product
- Product Attributes
- Performance Quality, Style &
Features of the Product
- Performance Quality, Style &
Features of the Product
- Branding
- Name, Design, Style, or Symbols that Distinguish the Product through
Values/Philosophies to Build a Loyal Relationship with the Customer
- Name, Design, Style, or Symbols that Distinguish the Product through
Values/Philosophies to Build a Loyal Relationship with the Customer
- Packaging
- Contains & Protects Products
but, Design often Triggers
Brand Recognition/Awareness
- Contains & Protects Products
but, Design often Triggers
Brand Recognition/Awareness
- Labelling
- Graphics that Identify/Decribe the Brand/Product
- Graphics that Identify/Decribe the Brand/Product
- Product Support Services
- Customer Service Department for Complaints, Credit Services or Maintenance/Technical
Advice, Often Implemented to Gain a Competitive Advantage
- Customer Service Department for Complaints, Credit Services or Maintenance/Technical
Advice, Often Implemented to Gain a Competitive Advantage
- Product Attributes
Media attachments
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