Question 1 characteristics of products
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Product Characteristics and Classifications
SACHET JAINIIT DELHI
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What are the characteristics of the products, and how
do marketers classify products ?
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Product Levels
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Product Levels
Core benefit - service or benefit customer is really buying.
Basic product – At a second level, core benefit is converted into a basic product.
Expected product – set of attributes and conditions, a buyer expects of the product.
Augmented product – prepared product exceeding expectations.
Potential product – encompassing all possible augmentations product might undergo in future
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Product classifications
Durability and Tangibility
• Non-durable goods
• Durable goods
• Services
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Consumer Goods classification
Convenience Goods• Staples• Impulse goods• Emergency goods
Shopping Goods• Homogeneous shopping goods• Heterogeneous shopping goods
Specialty Goods
Unsought Goods
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Industrial Goods Classification
Materials and PartsFarm products Natural productsManufactured materials and partsComponent materialsComponent parts
Capital ItemsInstallationsEquipment
Supplies and business servicesMaintenance and repair itemsOperating suppliesMaintenance and repair servicesBusiness advisory services
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Created by Sachet Jain, IIT Delhi, during an internship by Prof. Sameer Mathur, IIM Lucknow.
www.IIMInternship.com