Product Concept- Marketing

Topics: Product life cycle management, Product management, Marketing Pages: 3 (572 words) Published: December 15, 2012
TOPIC#
PRODUCT CONCEPT
* What is a product & how it differs from service???
* Types Of Product
* Levels Of Products & Services
* Product Life Cycle
* Brand & Line Extensions
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PRODUCT
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Products include more than just tangible objects. Broadly defined, “products” also include services, events, persons, places, organizations, ideas, or mixes of these. PRODUCT VS. SERVICE

A Product is something you can touch (tangible), A Service is an action performed by someone (intangible). Example: If you buy a new battery for you car, that’s a product. The installation of that battery is a service. TYPES OF CONSUMER PRODUCT:-

Consumer products are the products bought by final consumers for personal consumption. There are four categories of consumer products:  Convenience Product
 Shopping Product
 Specialty Product
 Unsought Product

 Convenience Products:
These are the products that customer buys frequently, immediately and with a minimum amount of comparison and buying effort. Examples include most household items such as food, cleaning products, and personal care products·  Shopping Products:

These are the products that customers compare carefully on suitability, quality, price and style. They are less frequently purchased products. Examples include many clothing products, personal services, electronic products, and household furnishings.  Specialty products:

These are products with unique characteristics or brand identification for which buyers will make special purchase effort. For these products, buyers can even travel to great distances. And they invest in only the time taken to reach the store because they already know what they will buy. Examples include...
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