Setting Product StrategyBY

RAGHAV KUMAR

NETAJI SUBHAS INSTITUTE OF TECHNOLOGY, DELHI

Characteristics of Product and How do marketers classify Products

1) Core BenefitThe core benefit is what consumers feel they are getting when they purchase a product

2) Basic/Generic Productit refers to the marketer's effort of converting the core benefit into

an Product.

3) Expected Productit refers to the expectations the consumer have when they purchase a product

4) Augmented Productit refers to the product prepared by the marketer which exceeds the customer expectation.

5) Potential Productit includes all the possible transformation which the product might undergo in future

Product Classification

1) Durability and Tangibility2) Use

Durability and Tangibility

1) Nondurable goods( frequently used ,tangible)

2) Durable goods( can last long , tangible) 3) Services ( perishable, intangible)

Consumer Goods

1) Convenience goods 2) Shopping goods 3) Speciality goods 4) Unsought goods

Convenience goods

Purchased immediately, frequently, Soaps, Soft drinks

Shopping GoodsCompared on the basis of price, quality and style. Furniture , clothing

Speciality GoodsUnique Brand image enough for buyers to buy. Cars, Stereos...

Unsought GoodsConsumer does not have much knowledge or has little intention to buy. Smoke detector, life insurance

Industrial Goods

1) Materials and Parts 2) Installations 3) Accessory Equipment 4) Operating Supplies

Material and PartsGoods which enter the manufacturer's process completely. Farm products, Component materials…

InstallationBrought Directly from Industrial Producer. Heavy Equipments, Buildings

Accessory EquipmentShorter life than installations. Factory and office equipments

Operating SuppliesShort term goods and services help in managing finished products. Lubricants…

Thank You !

BY

RAGHAV KUMAR

NSIT,DELHI