Marketing Final Exam Notes
Final Exam Notes
The classifications of products are: * Business products: * A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other consumers. * Consumer products: * Product bought to satisfy an individual’s personal wants.
The types of consumer products: * Convenience products: * Are relatively inexpensive and require limited shopping effort. * Shopping products: * Are of two types: homogeneous and heterogeneous. Because of the similarity of homogenous products, they are differentiated mainly by price and features. In contrast, heterogeneous products appeal to consumers because of their distinct characteristics. * Specialty products: * Possess unique benefits that are highly desirable to certain customers. * Unsought products: * Are either new products or products that require aggressive selling because they are generally avoided or overlooked by consumers. Chapter 11. Developing and Managing Products: New product categories include: * New-to-the-world * These are products that are entirely new. The new-to-the-world category is the smallest category of new products. These products include penicillin, polio vaccine, transistor radio, microwave over, Arpanet (the groundwork for the Internet), etc. * New product lines * Products that were not previously offered are allowed to enter new or established markets by the firm. * Product line additions * Includes new products that supplement a firm’s established line. For example, each new Wii game Nintendo produces, it is adding to an existing product line. * Improvements/revisions * A product is concentrated so that packaging materials are reduced would be an improvement or revision. For example, by not requiring hot water, Tide Coldwater requires less energy to wash a load of clothes. * Repositioned products * These are
The classifications of products are: * Business products: * A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other consumers. * Consumer products: * Product bought to satisfy an individual’s personal wants.
The types of consumer products: * Convenience products: * Are relatively inexpensive and require limited shopping effort. * Shopping products: * Are of two types: homogeneous and heterogeneous. Because of the similarity of homogenous products, they are differentiated mainly by price and features. In contrast, heterogeneous products appeal to consumers because of their distinct characteristics. * Specialty products: * Possess unique benefits that are highly desirable to certain customers. * Unsought products: * Are either new products or products that require aggressive selling because they are generally avoided or overlooked by consumers. Chapter 11. Developing and Managing Products: New product categories include: * New-to-the-world * These are products that are entirely new. The new-to-the-world category is the smallest category of new products. These products include penicillin, polio vaccine, transistor radio, microwave over, Arpanet (the groundwork for the Internet), etc. * New product lines * Products that were not previously offered are allowed to enter new or established markets by the firm. * Product line additions * Includes new products that supplement a firm’s established line. For example, each new Wii game Nintendo produces, it is adding to an existing product line. * Improvements/revisions * A product is concentrated so that packaging materials are reduced would be an improvement or revision. For example, by not requiring hot water, Tide Coldwater requires less energy to wash a load of clothes. * Repositioned products * These are