THE PRODUCT
What is product?
Product is anything offered for sale by a
firm to buyers to satisfy their wants and
needs. Products may take any of the
following forms:
[Link] object like a toy or a kilo of pork;
2.A service like a ferris wheel ride or a
dental check up;
3.A PLACE LIKE LONDON OR BORACAY
[Link] ORGANIZATION LIKE THE
KNIGHTS AND COLUMBUS OR THE
PHILIPPINE MARKETING
ASSOCIATION;
[Link] IDEA LIKE PRO-LIFE OR THE
PRESERVATION OF THE OZONE
LAYER ; AND
6.A PERSONALITY LIKE EVITA PERON
OR EFREN BATA REYES
TO MAINTAIN THE INTEREST OF BUYERS,
THE PHYSICAL PRODUCTS AND MOST OFTEN
PROVIDED WITH BENEFITS LIKE:
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[Link] OF THE MANUFACTURER
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[Link] ABOUT THE PRODUCT
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[Link] SALE SERVICE
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CLASSIFICATION OF
PRODUCTS
PRODUCTS MAY BE CLASSIFIED INTO TWO
CATEGORIES: CONSUMER GOODS AND
INDUSTIRAL GOODS.
CONSUMER GOODS
CONSUMER GOODS ARE THOSE INTENDED FOR
FINAL CONSUMPTION BY CUSTOMERS. THEY
MAY BE CLASSIFIED ACCORDING TO: [Link]
RATE OF CONSUMPTION AND TANGIBILITY, AND
2. THE CONSUMERS SHOPPING HABITS
RATE OF CONSUMPTION AND
TANGIBILITY. BASED ON THE RATE
OF CONSUMPTION AND TANGIBILITY,
CONSUMER GOODS ARE FURTHER
CLASSIFIED AS:
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[Link] DURABLES
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DURABLE GOODS ARE TANGIBLE GOODS
WHICH NORMALLY SURVIVE MANY USES.
NON DURABLES GOODS ARE TANGIBLE
PRODUCTS WHICH ARE CONSUMED IN ONE
OR A FEW USES
SERVICES ARE INTANGIBLE GOODS LIKE
ACTIVITIES, BENEFITS, OR SATISFACTION
WHICH ARE OFFERED FOR SALE.
CONSUMERS SHOPPING HABITS
BASED ON COnSUMERS SHOPPING
HABITS, CONSUMER GOODS MAY BE
FURTHER CLASSIFIED AS:
[Link] GOODS
[Link] GOODS
[Link] GOODS
[Link] GOODS
CONVENIENCE GOODS ARE THOSE
WHICH ARE PURCHASED WITH A
MINIMUM OF EFFORT. MANY OF THEM
ARE READILY AVAILABLE IN MANY
RETAIL OUTLETS.
SHOPPING GOODS ARE THOSE
THAT ARE BOUGHT ONLY AFTER AN
EFFORT TO COMPARE WITH OTHER
GOODS IS MADE.
SPECIALTY GOODS ARE THOSE
THAT THE CONSUMERS SEEK TO BUY
AND THEY ARE NOT WILLING OR
THEY ARE NOT ABLE TO ACCEPT
UNSOUGHT GOODS ARE THOSE
THAT ARE NOT READY YET WANTED
BY OR ARE STILL UNKNOWN TO THE
CONSUMER. BECAUSE OF THE SAID
REASONS, CONSUMERS USE NO
EFFORT TO SEEK THEM. THERE ARE
TWO TYPES OF UNSOUGHT GOODS:
[Link] NEW UNSOUGHT GOODS
[Link] REGULARLY UNSOUGHT GOODS.
THE NEW UNSOUGHT GOODS ARE
REALLY NEW IDEAS OR PRODUCTS
THAT THE CONSUMER STILL HAVE TO
KNOW TO BE MOTIVATED TO BUY. AN
EXAMPLE IS THE PAPAYA SOAP WHEN
IT WAS FIRST INTRODUCED.
CONSUMERS DID NOT KNOW MUCH
ABOUT IT, SO IT WAS NOT SOUGHT.
REGULAR UNSOUGHT ARE THOSE
THAT STAY UNSOUGHT BUT NOT
UNBOUGHT FOREVERER. EXAMPLES
ARE ENCYCLOPEDIAS, EDUCATIONAL
PLANS AND MEMORIAL PLANS
INDUSTRIAL GOODS
INDUSTRIAL GOODS ARE THOSE
USED IN THE PRODUCTION OF
OTHER GOODS. THEY ARE
CATEGORIZED AS FOLLOWS:
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[Link] EQUIPMENT
[Link] MATERIALS
[Link] PARTS AND MATERIALS
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INSTALLATIONS. THIS TERM
REFERS TO INDUSTRIAL PRODUCTS
WITH LONG LIFE, ARE GENERALLY
EXPENSIVE AND THEY FORM PART OF
THE MAJOR CAPITAL EQUIPMENT OF
AN INDUSTRIAL FIRM.
ACCESSORY EQUIPMENT. THESE
ARE INDUSTRIAL GOODS THAT ARE
USED AS AIDS IN THE PRODUCTION
PROCESS. THEY HAVE A SHORTER
USABLE LIFE THAN INSTALLATIONS.
RAW MATERIALS. THESE ARE
UNPROCESSED GOODS THAT WILL
BECOME PART OF ANOTHER
PRODUCT. RAW MATERIALS ARE OF
TWO TYPES: FARM PRODUCTS AND
NATURAL PRODUCTS. FARM
PRODUCTS ARE THOSE GROWN BY
FARMERS, WHILE NATURAL
PRODUCTS ARE THOSE WHICH
OCCUR BY NATURE.
COMPONENT PARTS MATERIALS.
THESE ARE PROCESSED INDUSTRIAL
GOODS THAT WILL STILL BE USED AND
BECOME AN ACTUAL PART OF THE
FINISHED PRODUCT. COMPONENT
MATERIALS AE EXEMPLIFIED BY PAPER FOR
FURTHER PROCESSING INTO PRINTED
MAGAZINE, TEXTILES INTO DRESSES, AND
FLOUR TO BREAD. COMPONENT PARTS
ARE EXEMPLIFIED BY TIRES MOUNTED IN
MOTOR CARS, STRINGS IN A VIOLIN AND
KNOBS ON TELEVISION.
SUPPLIES. THESE ARE ITEMS THAT ARE
USED AS AIDS IN THE OPERATING
PROCESS BUT DO NOT BECOME PART OF
THE FINISHED PRODUCT. AMONG THE
EXAMPLES ARE PENCILS, INK, PAPER
CLIPS AND OTHERS.
SERVICES. THESE ARE EXPENSE ITEMS
THAT ASSIST IN THE OPERATIONS.
AMONG THE EXAMPLES ARE
MAINTENANCE SERVICES FOR GENERAL
HOUSEKEEPING, SECURITY SERVICES
AND CONSULTANCY SERVICES.
THE PRODUCT AS A MORE USEFUL
VARIABLES
THE PRODUCT IS ONE OF THE VARIABLES
IN THE MARKETING MIX AND IT CAN BE
UNIQUE SO IT WILL BE MORE ATTRACTIVE
TO BUYERS. WHEN THE MARKETER DOES IT,
HE IS MAKING HIS PRODUCT DIFFERENT
FORM THE OTHERS.
THE PURPOSE OF PRODUCT
DIFFERENTATION IS NOT ONLY TO SATISFY
CUSTOMERS AND MAKE MORE PROFITS BUT
TO BEAT THE COMPETITION.
IN PRODUCT DIFFERENTATION, THE
FOLLOWING TOOLS ARE CONSIDERED
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[Link] FEATURES
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[Link] SERVICE LEVELS
INSTALLATIONS
ACCESSORY EQUIPMENT
RAW MATERIALS
SUPPLIES
SERVICES
