what are the characteristics of products and how do marketers classify products?
TRANSCRIPT
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Chapter 11: Setting product strategy
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What are the characteristics of products, and how do marketers classify products?
By: Kartik SinglaIndian Institute of Technology(BHU), Varanasi
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Product
Physical goods Services Ideas
"A product is anything that can be offered to
satisfy a need”
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Core benefitIt refers to the service or
benefit the customer is really buying.
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Basic/Generic productIt refers to the marketer’s effort of converting the core benefit into an
product.
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Expected product
It refers to the expectations the consumers have when they purchase a product.
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Augmented product
It refers to the product prepared by the marketer which exceeds the
customer’s expectation.
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Potential product
It includes all the transformations the product might undergo in future.
Potential product
It includes all the possible transformations which the product might undergo in future.
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Product Classification
Durability and Tangibility
Use
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Durability and Tangibility
Nondurable goods (frequently
used, tangible)
Durable goods (can last long, tangible)
Services (perishable, intangible)
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Use
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Shopping goods: Compared on the basis of price, quality and style. Furniture, clothing......
CONSUMER GOODS
Convenience goods: Purchased immediately, frequently. Soaps, soft drinks...
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Unsought goods: Consumer does not have much knowledge or has little intention to buy. Smoke detectors, life insurance......
Speciality goods: Unique brand image enough for buyers to buy. Cars, stereos….
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Installations: Brought directly from the industrial producer. Heavy equipment, buildings....
INDUSTRIAL GOODS Materials and Parts: Goods which enter the manufacturer’s process completely. Farm products, component materials...
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Operating supplies: Short term goods and services, help in managing finished product. Lubricants, coal...
Accessory equipment: Shorter life than installations. Factory and office equipment...
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“These slides were prepared by ‘Kartik Singla’
as a part of an internship done under ‘Prof. Sameer Mathur’ (www.IIMInternship.com).”
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