Define Product
Read ch.8 carefully and find the right information. Do not just copy what you read from the textbook. You should rephrase the words and reorganize in YOUR own ways.
1. Define Product.
A product can be defined as an intangible service or a tangible good which satisfies consumer’s needs and wants.
In marketing sense, a product is anything being offered to a market that satisfies consumers’ wants and needs. For marketers, selling products is often considered as delivering value to consumers. Through this process, a company can identify what they should do when it come to developing and conducting product strategies.
Intangible services such as a haircut can be considered as a product. Services can be distinguished from goods in several ways. Unlike tangible goods, they are intangible, inseparable from service providers, perishable, and hard to standardize. The tangible goods are also can be explained as a product. Goods are products that consumers can see, hear, smell, or touch like cars or mp3 players. Products can be classified as 2 types of products which are business and consumer products depending on the buyer’s intended use. Each of them has different marketing strategies when it comes to selecting target market, pricing, making promotion and distribution strategies. That’s why we need to be know about product classification. Again, consumer products can be categorized as convenience products, shopping products, specialty products and unsought products.
For example, services like getting a hair cut in beauty shop or spa service, brilliant idea, having dinner in restaurant, and air flight experience can be a product.
2. Classify four different types of consumer product & provide examples per each type.
Consumer products can be classified as 4 different types; convenience products, shopping products, specialty products, unsought products.
A....
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