What is a product?
Something that buyers can acquire via exchange to satisfy a want or a need.
Consumer Product: Is any tangible product for sale that is used by a person or household for non-business purposes.
Business Product: Are goods that are sold to other businesses, used for resale and used to produce other goods.
Convenience Product: Maximize availability and ease of purchase. Inexpensive, routinely purchased products. Little time and effort to acquire.
Shopping Product: Products that consumers will spend time and effort to obtain. Consumers shop different options to compare prices, features, and service. Focus on differentiation through imagine and symbolic attributes.
Unsought Product: Products that consumers are unaware of or a product that consumers do not consider purchasing until a need arises.
Specialty Product: Unique, one-of-a-kind products that consumers will spend considerable time, effort, and money to acquire.
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Management
- Simultaneous Production and Consumption meaning what?
- Intangibility meaning what?
- What are the 4 P's of marketing?
- What is a market and what do we mean by exchange?
- What do we mean by the four different types of utility (time, place, possession, and psychological utility)?
- Know some of the major marketing strategy decisions.
- What do we mean that a product becomes a commodity?
- Know the different stages of the strategic planning process (situation analysis and marketing plan).
- What do we mean by organization mission and vision?
- What are the elements of a good mission statement?
- What do we mean by the width of a mission statement?
- What is corporate strategy?
- What is business-unit strategy?
- What is a strategic business unit?
- What do we mean by competitive or differential advantage?
- What is a marketing plan?
- Parts of the marketing plan:
- Why is the executive summary very important?
- What is the purpose and significance of the Marketing plan?
- What is a situation analysis and what are some of the issues to be considered in a situation analysis? (Three key environments)
- What are the challenges in conducting a situation analysis?
- What do we mean by derived demand?
- What are the different competitors that a firm must face?
- What are some of the aspects of the external environment?