Chapter 7.docx

3 Pages

Business Administration
Course Code
BUS 343
Zaheer Jiwani

This preview shows page 1. Sign up to view the full 3 pages of the document.
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
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.