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Copyright © Cengage Learning. All rights reserved Classification of Products Product –Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits –A good, service, or idea Consumer product –A product purchased to satisfy personal and family needs Business (industrial) product –A product bought for resale, for making other products, or for use in a firm’s operations 13 | 1
Copyright © Cengage Learning. All rights reserved Consumer Product Classifications Convenience product –A relatively inexpensive, frequently purchased item for which buyers want to exert only minimum effort Shopping product –An item for which buyers are willing to expend considerable effort on planning and making the purchase Specialty product –An items that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort 13 | 2
Copyright © Cengage Learning. All rights reserved Business Product Classifications Raw material –A basic material that becomes part of a physical product; usually comes from mines, forests, oceans, or recycled solid wastes Major equipment –Large tools and machines used for production purposes Accessory equipment –Standardized equipment used in a firm’s production or office activities Component part –An item that becomes a part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly 13 | 3
Copyright © Cengage Learning. All rights reserved Business Product Classifications (cont’d) Process material –A material that is used directly in the production of another product but is not readily identifiable in the finished product Supply –An item that facilitates production and operations but does not become part of the finished product Business service –An intangible product that an organization uses in its operations 13 | 4
A Product is everything one receives in an exchange, including all tangible and intangible attributes and expected benefits. A Classic Sport Football.
Copyright © Houghton Mifflin Company. All rights reserved. 13 | 1 Product “…everything one receives in an exchange, including all tangible and intangible.
PRODUCT CLASSIFICATION MARKETING STRATEGY O.C. FERRELL MICHAEL D. HARTLINE CHAPTER 3 Thonburi University A.Suchada Hommanee.
UNIT E PRODUCT/SERVICE MANAGEMENT AND PRICING 8.01 Understand product/service management as a function of marketing.
Chapter Eight Product, Services, and Brands: Building Customer Value.
11 | 2Copyright © Houghton Mifflin Company. All rights reserved. Part Five Product Decisions.
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved.
Developing the Marketing Mix Product Pricing Placing Promoting.
Product Planning and Development Chapter 8 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
8-1 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall i t ’s good and good for you Chapter 4 Product, Services, and Brands: Building.
Course Name: Principles of Marketing Code: MRK 152 Chapter: Five Products Building Customer Value.
D. MARKETING A SMALL BUSINESS 7.00 Identify product decisions necessary for a small business Explain products/services that make up the product mix.
KEY TERMS UNIT 3 (PRODUCT DEVELOPMENT) Marketing.
Create the Product Chapter Eight.
Kotler / Armstrong, Chapter 8 A _____ is anything that can be offered to a market that might satisfy a need or a want. 1.position 2.product 3.promotion.
Selling in the Marketing Environment. The Nature, Development and Functions of Marketing Marketing is the performance of business activities that directs.
8-1 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall i t ’s good and good for you Chapter Eight Product, Services, and Brands: Building.
New Products and Services
Product, Services, and Brands: Building Customer Value
M ARKETING M IX ProductPrice PlacePromotion The marketing mix principles are controllable variables which have to be carefully managed and must meet the.
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