This article contains the explanation of product, one of the 4P's marketing mix.
The explanation consists of infographic and the detail explanation.
The explanation consists of infographic and the detail explanation.
Below are the infographics of product classification in Marketing
Marketing Notes about Product
- A product is a goods or services consisting of a bundle of tangible and intangible things that satisfies the customer's need.
- Physical product is a tangible goods which is offered to a particular market for its use, attention, and consumption that can satisfy the people's demands.
- The differences between services and goods:
a. Service is intangible things.
b. Goods are tangible things.
- Product is the key factor in market offering that delivers values to the certain market.
- Product must have benefits to the customers.
- Product planning is systematic decision making related to all aspects of the development of the product.
- There are three status of products, they are:
a. Core product: core benefits of the product that will be delivered to the customer.
b. Actual product: actual product around the core product, and it has several attributes, they are quality level, features, brand name, and packaging.
c. Augmented product: additional benefits that offered to the customer, and it has some attributes, they are product warranty and customer training after sales.
- There are two types of product based on final purchaser, they are:
a. Consumer product: product for the final consumer (for personal used).
b. Business to business product: product for the organization.
- Product classification for consumer product:
1. Convenience product: inexpensive and frequently purchased product; consumers will accept a substitute.
2. Shopping product: consumers are not particularly brand loyal.
3. Specialty product: Product designed for unique markets; consumer will not accept a substitute.
4. Unsought product: product which consumers are unaware.
- Product classification for business to business (B2B) product:
1. Production goods: raw materials, component parts.
2. Support goods: major equipment, consumable supplies.
- Elements of product mix are three, they are:
1. Product item: a single product
2. Product line: all items which have the same type.
3. Product mix: total group of products that managed by an organization.
- A product category is all the products that offering the same general functionality.
- Product life cycle is a series of phases in the product life which begins with delivery to the market and ends with removal from the market.
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