Chapter 7.docx

3 Pages
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Department
Business Administration
Course Code
BUS 343
Professor
Zaheer Jiwani

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Description
Chapter 7 Layers of the product Core product: All the benefit the product will provide for consumers or business customers. Actual product: The physical good or the delivered service that supplies the desired benefit. Augmented product: the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale. How marketers classify products  How long do products last? Durable goods: Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances. Nondurable goods: Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers).  How do consumers buy products? Convenience product: A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort. Staple: Basic or necessary items that are available almost everywhere. Impulse products: A product people often buy on the spur of the moment. Emergency products: Products we purchase when we’re in dire need. Shopping products: Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase. Intelligent agents: Computer programs that find sites selling a particular product. Specialty products: Goods or services that have unique characteristics and are important to the buyer and for which she will devote significant effort to acquire. Unsought products: Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to her attention.  How do businesses buy products? Equipment: Expensive goods, which last for a long time, that an organization uses in its daily operations. Maintenance, repair, and operating (MRO) products: Goods that a business customer consumes in a relatively short time. Raw materials: Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products. Processed materials: Products created when firms transform raw materials from their original state. Component parts: Manufactured goods or subassemblies of finished items that organizations need to complete their own products. “New and improved!” the process of innovation Innovation: A product that consumers perceive to be new and different from existing products.  Continuous innovations Continuous innovation: A modification of an existing product that sets one brand apart from its competitors. Knockoff: A new product that copies, with slight modification, the design of an original product.  Dynamically continuous innovations Dynamically continuous innovation: A change in an existing product that requires a moderate amount of learning or behavior change.  Discontinuous innovations Discontinuous innovation: A totally new product that creates major changes in the way we live. New product development New product development (NPD): The phases by which firms develop new products including idea generation, product concept development and screening, marketing stra
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