com 240 Lecture Notes - Incomplete Markets, Product Classification, Final Good
Course Codecom 240
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Creating customer value through packaging and labelling marketers create value through
packaging in three ways:
1. communication benefits. the information communicated on packages is one benefit.
2. functional benefits. packages play a functional role (convenience, storage, protection).
3. perceptual benefits. packages also help create impressions in the consumer's mind.
the variations of products
product line and product mix
a product is a good, service, or idea consisting of a tangible and
intangible attributes that satisfies consumers and is received in
exchange for money or some other unit of value.
a product line is a group of products that are closely related because they satisfy a class of need, are
used together, are sold to same customer group, are distributed through the same type of outlets,
and fall within a given price range. companies also consider each product item, specific product,
and product mix (the number of product lines offered by a company).
type of user is another product classification consisting of either consumer or industrial goods.
consumer goods are products purchased by the ultimate consumer.
business goods are products used in the production of other products for ultimate
degree of tangibility is one way to classify products, that is, whether they are durable or non-
durable goods. services are activities, satisfactions, or benefits offered for sale.
services and new-product development: developing new services, like a new ariline or a new t.v.
show is difficult to observe step by step but service innovation has a great impact on our lives.
classifying consumer and business goods
classification of consumer goods
convenience, shopping, specialty, and unsought goods are four types of consumer goods.
convenience goods are purchased frequently with minimum shopping effort, while consumers
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