What is a Product?.
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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.Physical Products: Tide, Ford, ChevyServices: Haircuts, Nails, Travel PlanningPersons: Presidents, Stars, AnnouncersPlaces: Vacation Spots, States, Cities Events: Olympics, Concerts
Organizations: Red Cross, Heart Association.Idea: Healthy Food, Exercise
Quality Level: Lexus....
Features: Sunroof, Walnut Trim,...
Styling: Sleek, Sporty
Brand Name: Lexus
Packaging: Style and Grace
Camcorder: Complete solution to picture-taking problems. Warranty on parts and workmanship, Instruction on how to use camcorder,
Toll free number for questions and problems
Haircut: Doctor’s Exam: few tangible featuresPark Lane Hotel, Hong Kong: Candy on hotel pillow, basket of fruit,
manager escorts you to room, Pillbox hat white uniforms,
messaging service (printed and voice), toiletries.Perfume: Fantasy, memories, hopes, dreams, romance, passion,
femininity, success, life style, self-expression, exclusivity
NonDurable GoodsConsumed in one or a few uses:Soap, Salt, food products
Services:Activities, benefits or satisfactions for sale:Haircuts, repairs
Consumer GoodsGoods and services consumers buy frequently, immediately, with a minimum of comparison or buying effort:Convenience GoodsShopping GoodsSpecialty GoodsUnsought GoodsProduct Classifications
Provides Value to Customer
Provides Value to Firm
Interpretation of Info.
Confidence in Decision
Marriott: Marquis, Courtyard,Fairfield Inn,Residence InnProduct Line Fill:Sony Walkmans:Solar PoweredWaterproofUltralightTape, CD, MD, MP3
Product Mix Breadth
Example: Product Gamble: Length is 42
Awareness - Interest - Desire - Action
Unaware Purchase - Loyalty
Existing Product New Product
Existing Market Market Product
New Market Market Diversification
Product Idea Test Market Launch Time
BirdsEye Froz. 1908 1923 15 Yrs.
Ban Roll-On 1948 1954 6 Yrs.
Crest 1945 1955 1956 10 Yrs.
Gerber B.Food 1927 1928 1 Yr.
Luster Creme 1950 .. 1958 8 Yrs.
Hills Bros.Inst 1934 1956 22 Yrs.
Maxim FreezeDC 1954 1964 10 Yrs.
Stripe T.P. 1952 1957 1958 6 Yrs.
Minute Rice 1931 1949 18 Yrs.