The Product
The Product
OBJECTIVES: * Definition of Product * Product Concept * What is Branding Packaging and Labeling
What is Product? A product is anything offered for sale by a firm to buyers to satisfy their wants and needs. Products may take any of the following forms: * A physical object like a toy or a kilo of pork * A service like a Ferris wheel ride or a dental check-up * A place like London or Boracay * An organization like the Knights of Columbus or the Philippine Marketing Association * An idea like “Pro-life” or “The Preservation of the ozone layer” * A personality like Coco Martin or John Lloyd Cruz
To maintain the interest of buyers, the physical products are most often provided with benefits like: Quality, Reputation of the Manufacturer, Packaging, Credit, Information about the Product, Warranty, After Sales service and Delivery. Classification of Products Two Categories: Consumer Goods & Industrial Goods
Consumer Goods Consumer goods are those intended for final consumption by consumers. They may be classified according to: The rate of consumption and tangibility & the consumer’s shopping habits.
Rate of Consumption and Tangibility
Durable goods are tangible goods which normally survive many uses.
Nondurable goods are tangible products which are consumed in one or a few uses.
Services are intangible goods like activities, benefits, or satisfactions which are offered for sale.
Consumer’s Shopping Habits
Convenience goods are those which are purchased with a minimum or effort. Many of them are readily available in many retail outlets. Examples are soap, bread, soft drinks, and milk.
Shopping goods are those that are bought only after an effort to compare with other goods is made. Examples are radio sets, cell phones and shoes.
Specialty goods are those that the consumers seek to buy and they are not willing or they are not able to accept substitutes. Examples are special medicines,
OBJECTIVES: * Definition of Product * Product Concept * What is Branding Packaging and Labeling
What is Product? A product is anything offered for sale by a firm to buyers to satisfy their wants and needs. Products may take any of the following forms: * A physical object like a toy or a kilo of pork * A service like a Ferris wheel ride or a dental check-up * A place like London or Boracay * An organization like the Knights of Columbus or the Philippine Marketing Association * An idea like “Pro-life” or “The Preservation of the ozone layer” * A personality like Coco Martin or John Lloyd Cruz
To maintain the interest of buyers, the physical products are most often provided with benefits like: Quality, Reputation of the Manufacturer, Packaging, Credit, Information about the Product, Warranty, After Sales service and Delivery. Classification of Products Two Categories: Consumer Goods & Industrial Goods
Consumer Goods Consumer goods are those intended for final consumption by consumers. They may be classified according to: The rate of consumption and tangibility & the consumer’s shopping habits.
Rate of Consumption and Tangibility
Durable goods are tangible goods which normally survive many uses.
Nondurable goods are tangible products which are consumed in one or a few uses.
Services are intangible goods like activities, benefits, or satisfactions which are offered for sale.
Consumer’s Shopping Habits
Convenience goods are those which are purchased with a minimum or effort. Many of them are readily available in many retail outlets. Examples are soap, bread, soft drinks, and milk.
Shopping goods are those that are bought only after an effort to compare with other goods is made. Examples are radio sets, cell phones and shoes.
Specialty goods are those that the consumers seek to buy and they are not willing or they are not able to accept substitutes. Examples are special medicines,