Shall We Learn About Product

Shall We Learn About Product

What is a product? 

Product is a set of benefits that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need.

Different Forms of Product 

  • Physical objects – soap, salt
  • Services – hotel, airline
  • Experiences – Movies, theme park
  • Events – Fashion shows
  • Persons – Actors, professions
  • Organizations – Colleges 
  • Social ideas – concept design
  • General Ideas – Brush your teeth everyday

Levels of product 

  • Core Product Level

Offering core benefits to the customer. 

  • Actual Product Level

It is a feature that delivers core values. 

For example packaging, brand name, features, design

  • Augmented Product Level

It is the things built into the item to differentiate your product from others. Such as warranty, after services

For example BMW car 

Core PL- transportation 

Actual PL – brand, stated symbol

Types of Product 

  • Nondurable  -This cannot be used for a long period. Tangible. Also rapidly consumed. For example : Milk powder 
  • Durable – Tangible. Last a long time. For example : Television set
  • Services – It is intangible. For example : Teaching

Consumer products 

products and services bought to final consumers for personal use. 

For example: cake

Types of Consumer Products

1. Convenience Goods

  • Customer Buying Behavior 

This type of goods is purchased frequently and immediately with little planning. So purchasing effort is low. 

Price – low

Distribution – readily available when customers need to buy them

Promotion – they conduct the mass promotion 

For example: Toothpaste, newspapers

2. Shopping Goods

  • Customer Buying Behaviour 

They do less frequent purchases. Also, do much planning and shopping effort. So do a comparison of brands on price, quality, and style. 

Price – high

Distribution – selective distribution. So fewer outlets in one area

Promotion – Do advertising and personal selling

For example Home appliances, clothing

3.Speciality Goods

  • Customer Buying Behaviour

Buy products based on brand preferences and loyalty. Make a special purchase effort. So price sensitivity is low. Because of that, customers do a little comparison of brands. 

Price – higher price

Distribution – only available in special outlets 

Promotion – more careful targeted selling

For example: luxury goods, jewellery

3. Unsought Goods 

  • Customer Buying Behaviour 

They have little awareness and knowledge about it. If even aware, they have little or negative interest.

Price – varies. It depends on the types of product

Distribution– varies

Promotion – Aggressive personal selling and advertising. 

For example: Insurance policies 

Industrial Products

products and services purchased for further processing or for use to conduct a business.

Individual product decision 

This has 7 types. They are, 

  • Quality 
  • Features
  • Style and design
  • Branding
  • Packaging
  • Labeling
  • product Support Services

1. Quality 

It is an ability of a product to perform its functions including such as overall durability, reliability, ease of operation, and other valid attributes. 

This is consistency. Also closely linked to customer value and satisfaction. 

2. Feature

This decision adding values is the most effective way to complete. So each features value to customers versus its cost to the company. 

3. Style and Design

Design is the appearance of the product. The distinctive style will grab my attention. It should begin with the customer’s needs and wants.

4. Branding

Brand

Name, term sign, symbol or design, or a combination intended to identify goods or services of a seller and differentiate it from competitor’s products. 

  • Brand name – part of the brand which can be verbalize.
  • Brand Mark – this cannot put into words. 
  • Trademark – brands with legal protection.

5. Packaging 

It is a wrapper or a container.

packaging includes;

  • The primary Package – it is immediate package
  • The secondary Package – thrown away when the product is about to be used
  • The shipping Package – it is used to when delivering. 

The Role of Packaging

  • Self – Service – favorable impression, attack attention & describe the product details .
  • Contains product – Customer Convenience
  • This ensure safety
  • Competitive Advantage – Immediate recognition by the customer- For example: Kodak
  • Facilitate storage and use 
  • Encourage recycling and reducing damage 

6. Labeling 

Labeling

Here, Identifies the item or brand.

Also, describe the product. ( who made it, where it was made, how should be used) 

Provide promotional and design elements.

Adhere to legal and ethical issues. Because legal restrictions impact packaging.

7. Product Support Services

It is after services. For example, fast and reliable delivery, quick instructions, technical information, and advice, repairing, and so on. 

This is a major tool for competitive advantage. It helps to enhance the goodwill of the company. Because customers give positive feedback. Basically, it designs for target customer needs.